The evolution of tools has always brought new opportunities. The convenience of mobile internet and the widespread use of smartphones have created fertile ground for a new wave of entrepreneurship in China. Since 2014, capital has flooded into various ventures, with the phrase "As long as you stand on the tiger's back, even pigs can fly" becoming a popular saying during this period.
Three years ago, the fourth wave of entrepreneurship began to surge. Capital poured into sectors like the Internet, online catering, sharing economy, knowledge payment, short videos, VR, and artificial intelligence. Young entrepreneurs, driven by personal interests and the power of mobile internet, became the face of this wave.
"The capital never knows winter—it just keeps shifting," said one observer. As trends change, investors quickly move in and out, pushing different industries forward.
PAPI Sauce, known for her witty and satirical content, has become a symbol of this era. Her WeChat avatar features a cartoon character—a short-haired girl who says, "The woman you're obsessed with is just a phantom on the screen." From a drama student to a 24 million follower on Weibo, she rose rapidly. In April 2017, her company secured a 120 million yuan funding round, though it hasn't been used yet—she’s not short of money.
Young, tech-savvy, and driven by personal passion, PAPI Sauce embodies the spirit of today’s entrepreneurial generation. According to a 2016 report by the Ministry of Human Resources and Social Security, young entrepreneurs aged 25–35, particularly those from the 80s generation, are leading the way. The average age for starting a business is 28.
Since the call for “mass entrepreneurship and innovation,†China has entered its fourth wave of entrepreneurship since the founding of the People's Republic. From 1979 to 1989, grassroots entrepreneurship exploded, with self-employed individuals breaking free from traditional systems. Figures like Wang Shi, Liu Chuanzhi, and Ren Zhengfei emerged as pioneers.
In the 1990s, many left stable jobs to chase their dreams. Pan Shiyi and Feng Lun started real estate ventures, while Yu Minhong, Guo Guangchang, and Wang Chuanfu built their empires. Around the year 2000, the internet boom took off. Zhang Chaoyang founded Sohu, Ding Lei founded NetEase, and Ma Huateng launched Tencent. Alibaba, founded by Ma Yun after two failed startups, became a giant.
Tool changes continue to drive opportunity. Mobile internet and smartphone adoption have fueled another entrepreneurial boom. Since 2014, capital has flocked to various ventures, with the phrase "As long as you stand on the tiger's back, even pigs can fly" becoming iconic.
Many of today’s startup CEOs were once employees at BAT (Baidu, Alibaba, Tencent). They left big companies to explore opportunities in related fields or start from scratch. Meng Bing, for example, worked at Tencent and Baidu before launching his own venture in 2013 at age 23. He chose the fast food industry due to its high cash flow and scalability.
However, challenges arose. In 2014, a shareholder dispute nearly derailed his business. At 24, he faced complex problems that almost led to depression. But by 2015, the market was booming again, with many internet-based food companies rising. Meng Bing noted that having a BAT background made it easier to raise funds.
By 2016, the capital winter hit. The number of registered public commentators in Beijing dropped sharply. Despite the challenges, West Master Bar survived and expanded. By the end of 2017, they had over 140 million in funding and planned to open stores nationwide and internationally.
The same year, 2016, was dubbed the "Year of Knowledge Payment." Content platforms began charging for services, and public accounts explored monetization beyond ads. Gosling, a platform helping creators build payment systems, grew rapidly. Its founder, Bao Chunjian, previously worked at Tencent and joined the project in 2015.
Wu Xiaobo, a well-known media personality, partnered with Bao to solve technical issues. Their collaboration helped scale Wu Xiaobo’s channel. Other creators followed, and Gosling expanded its services to include platforms like Ten-Point Reading and Gossip.
Short video also became a major outlet. PAPI Sauce gained fame overnight, with her videos attracting millions. She now collaborates with dozens of creators and runs a small team of university classmates. She jokes about the talent of the Central Academy of Drama.
In 2016, short video platforms like Youku and Today’s Headlines thrived. Two More, a popular brand, reached nearly 50 million fans. With over 600 employees, the company produces thousands of videos annually. They focus on traffic ads and custom commercial videos, partnering with big brands like McDonald’s and Coca-Cola.
Ding Feng, the founder, recalls the early days when microfilms struggled to generate revenue. The shift to short videos on WeChat changed everything. He invested his own money initially, later securing rounds of funding.
Meanwhile, the sharing economy took off. Mobike, a bike-sharing company, became a household name. Wei Hao, who joined in 2015, helped develop the smart lock system. After Mobike, he co-founded a shared fitness startup, offering 24-hour gyms with AI trainers.
VR and autonomous driving also gained traction. Zhi Yong, a former Lenovo engineer, co-founded a VR company that was later acquired. He now works on a VR KTV concept, aiming to bring immersive experiences to consumers.
Shen Yan, an automotive industry veteran, is working on driverless data solutions. She collects traffic data to support autonomous vehicles, believing it to be the future of AI.
Entrepreneurship is no longer just about money. It's about passion, persistence, and adapting to change. Many young founders start with little capital, relying on their own savings and networks. The journey is tough, but the rewards can be life-changing.
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