The "Pig" on the three-year enthusiasm: No winter capital is just a round of shuffling
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Tool changes have 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 poured into various ventures, with the most famous phrase being “As long as you stand on the right platform, even pigs can fly.†This saying encapsulated the optimism and energy of that era.
Three years ago, the fourth wave of entrepreneurship began to surge. Capital flowed into sectors like the Internet, food delivery, sharing economy, knowledge payment, short videos, VR, and artificial intelligence. Young entrepreneurs, driven by personal interests and powered by mobile internet, became the face of this wave.
Capital is always quick to move. As trends shift, investors are among the first to react, entering and exiting industries rapidly. This dynamic environment has led to both excitement and challenges for startups.
PAPI Sauce’s WeChat avatar features a cartoon of a short-haired girl who looks away and says, “The woman you’re hooked on is just a phantom on the screen.†From her days at the Central Academy of Drama to becoming a sensation with 24 million Weibo followers, she achieved remarkable success in just two years. In April 2017, her company raised 120 million yuan in funding, but she hasn’t spent it yet—she doesn’t need to.
Young, driven by passion and empowered by technology, PAPI Sauce embodies the spirit of today’s entrepreneurial wave. According to the "Report on the Status of Chinese Youth Entrepreneurship in 2016," young entrepreneurs aged 25–35, mostly 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 flourished, with many self-employed individuals breaking out of traditional roles. Figures like Wang Shi, Liu Chuanzhi, and Zhang Ruimin made their first fortunes during this time.
In the 1990s, many people left secure jobs to pursue business opportunities. Pan Shiyi and Feng Lun started real estate ventures, while Yu Minhong and others built successful companies. Around the year 2000, the internet boom began, with companies like Sohu, Netease, and Tencent emerging. Alibaba was founded by Ma Yun after several failed attempts, and it eventually became a global giant.
The fourth wave of entrepreneurship continues to shape the landscape. Many startup CEOs come from top tech companies like Baidu, Tencent, and Alibaba. They bring experience and vision to new ventures. Meng Bing, for example, worked at Tencent and Baidu before launching his own business. He faced challenges, including partner disputes, but eventually grew his company to over 140 million in funding.
In 2016, the “Year of Knowledge Payment†saw content creators monetize their work through platforms like “Gosling,†which helped build payment systems for WeChat public accounts and apps. Founder Bao Chunjian, a former Tencent employee, played a key role in this movement.
Short video platforms like “Ergeng†gained popularity, with millions of followers and significant investment. Ding Feng, the founder, built a large team across multiple cities, producing thousands of videos annually. His company now partners with major brands like McDonald’s and Coca-Cola.
The sharing economy also took off, with companies like Mobike revolutionizing transportation. Wei Hao joined Mobike early on, working on smart locks and IoT systems. He later moved into shared fitness, creating a 24-hour unattended gym with AI trainers.
VR and autonomous driving are also gaining traction. Zhi Yong, a former Lenovo engineer, co-founded a VR company that later evolved into a new venture offering VR-based mini-KTV experiences. Shen Yan focuses on driverless data, collecting traffic information to support future autonomous vehicles.
Entrepreneurship in China continues to evolve, driven by technology, innovation, and the ambition of young founders. Despite challenges, the spirit of creativity and risk-taking remains strong, shaping the future of business in the country.