TU-TESL

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This is an era full of entrepreneurial enthusiasm. From January to November of this year, on average, four start-ups are born every day. This is also an era of difficult entrepreneurship. In the same time period, on average, one start-up company will be closed in more than one day. Recently, according to the statistics of the times, as of December 1, 327 start-ups (including acquired ones) have closed down this year, accounting for 23% of the total number of new start-ups. In the statistical table of industry distribution of the number of startups closed, the financial industry closed the largest number of startups, and automobile transportation ranked the fifth (in parallel with the education industry). In the first 11 months of this year, 22 startups were closed, excluding three bike sharing enterprises (bike sharing, Wukong single car and Xiaoming bike). This year, 19 startups were closed in the automobile industry. (data source: time data, it orange, Tianyan search, tabulated by: China Automotive News Shi yunyun) according to incomplete statistics, less than 80% of the companies can survive after three years of entrepreneurship, less than 7% of the companies can survive for more than five years, and less than 2% of the companies can survive for more than 10 years. In the above table, we can also see that in most of the entrepreneurial companies closed this year, the time of entrepreneurship is basically around 2015, and the time of survival is almost no more than 5 years. In addition to the economic downward pressure and the impact of external environment such as industry reshuffle, "lack of money" is probably the main reason why these start-ups failed to survive. In addition to roadstar.ai's financing amount of nearly 900 million yuan, 11 square meters of vehicle maintenance and one car rental respectively of 21 million yuan and 10 million yuan, the financing amount of other start-ups are all in the million yuan level, and nine companies "to death" also failed to obtain investment. "Capital shortage is the first problem that startups face this year, and investors' enthusiasm for investment in startups has declined significantly." Of the 327 startups that closed in the first 11 months of this year, 55% didn't get investment until the last moment, according to the head of time data. On the one hand, these entrepreneurial projects do not have good prospects or sustainable business models. On the other hand, it reflects that the current financial environment has led to the same shortage of investors' funds and more cautious investment. The survey of start-up enterprises (phase II) report recently published pointed out that "capital constraint" is the most important factor restricting start-up enterprises, and put forward three corresponding suggestions: first, solve the information asymmetry between financial institutions and enterprises by improving the credit system of start-up enterprises; second, establish and improve the credit guarantee system of start-up enterprises, Third, strengthen the financing services of financial institutions, promote the innovation of financial products and services, and focus on weak market groups such as entrepreneurial enterprises. Due to the low investment cost and relatively low entry threshold, the automotive aftermarket is easily favored by start-ups. However, among the 19 auto start-ups closed this year, more than half of them choose to cut in from the fields of auto repair, maintenance, second-hand car and finance. Similar to the 11 square meter auto maintenance enterprises, although they have obtained a high amount of investment, they have finally Still can't survive. This fully shows that the main business model innovation in the automotive aftermarket has a relatively low threshold for entry, and the competition will be more intense, which leads to the increase of the threshold for survival. Take the rice line car as an example. This is a start-up company specializing in overseas shuttle and charter services. At the beginning of the launch, the gross profit margin once exceeded 30%. But because the threshold is not high, more and more players come into this field. "After May 2015, vicious competition started, and our gross profit rate kept falling until it was negative." Xie Zhong, the founder of rice noodle car, said that at that time, every transfer machine order of the industry would be, and rice noodle car once reached the level of subsidy of more than ten yuan per transaction, but at the beginning, when the gross profit rate was raised, the order volume dropped sharply. So it entered a dead cycle -- the subsidy of burning money, the flow came, but the gross profit rate dropped; once the subsidy stopped, the flow disappeared, let alone the income. "Most post market start-ups are unable to continue because of lack of funds, but the deeper reason is that their profitability is worrying." One auto investor bluntly pointed out that many car, travel and start-ups don't seem to have viable, profitable models. In this way, at a certain point, the supply of capital will be exhausted. "The support of capital to an industry is no longer than 7 years, with an average of 4-5 years." Fu Bingfeng, executive vice president and Secretary General of China Automobile Industry Association, said frankly that the buoyancy of the capital market is changing. At the initial stage of the industry and enterprises, a large number of funds poured in, forming a strong support, but after that, it will gradually reduce, and it is difficult to form a sustained financial support. The automobile industry is open and inclusive, but at the same time, the competition is fair and cruel. Investors suggest that start-up companies should strive to create unique core competitiveness and improve their "hematopoietic" ability as soon as possible, rather than just "burning money" blindly. Only in this way, can they realize the rapid development of enterprises and survive in the fierce market competition.