创投困局的本质：缺的不是钱，而是能力

Core Viewpoint - The essence of the industry's dilemma is not a lack of capital, but a lack of value creation capability [6]. Group 1: Fundraising Challenges - In the equity investment field, fundraising is the most fundamental, difficult, and painful aspect [5]. - The disappearance of market-oriented LPs and the dominance of state-owned LPs have led to ongoing fundraising difficulties, creating a perception of a "lack of money" in the industry [5][8]. - Most institutions are in a long-term state of "capital hunger," leading to a perception that funds are more important than projects [9]. Group 2: Core Contradictions - The core contradiction behind fundraising difficulties and project shortages points to a scarcity of capability [13]. - The first secret of business is scarcity, which is also the essence of value [12]. - Investment should focus on creating scarcity rather than competing in a homogeneous manner [11]. Group 3: Investment Strategies - Building a differentiated competitive barrier is crucial for success in investment [11]. - A reverse investment model that emphasizes supply-side control and precise demand matching can help institutions avoid the need for fundraising [11]. - The focus should be on creating investment scenarios that allow for greater control and success-driven marketing [11]. Group 4: Changing Market Dynamics - The equity investment market is undergoing profound changes, with brand premiums declining and asset bubbles being cleared [21]. - The core competitiveness of institutions is shifting from brand recognition to performance [23]. - The essence of investment is akin to market logic, focusing on buying low and selling high while minimizing waste [23]. Group 5: Performance and Capability - Performance is the only true moat for institutions, as highlighted by the example of a consumer fund achieving over 10 times returns from a single liquor project [24]. - Investment logic must withstand practical tests, as there is often a significant gap between knowledge and action [25]. - Understanding the boundaries of one's capability circle is essential for successful investment strategies [26].