Core Viewpoint - The article reflects on the "economic upturn period" in the venture capital (VC) industry from 2013 to 2021, highlighting the significant growth and opportunities during this time, contrasting it with the current market conditions [4][30]. Group 1: Investment Trends - The VC industry experienced a surge in project opportunities during the economic upturn, with a wide range of investment hotspots emerging, driven by trends like "internet transforming everything" and the shift from PC to mobile [6][7]. - Notable investment hotspots from 2013 to 2021 included O2O, shared economy, e-commerce, AI, live-streaming e-commerce, and new consumption brands, among others [6][7][8]. - The article lists unicorn companies from 2017, showcasing their valuations, with the only standout being Xiaohongshu, valued at $10 billion [7]. Group 2: IPO and Wealth Creation - The article emphasizes the correlation between entrepreneurial enthusiasm and IPO activity, noting that wealth effects from successful IPOs significantly boost the primary market [10][12]. - It highlights the peak years for IPOs in 2017 and 2021, indicating a decline in IPO activity post-2021, contrasting with the rapid recovery seen after 2018 [12][16]. - The perception of a successful IPO has shifted, with previous benchmarks of $10 billion now considered lower, reflecting changes in market expectations [16]. Group 3: Industry Dynamics and Workforce - The article discusses the competitive nature of the VC industry, where the demand for talent was high during the upturn, leading to inflated salaries and benefits [29]. - It notes the shift in job market dynamics, with a growing preference for candidates with technical backgrounds, contrasting with the past when financial backgrounds were more valued [20][24]. - The current environment has led to a sense of insecurity among professionals, prompting some to seek stable government jobs as a safer alternative [29][30].