Author: Jaleel 加六, BUBBLE, BlockBeats
Editor: Jack, Zhang Wen, BlockBeats
Special thanks to all the Agencies interviewed: Evie (JE Labs); Miko (Hyperion); Ergou (BLOCKFOCUS); Dov, Gary, Joyce (Mango Labs); Sam (WOK Labs), and others.
KOL Agencies are stepping in to fill the gap left by Crypto VCs.
Last weekend, another once-prominent Chinese crypto VC paused its operations. Against the backdrop of tightening liquidity in global financial markets, the crypto industry has entered a prolonged "garbage time," and venture capital (VC) is experiencing an unprecedented winter. However, the KOL Agency sector, which has suddenly emerged during this cycle, is enjoying a spring.
During a call with BlockBeats, Dov, the founder of Mango Labs, was on his way home after dinner. His current work pace is more intense than when he was a VC, with business and projects coming in fast and furious; he spends his days either in meetings or making impromptu calls by the roadside. Since fully engaging in the Agency business, both his identity and pace have changed.
Projects are hard to execute, and VCs are struggling, but on the other hand, over 20 KOL Agencies have emerged in the market over the past six months, becoming one of the hottest and most profitable new business forms this year. Dov, who was still in the VC field a year ago, seems to have foreseen the industry's changes.
"Many VCs are having a tough time this year, and they are starting to transition into Agencies," said Miko, founder of Hyperion, whose core team member shut down their own VC last month and joined the Agency sector.
This seems to be a common trend in the industry, as most core team members of Agencies have prior investment experience.
Agencies are gradually becoming the "next stop" for VC professionals. As VCs lose their appeal to retail investors, Agencies are becoming the new narrative creators in the market. This is the winter for VCs, but the spring for KOL Agencies.
The "Next Stop" for VCs
Before a project goes live, the most common action to generate buzz on Twitter is to find KOLs to help retweet, write long articles, display profiles, and conduct AMAs. But the questions arise: Who will post? What will they post? How will they post? Where are the KOLs? How to contact them? What are the prices? How effective will it be? How to evaluate ROI? For a new project, even the first step can be incredibly difficult.
Project teams need visibility but lack communication skills; KOLs have content but lack connections. This is the real background for the emergence of KOL Agencies, a business born from the market's information gap and trust needs.
"I was running events in Denver at that time, and many foreign project teams directly asked me if I could introduce them to Chinese KOLs," Dov recalled. "I casually helped one project connect with a Chinese KOL, and unexpectedly, the results were excellent."
Initially, he did not plan to work full-time in an Agency. However, through repeated temporary assistance, he keenly captured a shift in the industry: "KOLs are flipping VC, and this will be a very critical trend."
After returning to China, he did not immediately go all in but gradually tried it out. By the end of 2023, at an event in Hong Kong, he once again strongly felt the potential of the Agency model. It was then that his partner Lolo approached him, and they hit it off.
"She said the logic of 'KOL flipping VC' that I mentioned was particularly correct, and we could do something together. I felt the timing was right, so I tried taking on a few projects. At that time, there weren't many projects, and they were lukewarm."
The turning point came in January 2025, when Dov's Mango Labs entered a period of explosive growth, with traffic and collaborative projects starting to increase significantly. This period also marked the window for the KOL Agency model to "rise."
Another founder, Ergou of BLOCKFOCUS, was among the first in the Chinese community to start an Agency business. When he entered the space in 2018, Ergou was working in marketing and KOL connections at a software company. A year later, he began managing KOL accounts himself, gradually building his KOL presence through content creation, riding trends, and engaging in community interactions.
"When I first started on Twitter, I only had 100 followers, but a prominent KOL was already following me." At that time, Ergou was still a sophomore in college, the youngest in the circle, but very active. He jokingly said, "I was like the 'Hmm' of that year."
With the accumulation of connections and resources, Ergou officially launched BLOCKFOCUS's Agency business in 2021, helping project teams find suitable KOLs for marketing and promotion.
"We are not an MCN"
If you have followed the traditional influencer economy, you must be familiar with the term "MCN." Essentially, the role of KOL Agencies is very similar to that of MCNs in the Web2 world.
In the Web2 context, MCN (Multi-Channel Network) acts as an "intermediary" between brands and influencers: brands do not need to connect with influencers one by one but can sign contracts, set prices, and manage through the MCN company, which centrally arranges content production and dissemination.
However, MCNs also have their "heavy industry" characteristics. A friend who runs a traditional economic company told BlockBeats that the most famous MCN company in Hangzhou, Wuyou Media, typically signs KOLs to exclusive contracts lasting 3-10 years, with the MCN fully responsible for commercialization. Revenue sharing, brand placements, account management… even the "rise to fame" of KOLs is meticulously designed by the company.
This model thrived during the short video era, but when directly applied to Web3, it became somewhat incompatible.
"In Web3, contracts have no binding power; the KOLs you cultivate can leave at any time and go wherever they want." Ergou, the founder of BLOCKFOCUS, initially considered signing KOLs but found through legal consultation that this approach does not work in Web3.
Thus, this is the current state of all KOL Agencies: "We do not cultivate KOLs, nor do we sign exclusives."
Compared to the "buyout management" model of Web2, KOLs in Web3 are more like freelancers; they can take on Project A today, Project B tomorrow, or even serve multiple Agencies simultaneously.
This sentiment is echoed by Miko, founder of Hyperion.
Founded in 2019, Hyperion initially focused on integrated marketing on Web2 platforms—Weibo, Douyin, Xiaohongshu, Kuaishou, and Video Accounts… The team developed comprehensive communication strategies for brand clients, coordinating KOL resources, advertising plans, and conversion paths to help brands rapidly explode their products. By 2023, Hyperion officially transitioned into the Web3 space.
To adapt to this more "wild" and decentralized market environment, Hyperion made some adjustments to its organizational structure and execution methods: no signing or cultivating KOLs, only flexible cooperation: "Web3 KOLs cannot be managed; we do not sign anyone or buy anyone out; we are focused on collaboration, not control."
Cultural Barriers
Although there are no contractual exclusives or buyouts in Web3, in this industry that heavily relies on personal relationships and trust, there exists a "small circle" culture and barriers between Agencies, KOLs, and project teams.
"Many KOLs give us the lowest market quotes; they might quote $5,000 or $8,000 to others, but they tell us to just give what we think is fair." Every KOL they collaborate with is a good friend of Ergou.
This relationship extends beyond business cooperation into daily emotional management. Ergou and his team send cakes and write cards during holidays, play games, and dine with KOLs, and even during public relations crises, they can rely on "personal connections" to resolve issues like post deletions.
"We understand how each KOL built their account, what type of content they excel at, their fan demographics, and even their recent emotional states," Ergou said. "Only with deep understanding can we achieve true matching in placements."
This emotionally and cognitively based cooperative relationship makes some KOLs more willing to collaborate long-term with a particular Agency, reducing the costs of repeated selection and communication, and allowing Agencies to gradually form their own "exclusive resource pools."
The circle culture is not only reflected in the ToC KOL network but also exists in the ToB project resource layer.
Especially in the current context of a shrinking primary market and increasing information asymmetry, who can grasp good projects and penetrate core communities has become key to whether new Agencies can establish themselves.
All of this requires strong industry connections and resource endorsements. This is why most leading Agency founders have backgrounds in VC or CEX; they understand project logic better and have easier access to resources at the project's inception stage.
Evie, founder of JE Labs, who has a diverse background in traditional consulting firms, crypto VCs, and personal IP development, began JE Labs' Agency business after leaving the OKX Web3 wallet in June 2024: she revealed that JE Labs currently has almost no dedicated BD staff, and nearly all BD work in the industry is handled personally by the founders, including Evie.
"The types of projects you engage with and collaborate on can really reflect your circle, and the backing from that circle is crucial." Resource accumulation and personal connections determine whether an Agency can secure its first batch of truly high-quality projects, and these "initial projects" are the starting point for building a reputation cycle.
More advanced Agencies are becoming "investment-oriented."
As the industry matures and competition increases, without a moat and deeper business foundations, everyone can only engage in "service fee" competition, leading to a decrease in overall industry revenue. The smart individuals transitioning from VCs have already realized this. Consequently, more advanced Agencies are beginning to transform. They are no longer intermediaries between KOLs and project teams but are gradually evolving into strategic partners with "investment logic."
Taking JE Labs as an example, a good deployment strategy relies on an execution team that understands the industry and excels in implementation. The JE Labs team consists of members from diverse backgrounds, including consulting, VCs, exchanges, and marketing in large Web2 companies, providing both macro market understanding and frontline practical experience. This cross-disciplinary team structure allows them to quickly grasp the narrative focus of different project tracks and flexibly adapt to varying communication needs at different stages. Within JE Labs, Evie categorizes business services into four types, corresponding to four different cooperation models:
Pure KOL promotion services: Based on project needs, the Agency is responsible for KOL selection, scheduling execution, and designing promotion direction/talking points, generally charging a 20% service fee.
Customized consulting services: When projects have more complex needs, such as founder IP development, community growth strategy formulation, narrative design, or full-chain planning for AMAs, JE Labs charges monthly based on complexity and investment level. However, to ensure the integrity and effectiveness of the collaboration, this type of cooperation will establish a minimum partnership of at least three months.
KOL rounds and community rounds: If project teams wish to raise funds through KOL rounds or community rounds, the Agency will provide a "fundraising service package" that includes narrative packaging, airdrop planning, distribution logic, and KOL mobilization, typically charging a fee based on a percentage of the total funds raised.
Long-term advisory cooperation: Similar to a part-time CMO. For promising projects, JE can serve as their part-time CMO or marketing advisor, participating in rhythm planning, strategy design, and international deployment, with a fee structure of "monthly payment + token incentives." This type of cooperation is only open to a select few projects.
Evie refers to this as "resource-leveraged investment"—deeply binding projects with cognition, resources, and discourse power, gaining true strategic discourse power while acquiring tokens.
She candidly states, "There are many people who understand marketing in the market now, and many who understand the crypto industry, but very few can integrate the two and provide truly effective strategic advice for projects."
"How to tell the narrative? How does the economic model align with the market? How does KOL distribution match the rhythm? We are not serving KOLs; we are serving business logic," Evie summarizes the true value of the Agency.
She believes that Agencies that only focus on KOL connections have very limited moats. In contrast, those gradually transforming into "strategic consultants + resource partners" possess deeper customer stickiness and business sustainability.
Currently, the leading Agencies that have survived in the market have mostly shifted their service focus from "execution" to "accompanying," relying on the latter three types of business—fundraising support, in-depth consulting, and strategic binding—to build more stable cash flow and deeper industry barriers.
The Transformation of VCs and the Emergence of Agencies in the Winter
In fact, KOL Agencies are not a newly born business in this cycle; their embryonic form has existed since previous cycles.
During the NFT bull market, a batch of "MCN teams" emerged briefly to serve NFT projects, responsible for community building, whitelist activities, Discord and WeChat group maintenance, and coordinating early AMA promotions. At that time, many NFT project teams were not familiar with Web3 operational logic, especially those traditional IPs migrating from Web2; they did not understand the KOL pricing system, did not know who should handle promotions, and lacked the discourse power to "speak within the circle."
Thus, these MCNs took on the initial functions of "content packaging + traffic landing," which, to some extent, were prototypes of KOL Agencies.
By 2021-2022, global liquidity was abundant, and the primary market was thriving. VCs held vast sums of money, leading to the emergence of top-tier financing public chain projects, ZK infrastructure, and Layer 2 protocols, with frequent multi-million dollar financing rounds.
When money was no longer the scarcest resource, other resources became scarce.
With too many projects and a severe shortage of post-investment resources, what project teams lacked was not more money but more direct incubation resources. Thus, in the industry's self-regulation, another role closer to the "actual growth needs" of projects emerged: incubators/accelerators.
These incubators typically do not make investment decisions but act as part of the execution team post-VC investment, providing "landing assistance" services ranging from team building, incentive system design, media promotion, community operation, to user growth path structuring, in exchange for tokens. This model, to some extent, further aligns with the current Agency ecological niche.
It can be said that MCNs are a "content-based predecessor," while incubators are a "structural predecessor." The birth of Agencies is a reconstruction of both in the Web3 context after their "ineffectiveness."
Today, as the primary market slows down and the secondary market retreats, VCs have entered a collective "loss of voice" period, while Agencies have found a new upward path.
As Evie stated, "Current project teams may not necessarily lack money, but they definitely lack resources, execution, and teams that can accompany their growth."
Agencies perfectly fill this new gap of the era—helping to build narratives with cognition, connecting communities with resources, and participating in fundraising and listing strategies with strategies.
The Disappearance of VC Dividends
If the previous cycle was the highlight moment for VCs, this cycle finds them facing a collective crisis of ineffectiveness.
In Dov's view, the reason VCs have "fallen behind" in this cycle ultimately boils down to a misalignment of supply and demand and the end of the era of dividends.
"Why do projects break even as soon as they launch? There are too many projects and too few retail investors. Everyone is competing for attention and liquidity, which are precisely the scarcest resources," Dov said.
Dov elaborated from a macro perspective: In the last cycle, global liquidity was abundant, asset prices inflated collectively post-pandemic, U.S. stocks reached new highs, real estate boomed in third-world countries, and domestic primary investments were exceptionally hot, even overheated. In the continuous search for new assets, crypto assets naturally became a "new outlet" for retail investors. In that context, Crypto VCs stood at the forefront: primary costs were extremely low, valuations rose rapidly, and projects completed several rounds of financing before even launching, with paper profits "soaring."
"You can understand crypto as a split of traditional finance; all the money that had nowhere to go flowed here," Dov recalled. "In the last cycle, VCs were the biggest beneficiaries of the era's dividends."
However, in this round, the money printing faucet for the dollar has been turned off, retail investors have withdrawn, the market has cooled, and everything has changed.
Many projects funded by VCs have yet to find PMF (Product-Market Fit), users have not increased, products have not landed, and tokens lack the courage to launch. Even if they do launch, it is often "a flood of selling at the opening." Some projects even modify terms before unlocking tokens: extending lock-up periods, lowering valuations, or even forcing buybacks.
With no way out in the primary market and no buyers in the secondary market, the once-mythologized VCs have now become "industry pests" in the eyes of retail investors. "It's like playing memecoins; VCs fill the internal market waiting for retail investors to come in, but retail investors definitely won't buy."
VCs have no money left, but projects still need someone to take over, so they turned to KOLs. Thus, in 2024, "KOL rounds" began to gain popularity, even evolving into the now emerging "community rounds."
This is a "run" that was bound to happen.
Dov compares this to his experience in traditional PE: "In the past, when we invested in consumer brands, a project would start at $100 million or more. The market was so hot that some projects had no profits, yet their valuations were 100 times their revenue, which was completely irrational."
The same story has occurred in crypto. Over the past two years, crypto VCs have invested massive amounts of dollar funds in "concept projects." "But when they launched, they found no one used them, no one bought them, and no one believed in them. These projects became 'paper wealth' piled on the table, and none could be realized."
"These changes are part of a global era shift and have nothing to do with exchanges, VCs, project teams, KOLs, or communities. A grain of sand in the era is a mountain in the industry," Dov told BlockBeats.
In Dov's view, this is not just a crypto issue or a problem for Chinese VCs, but a global market undergoing a comprehensive value reassessment: U.S. stock IPOs opening at a loss, Chinese concept stocks faltering; there are very few companies available in Hong Kong stocks; VCs have lost the qualification to tell stories, and retail investors are no longer buying.
"Look at the U.S. now; Ant Group hasn't gone public, ByteDance hasn't gone public, and U.S. stock IPOs are similar to crypto listings, with most companies facing sell-offs. Look at NIO, Missfresh, Perfect Diary; aren't the stock trends similar to those of altcoins? Even in the traditional primary market, there are bubbles everywhere."
The two cycles of crypto are strikingly similar to the consumer capital bubble in China at that time: "Back then, all brands used the same OEM, just changing the label and packaging to tell a new story; many crypto projects are doing the same now."
Current projects are competing on who can tell the best story, attract the most active communities, leverage the strongest topic volume, and gain attention on Twitter.
Thus, Agencies have been "chosen."
Blurred Boundaries
Ergou has observed this round of industry changes: "Almost every market cycle sees a batch of marketing teams, incubators, or accelerators emerge, but most are just fleeting. When a new round comes, it's all new faces again."
He recalls the "wild" growth phase of the industry in early 2021: "At that time, everyone was doing things piecemeal, far from systematic." However, now, with increasing competition, leading Agencies have begun to form a trend of dual "reinforcement" in organizational structure and cognitive ability, truly starting to operate like a lightweight crypto VC.
Currently, there are two mainstream models for leading Agencies in the industry.
Teams represented by JE Labs tend to adopt a "consulting firm" structure—each project is fully managed by a "project manager," overseeing everything from initial strategy to final execution.
At JE Labs, project managers are responsible not only for KOL selection, content review, scheduling, and data tracking but also specialize in specific tracks (DeFi, AI, Infra, etc.), gradually accumulating knowledge and practical skills in their respective niches. Language blocks are also included in the refined management dimension: the team masters KOL and media resources in Chinese, English, and Russian-speaking regions, accurately matching the communication habits and public opinion rhythms of each area.
Another type of representative is the "collaborative division" Agency, represented by BLOCKFOCUS and Hyperion. These teams break down the entire marketing process into multiple modules, with different members completing them separately. For example, the BD colleagues initially connect with clients to promote cooperation; the project control person manages the overall rhythm of the project, feedback on milestones, and resource coordination; KOL operations manage the KOL resource pool and coordinate the deployment rhythm; content and data colleagues write content, review data, and make adjustments. This segmented operation is more suitable for handling multiple projects simultaneously and facilitates the creation of SOP processes for scalable service replication.
Whether through a project manager system or a multi-role collaboration system, top Agencies are no longer "intermediaries" but are gradually evolving into lightweight VCs—who need to understand marketing, the projects themselves, and even investment and financing strategies.
Top Agencies Only Do Three Things
The composite capabilities of "consulting + media + investment + strategy" have allowed such Agencies to gradually develop into more lightweight and cash-flow-stable VCs.
The core competitiveness and moats of these leading Agencies have shifted from "who knows more KOLs" to three other things: selecting better projects, telling better narratives, and designing good exits.
Selecting Good Projects
Look at whether the supporting group behind the project is sufficiently native; the background of the founding team, their historical integrity, resource vision, practical ability, etc.
The standards for top Agencies in selecting projects are actually not much different from those of investors when choosing portfolios.
If every collaboration yields results, then KOLs working with the Agency make money every time, and retail investors following KOLs can earn money, the market's level of attention, trust, and buying interest in this Agency will be different.
Therefore, BLOCKFOCUS's founder Ergou has rejected many project collaborations: "Taking on more cases can certainly increase revenue, but it also means more management costs and training costs. If we damage the brand for the sake of volume, it would be counterproductive; the trust mechanism is particularly important."
When an Agency can continuously produce multiple successful cases and receive high praise from clients, it enters a positive cycle: more quality projects come knocking, word-of-mouth enhances brand stickiness, leading to the selection of better clients, which in turn creates better cases. At the same time, old clients may also make repeat purchases, forming long-term cooperation.
Buying "Narrative" and Offering "Execution"
If a16z is a representative of creating "VC-level" influence through narrative construction, today's top Agencies are replicating this capability.
In the cold start phase of a project, users may not even understand what the project is about—at this time, what truly matters is not the technical documentation but a clear and compelling narrative.
What top Agencies need to do is to simplify complex and difficult-to-understand technologies and products into a single sentence that retail investors can understand, enjoy, and be willing to follow.
Gary, COO of Mango Labs, once gave a vivid analogy: "An Agency is like house design and construction. Twenty years ago, everyone bought construction with design included; now, it's buying design with construction included."
"KOL services" are the construction, while "narrative, rhythm and content control, crisis event handling" are the "house design."
An excellent Agency no longer just "finds a few KOLs to post tweets," but truly participates in the early strategic planning of the project: from narrative building, budget allocation, to KOL selection, communication rhythm, and the expression of the economic model, every link needs to be "deeply customized."
Evie, founder of JE Labs, detailed her refined categorization of KOL resources to BlockBeats, with each category having clear positioning and evaluation standards:
Brand KOLs: These KOLs are usually researchers, senior media professionals, or content creators who have a strong reputation in the industry. They may not have the most followers, but they possess significant discourse power and excel at helping projects establish long-term narratives and brand endorsements.
Traffic KOLs: Represented by airdrop hunters. These KOLs have strong community mobilization capabilities and can quickly gather users to participate in project activities. The Agency tracks their conversion effects through referral links, with data being accurately quantified.
Trading KOLs: Mainly lead traders, they typically have powerful communities or trading groups that can directly influence token prices or on-chain trading volumes. Some KOLs collaborating with JE Labs can bring in over ten million dollars in monthly trading volume, and these KOLs usually bind commission bots to directly assess their contribution value through data.
Within Mango Labs, one of Joyce's responsibilities is to maintain the KOL List. She recalls her initial state when she first joined: "At that time, I was just an ordinary user, and I evaluated the content based on personal preference, not really understanding what influence meant."
However, after doing this job, she began to realize: "What kind of KOL can truly influence readers' perceptions? What content is considered valuable in the eyes of project teams? These are completely two sets of standards."
Accounts with obvious inflated metrics may still have genuine interactions; while some small accounts with abstract content may profoundly influence the core group of a track. Some individuals have even built strong trust through daily sharing of real trading records. "So we can't judge quality based on follower count; we need to assess compatibility."
Therefore, in addition to positive marketing, some Agencies creatively plan "scripted battles" to precisely control the rhythm of public opinion, quickly expanding the project's topic through hot events. For example, Hyperion excels at building heat from the perspective of "entertainment narrative."
Founder Miko stated: "We are essentially traditional marketers; for us, Web3 is just another content platform. We want to redo what we did in Web2 in Web3."
Their approach has a strong "entertainment industry attribute": project collaborations, conflicts, murder mystery games, KOL rivalries, and even FUD scripts, using these personalized marketing strategies to enhance project visibility.
"You can't just send out a list and have everyone post content at the same time," Miko explained, "You need to design the order of appearances, speaking styles, and rhythms for everyone, like directing a multi-person dialogue drama. The communication needs to have dramatic elements to create memorable points."
In his view, these activities reflect another form of execution power and communication tension. Their selection of KOLs is not limited to "traffic bloggers," but also includes many developers, investors, and DAO organizations as Web3 KOLs, allowing for promotion from multiple angles during project dissemination.
"It may even achieve cross-border and cross-industry effects because we are transitioning from traditional MCNs, having media resources and rich connections in traditional industries like entertainment, sports, and fashion." The core team of Hyperion includes several members from major internet companies like Tencent, who have extensive connections in traditional media and mainstream online media.
"We currently have an offline salon space in Hong Kong, and a space in Shenzhen is also under renovation. In the future, these venues will be open for free to Web3 entrepreneurs and practitioners for hosting exchange meetings, salons, or industry sharing," Miko stated.
Resourceization of VCs and Agencies
In addition to the previously mentioned tasks of KOL selection, narrative building, and community alignment, most project teams actually face a large number of trivial yet critical resource connection needs. This is precisely one of the core advantages of many leading Agencies.
From handling public opinion crises, connecting with buyers, to introducing market makers and trading platform resources, these services may seem scattered but can truly open the "backdoor" to project growth paths. As BLOCKFOCUS's founder Ergou said: "The value of this information far exceeds that of ordinary KOL placements."
He pointed out that often, Agencies understand better than project teams where the project should go and what the project team truly cares about—the listing.
"For example, if a project wants to list on a trading platform, we can provide key information gaps: telling them the focus of different trading platforms on listing tokens, the current narrative hotspots, and sometimes even indirectly inquiring about the internal judgments on listing rhythms," Ergou stated. "BLOCKFOCUS is not just a KOL Agency; it is also a KOL incubation MCN. Most importantly, our team is more like a crypto consulting firm. Any crypto team needs a highly resourceful senior broker who can find ways to substantively help the team solve problems, and our team is well-suited for that."
These "information gaps," which may seem unknown to outsiders, have become a routine capability within the network system of leading Agencies.
Dov, founder of Mango Labs, has also repeatedly mentioned in public forums and conversations with BlockBeats: "This is not an industry secret but our long-term public thinking and industry experience."
He further pointed out: From the perspective of trading platforms, their listing logic is actually very clear—there are only two KPIs: acquiring new users and generating trading volume. Therefore, as long as a project can bring in people or money, it is a "worthy project to list."
In addition to these projects, Dov also summarized a type of project that is "naturally easier to be noticed": simple and straightforward narratives that evoke emotional resonance; a genuinely active community with concentrated KOLs and topics; something that retail investors can understand, trading platform BDs can initiate, and media can easily disseminate: "Essentially, you need to give the trading platform a sufficiently Make Sense reason."
So when we return to the beginning of the article and see ABCDE Capital announcing the cessation of new project investments and shifting focus to incubation and the secondary market, it is not surprising. Whether as VCs or project teams, everyone has realized that making money is becoming increasingly difficult, and it is better to engage in businesses with stable cash flow.
If it weren't for the historically rare liquidity in 2021, the path for traditional primary VCs might have changed even earlier—either shifting to the secondary market or becoming resource-oriented VCs, similar to incubators and Agencies.
The boundaries between these top VCs and leading Agencies are becoming increasingly blurred.
However, the Agency industry is still young, and most teams have yet to experience a complete cycle. How long will this spring last? Can Agencies survive the next round of market reshuffling? What new forms will emerge in the next cycle? Agencies are still exploring their answers.
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