Recently, Antarctic Circle (the organization of retired employees of Tencent) found us and provided us with nearly 300 typical entrepreneurial projects of retired employees of Tencent (hereinafter referred to as entrepreneurial projects, the selection criterion is that at least one of the core founders of the projects is a retired employee of Tencent). I hope to cooperate and do some analysis. Because our selection criteria are relatively high, we can't include all startups from Tencent; And for the privacy protection of these projects, we can't disclose too much information about individual projects. However, through the analysis of nearly 300 samples, we can probably know something. Let's take a look at the city where the entrepreneurial projects are located: It can be seen that although Tencent's base camp is in Shenzhen, more entrepreneurial projects have chosen Beijing. From the perspective of entrepreneurial ecosystem, Beijing is still the first choice for entrepreneurs. It can be seen that the financial and game industries occupy the first echelon, followed by corporate services, culture and entertainment, life and e-commerce. To some extent, the industry choice of employees who left Tencent also represents the present situation of entrepreneurial rivers and lakes in China. The result is really interesting-social is not social, and e-commerce does not do e-commerce; Those who do finance or choose finance, those who play games or choose games. Why do financial and game partners still stick to Tencent's original work field after starting a business? We guess there is only one reason: finance and games are the closest to money. Obviously, there are about 90 enterprises in Angel Wheel (including Pre-A Wheel) and A Wheel respectively. The number of enterprises after Angel Round and A Round gradually decreased. It seems that the funnel effect has been fulfilled in the entrepreneurial projects of Tencent's retired employees. I don't know whether these entrepreneurial projects can successfully surpass the two curses of A-round death and B-round death. Despite the huge differences, top30 projects are still the darling of the capital market-these 30 projects have attracted 80% of the total investment attracted by nearly 300 entrepreneurial projects in the latest round. With the increase of investment layers, more and more characters are involved in this capital game. From the initial 300 typical entrepreneurial projects, it has expanded to an airtight network composed of more than 8,000 institutions and individuals (nodes) and nearly 10,000 investments (connections). In this big net, the central core area is occupied by secondary and tertiary investors, and typical entrepreneurial projects are squeezed into gaps and edges.