A Fundraising Reply from Three and a Half Years Ago: Test the Market Before Naming a Price
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Collected in Robin Shen’s Field Notes · Content type and attribution are shown above
English translation of the Chinese post originally published 2023-02-25. Translated 2026-10-27 with AI assistance. Historical figures and claims have not been updated or independently verified. 中文原文
Reading guide
Robin also received the fundraising email behind a controversy in e-commerce, with details omitted to protect those involved. It was sent in September 2019, before the pandemic, when liquidity was relatively ample and some money was moving from technology stocks to ‘new consumption.’ Nobody foresaw a three-year pandemic and the subsequent funding winter. Robin rejected the approach for two reasons. First, the asking price was so unrealistic that it removed any incentive to continue the discussion: test the market before naming a price. Second, intellectual-property-based products and toys lay outside his interests and knowledge. It is hard to earn beyond one’s understanding, and without convincing himself he could hardly convince his boss.
Key points
- Test the market before pricing a fundraising round; unrealistic demands kill interest in further discussion.
- Avoid unfamiliar fields: earning beyond one’s understanding is difficult.
- In 2019, nobody anticipated a three-year pandemic and the funding winter.
- A more mature company in the same segment made the choice natural at the time.

Full text — English translation
These articles are personal notes, book excerpts, and collected reprints. Figures and events reflect the time of the original publication, are not current information, and do not constitute investment advice.
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