A Collage Poem for Founders: Let's Carry the Courage to Be Fools Together
What Exactly Is "The Big Fool"? "The big fool" — this phrase has been making the rounds in Chinese tech and investment circles lately. But what does it actually mean? In the context of China's startup and venture capital ecosystem, "the big fool" (大傻子, or sometimes used more playfully as 大冤种) typically refers to the last investor or buyer who gets stuck holding an overvalued asset when a bubble bursts. It's the greater fool theory in action — but with a distinctly Chinese flavor of self-deprecating humor. The term gained traction as valuations in sectors like consumer brands, SaaS, and even certain corners of AI became divorced from fundamentals. Founders joke about needing to find "the big fool" to close their next round. Investors privately warn each other not to become "the big fool" in deals where due diligence reveals more red flags than they can ignore. There's also a softer usage: the earnest operator who keeps grinding in a broken market, believing in fundamentals while others chase hype. In this sense, "the big fool" carries a whiff of tragic admiration — the person doing the hard, unglam
In presentations shared by FreeS Fund teammates, the second-to-last slide usually features the image above. Many people wonder: what exactly does "The big fool" mean? Just be a big idiot (not quite)?
"The big fool" actually means having the willingness to step outside your comfort zone, to calmly confront the real conditions of life, and to use the courage of being a fool to do what's right rather than what's easy.
Today is April Fools' Day. We've prepared a found poem extending from "The big fool" — dedicated to you, the entrepreneur.
A found poem is created by cutting out words from various sources and assembling them into verse. As companions to entrepreneurs, we found inspiration from the names of over 150 companies we've invested in.
F means being willing to step outside your comfort zone.
No need for fine brocade or beautiful ornaments — three meals with millet, onion, and peanut, with music as your companion.
O corresponds to calmly facing the real conditions in life.
Observe the times, and renew yourself between truth and illusion, knowing and doing, motion and stillness.
The other O means carrying the courage of being a fool.
A young rider on horseback, crossing rivers and marshes across the nine provinces, soaring beyond boundless clouds, arrows flying toward the starry sea and Milky Way.
L reminds us to choose what's right over what's easy.
On the planet of technology, powered by love, finding optimal solutions for the future, composing a beautiful tomorrow.
To all entrepreneurs — we salute you. Together, let's carry the courage of being fools, fearless and steady, going far.
Giveaway
Share your thoughts on entrepreneurship in the comments. The 4 readers with the most heartfelt responses will receive a FreeS Fund gift package (each includes Saturnbird coffee, Kala steam eye masks, Three Squirrels dried mango, ACC Super Accessories jewelry, and Wanwu Capital prebiotic solid drink).
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