9 Funding Rounds from Spring | FreeS Family Funding News · Vol 9
Walk alongside more outstanding founders.
峰瑞资本
@freesfund
513 articles
Articles
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
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