This is the winter of VC, but also the spring of KOL Agency

Author: Jaleel Jia Liu, BUBBLE, BlockBeats

Editor: Jack, Zhang Wen, BlockBeats

This article thanks all the Agencies that accepted interviews: Evie (JE Labs); Miko (Hyperion); Ergou (BLOCKFOCUS); Dov, Gary, Joyce (Mango Labs); Sam (WOK Labs), (anonymous), etc.

KOL Agencies are filling the gap left by Crypto VCs.

Last weekend, another once-prominent Chinese crypto VC came to a halt. Against the backdrop of tightening liquidity in global financial markets, the crypto industry has fallen into a prolonged "garbage time," and venture capital (VC) is experiencing an unprecedented winter. However, the KOL Agency, which has suddenly emerged in this cycle, is enjoying a spring.

In a call with BlockBeats, Dov, 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 is either in meetings or making impromptu calls by the roadside. After 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 not doing well this year and 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 track.

This seems to be a commonality in the industry, as most core team members of Agencies have investment experience.

Agencies are gradually becoming the "next stop" for VCs. When VCs lose their appeal to retail investors, Agencies become 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, post 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? If it's a new project, even the first step can be extremely difficult.

Project teams need visibility but lack communication skills; KOLs have content but lack connections. This is the real background for the birth of KOL Agencies, a business born from the market's information gap and trust needs.

"I was running a conference in Denver at that time, and many foreign project teams directly asked me if I could introduce Chinese KOLs," Dov recalled. "I casually helped one project connect with a Chinese KOL, and unexpectedly, the effect was particularly good."

Initially, he did not plan to work full-time in an Agency. But during the process of helping out repeatedly, 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. Until 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 took the initiative to approach 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 to take on a few projects. At that time, there weren't many projects, and they weren't particularly hot."

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 coincided with the window for the entire KOL Agency model to "rise."

Another founder, Ergou of BLOCKFOCUS, was also among the first to start Agency business in the Chinese-speaking area. When he entered the circle in 2018, Ergou was working in a software company handling marketing and KOL connections. A year later, he began to create his own KOL accounts, gradually building his 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 figure was already following me." At that time, Ergou was still a sophomore and the youngest in the circle, but he was very active. He jokingly said, "I was the 'uh-huh' 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 MCNs"

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, MCNs (Multi-Channel Networks) act as intermediaries between brands and influencers: brands do not need to connect with influencers one by one but can sign, price, and manage them through MCN companies, which centrally arrange content production and dissemination.

However, MCNs also have their "heavy industry" characteristics. A friend who runs a traditional economic company told BlockBeats that in Hangzhou, the most famous MCN company, Wuyou Media, KOLs typically sign exclusive contracts lasting 3-10 years with the agency, which is fully responsible for commercialization. Platform revenue sharing, brand placements, account management… even the "rise to fame" of KOLs is meticulously designed by the company.

This model once thrived during the short video era, but when directly applied to Web3, it became somewhat out of place.

"In Web3, contracts have no binding power; KOLs you cultivate can leave at any time and go wherever they want." The founder of BLOCKFOCUS, Ergou, initially considered signing KOLs but found out from his lawyer 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" of Web2, KOLs in Web3 are more like freelancers; they can take on Project A today and Project B tomorrow, or even serve multiple Agencies simultaneously.

This point resonates deeply with 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, linking KOL resources, placement plans, and conversion paths to help brands rapidly explode their products. By 2023, Hyperion officially transitioned into the Web3 field.

To adapt to this more "wild" and decentralized market environment, Hyperion made some adjustments in its organizational structure and execution methods: no signing or cultivating KOLs, only flexible cooperation: "Web3 KOLs cannot be managed; we won't sign anyone or buy anyone out; we are about cooperation, not control."

Circle Barriers

Although Web3 lacks exclusive contracts and buyouts, in this industry that heavily relies on personal connections 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 outsiders, but they tell us to just give what we see fit." Every KOL they collaborate with is a good friend of Ergou.

This relationship extends beyond business cooperation to daily emotional management. Ergou and his team send cakes and write greeting cards during holidays, play games, dine with KOLs, and even resolve public relations issues during project crises through "personal connections."

"We understand how each KOL started their account, what type of content they excel at, and even their recent emotional states," Ergou said. "Only with deep understanding can we achieve true matching in placements."

This cooperation based on emotion and understanding makes some KOLs more willing to collaborate with a particular Agency long-term, reducing the costs of repeated screening 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 projects well and penetrate core communities has become key to whether new Agencies can establish themselves.

All of this requires strong industry connections and resource backing. This is why most leading Agency founders have backgrounds in VC or CEX; they understand project logic better and can more easily access resources at the project's inception stage.

Evie, founder of JE Labs, who has a diverse background in traditional consulting, crypto VC, and personal IP development, began the Agency business of JE Labs 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 with say a lot about your circle; 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.

Higher-Level Agencies Are Becoming "Investment-Oriented"

As the industry matures and competition increases, without a moat and deeper business capabilities, everyone can only engage in "service fee" competition, leading to a decrease in overall industry revenue. These smart individuals coming from VCs have already realized this. Thus, higher-level 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 placement strategy relies on an execution team that understands the industry and excels in implementation. The JE Labs team consists of members from diverse backgrounds in consulting, VC, exchanges, and marketing in large Web2 companies, possessing both macro market understanding and frontline practical experience. This cross-disciplinary team structure allows them to quickly grasp the narrative focus of different track projects and flexibly adapt to the communication needs of various stages. Within JE Labs, Evie categorizes business services into four types, corresponding to four different cooperation models:

1. 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.

2. 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, but to ensure the integrity and effectiveness of the collaboration, a minimum cooperation model of 3 months is established.

3. KOL rounds, community rounds: If a project team wishes 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, with fees generally based on a percentage of the total fundraising amount.

4. Long-term advisory cooperation: Similar to a part-time CMO. For promising projects, JE can serve as a part-time CMO or marketing advisor, participating in rhythm planning, strategy design, and international placement, with a fee structure of "monthly payment + token incentives," and this type of cooperation is only open to a very limited number of projects.

Evie refers to this as "resource-leveraged investment"—deeply binding projects with cognition, resources, and discourse power, obtaining true strategic discourse power while acquiring tokens.

She candidly stated: "There are many people in the market who understand marketing, and there are also quite a few who understand the crypto industry, but very few can integrate the two and provide truly effective advice at the strategic level for projects."

"How to tell the narrative? How does the economic model fit the market? How to match the rhythm of KOL distribution? We are not serving KOLs; we are serving business logic." Evie summarized the true value of Agencies.

She believes that Agencies that only focus on KOL connections have very limited moats. In contrast, those that gradually transform 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 "co-piloting," 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.

VCs Shedding Skin, Agencies Transforming in the Cold Winter

In fact, KOL Agencies are not a new business born in this cycle; their embryonic form has existed in previous cycles.

During the NFT bull market, the market briefly saw a batch of "MCN teams" serving NFT projects, responsible for community building, whitelist activities, Discord and WeChat group maintenance, and the coordination of early AMA promotions. At that time, many NFT project teams were not familiar with the operational logic of Web3, especially those traditional IPs migrating from Web2; they did not understand the pricing system of KOLs, did not know who to place promotions with, and lacked the discourse power to "speak within the circle."

Thus, these MCNs took on the initial function of "content packaging + traffic landing," which in some ways is the prototype of KOL Agencies.

By 2021-2022, global liquidity was rampant, and the primary market was thriving. VCs held massive amounts of capital, leading to the emergence of top-tier financing public chain projects, ZK infrastructure, and Layer 2 protocols, with frequent financing rounds often exceeding tens of millions of dollars.

When money is no longer the most scarce resource, other resources become scarce.

With too many projects and severely insufficient 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-investment for VCs, providing "landing assistance" services ranging from team building, incentive system design, media promotion, community operations, to user growth path planning, in exchange for tokens. This model 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 emergence 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" cycle, while Agencies have found a new upward path.

As Evie said: "Today's project teams may not necessarily lack money, but they definitely lack resources, execution, and teams that can accompany their growth."

Agencies are precisely filling this new gap of the era—helping to build narratives with cognition, bridging communities with resources, and participating in fundraising and listing paths with strategies.

The Disappearing VC Dividend

If the previous cycle was the highlight moment for VCs, then this cycle faces a collective crisis of ineffectiveness.

In Dov's view, the reason VCs have "fallen behind" in this cycle ultimately comes down to supply-demand misalignment and the end of the era's dividends.

"Why do projects break even as soon as they launch now? There are too many projects and too few retail investors. Everyone is competing for attention and liquidity, which are precisely the most scarce resources," Dov said.

Dov discussed from a macro perspective: In the last cycle, global liquidity was abundant, and after the pandemic, global asset prices inflated collectively, with US stocks hitting new highs, booming real estate markets in third-world countries, and exceptionally hot primary investments domestically, even overheating. In the search for new assets, crypto assets naturally became the "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; 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."

But in this round, the dollar printing press 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 scaled, products have not landed, and tokens lack the courage to even launch. Even when they do launch, it is often "open and immediately flooded." 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 have filled the internal market waiting for retail investors to take over, and retail investors certainly won't."

VCs are out of money, 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 "community rounds."

This is a "run on the bank" that was bound to happen.

Dov compared it to his experience in traditional PE: "In the past, when we invested in consumer brands, a case would start at $100 million. The market was so hot that some projects had no profits, yet their valuations were 100 times their revenue, completely irrational."

The same story has played out in Crypto. Over the past two years, Crypto VCs have thrown massive amounts of dollar funds at "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 problem for Crypto or Chinese VCs but a global market undergoing a comprehensive revaluation of value: US stock IPOs breaking even upon launch, Chinese concept stocks faltering; there are few companies available in the Hong Kong stock market; VCs have lost the qualification to tell stories, and retail investors no longer buy into them.

"Look at the US now; Ant Group hasn't gone public, ByteDance hasn't gone public, and US stock IPOs are similar to crypto listings, with most companies facing immediate flooding. Look at NIO, Missfresh, Perfect Diary; aren't the stock trends similar to those of memecoins? Even the traditional primary market is full of bubbles."

These two cycles of Crypto are reminiscent of the consumer capital bubble in China: "At that time, all brands used the same OEM factory, slapped a label on it, and changed the packaging to tell a new story; many crypto projects are doing the same now."

Today's 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 observed the changes in the industry during this round: "Almost every market cycle sees a batch of marketing teams, incubators, or accelerators emerge, but most are just fleeting moments. When a new round comes, it's all new faces again."

He recalled the "grassroots" growth phase of the industry in 2021: "At that time, everyone was doing things piecemeal, far from systematic." But now, with increasing competition, leading Agencies have begun to form a trend of dual "reinforcement" in organizational structure and cognitive ability, truly beginning to operate like lightweight Crypto VCs.

Currently, there are two mainstream models of 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," from initial strategy to final execution, all in one go.

At JE Labs, project managers are responsible not only for KOL selection, content review, scheduling, and data tracking but also specialize in different 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 representative type is the "division of labor and cooperation" Agencies, represented by BLOCKFOCUS and Hyperion. These teams break down the entire marketing process into multiple modules, completed by different members. For example, BD colleagues initially connect with clients to promote cooperation; project control personnel manage the overall rhythm, feedback, and resource coordination; KOL operations manage the KOL resource pool and coordinate placement rhythms; content and data colleagues write content, review data, and adjust optimizations. This split operation is more suitable for simultaneously handling multiple projects 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, 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

Assessing whether the supporting groups behind the project team are sufficiently native; the background of the founding team, historical integrity records, resource vision, practical capabilities, etc.

The standards for selecting projects by leading Agencies are actually not much different from those used by investors when picking 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 that Agency will be different.

Thus, Ergou, founder of BLOCKFOCUS, has turned down many project collaborations: "Taking on more cases can certainly increase revenue, but it also means more management costs and training costs. If we damage our brand just to increase volume, it would be counterproductive; trust mechanisms are 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 seek them out, word-of-mouth enhances brand stickiness, leading to the selection of even better clients, which in turn creates better cases. Meanwhile, old clients may also make repeat purchases, forming long-term collaborations.

Buying "Narratives" and Providing "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: "Agencies are like house design and construction. Twenty years ago, people 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 simply "finds a few KOLs to tweet"; they genuinely participate 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 requires "deep customization."

Evie, founder of JE Labs, detailed her refined categorization of KOL resources to BlockBeats, with each category having clear positioning and evaluation standards:

1. Brand KOLs: These KOLs are usually researchers, senior media professionals, or content creators who have a solid reputation in the industry. They may not have the most followers, but they possess strong discourse power and excel at helping projects establish long-term narratives and brand endorsements.

2. Traffic KOLs: Represented by airdrop hunters. These KOLs have strong community mobilization capabilities and can quickly gather users to participate in project activities. Agencies track their conversion effectiveness through referral links, with data being precisely quantified.

3. Trading KOLs: Primarily lead traders, they usually have strong communities or trading groups that can directly influence token prices or on-chain trading volumes. Some KOLs collaborating with JE Labs can lead trades exceeding tens of millions of dollars monthly, and these KOLs typically 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 recalled her state when she first joined: "At that time, I was just an ordinary user, and I followed content based solely on personal preference, not really understanding what influence meant."

But after doing this job, she began to truly realize: "What kind of KOL can genuinely influence readers' perceptions? What content is considered valuable in the eyes of project teams? These are two completely different standards."

Accounts with obvious inflated metrics may still have genuine interactions; while some small accounts with abstract content may profoundly influence the core groups 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; it should be based on matching."

Therefore, in addition to positive marketing, some Agencies creatively plan "scripted battles" to precisely control public opinion rhythms, quickly expanding project visibility through hot events. For example, Hyperion excels at building buzz from an "entertainment narrative" perspective.

Founder Miko stated: "At our core, we are traditional marketers; for us, Web3 is just another content platform. We need to redo what we did in Web2 in Web3."

Their approach embodies traditional "entertainment industry attributes": project collaborations, conflicts, scripted dramas, 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 act like a director, designing each person's entrance order, speaking style, and rhythm, almost like choreographing a multi-person dialogue drama. Communication needs to be dramatic to create memorable points."

In his view, these creative efforts reflect another form of execution power and communication tension. Their selection of KOLs is not limited to "traffic bloggers"; they also include 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 and have media resources and rich connections in traditional industries like entertainment, sports, and fashion." Several core team members of Hyperion come from large internet companies like Tencent, possessing 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 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 KOL selection, narrative building, and community alignment, most project teams actually face a large number of trivial yet crucial resource connection needs. This is precisely one of the core advantages of many leading Agencies.

From handling public relations crises, connecting buyers, to introducing market makers and trading platform resources, these services may seem scattered but can genuinely open the "backdoor" to project growth paths. As Ergou, founder of BLOCKFOCUS, 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 a project should go and what the project teams truly care about—getting listed.

"For example, if a project wants to get listed on a trading platform, we can provide key information gaps: telling them the focus of different trading platforms for listing, the current narrative hotspots, and sometimes even indirectly gleaning 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 functions more like a crypto consulting firm. Any crypto team needs a highly resourceful and capable broker who can find ways to help the team solve problems, and our team is well-suited for that."

These "information gaps" may be unknown to outsiders, but within the networks of leading Agencies, they have become a routine capability.

Dov, founder of Mango Labs, has also repeatedly mentioned in public and in conversations with BlockBeats: "This is not some industry secret; it's our long-term public thinking and industry experience."

He further pointed out: From the perspective of trading platforms, their listing logic is very clear—only two KPIs: acquiring new users and generating trading volume. Therefore, as long as a project can bring people or money, it is a "worthy project to list."

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 doing VC or projects, everyone has realized that making money is becoming increasingly difficult, and it is better to engage in businesses with stable cash flow.

Without the historically rare liquidity of 2021, the paths for traditional primary VCs might have changed much earlier—either transitioning to the secondary market or becoming resource-oriented VCs, similar to incubators and Agencies.

The boundaries between these top VCs and leading Agencies have become 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.