How does the small blue cool ride collapse and the economic model of the sharing era is exactly what?

It seems that the warning from a shared bicycle founder turned into reality during the winter of 2017. However, this "elimination" appeared to happen too quickly and violently. One after another, no one was willing or able to save these companies, and we, as bystanders, watched the entire process—from birth, to illness, to attempted recovery, and finally to collapse. Behind the so-called "sharing economy" bubble, who is truly to blame? Recently, the little blue bike company collapsed, its founder disappeared, employees were left in tears, and users were furious. What went wrong? How did it come to this? 1. There are increasing signs that the cool bike company may be the next "little blue." As early as mid-August this year, many users across the country reported that they couldn't get their deposits refunded within seven days. Some had applied for over a month and still hadn’t received their money back, while customer service lines remained unreachable. This issue surfaced just five months after the "little blue" bike's downfall. In September, the problems didn’t improve—they worsened. Media outlets began reporting on the situation, and in cities like Hangzhou, Hefei, and Changsha, the problem escalated to the point where bicycles were scattered everywhere, creating chaos. By October and November, negative reports about Cool Bike continued to surface. On the first two days of the month, the company announced that it would temporarily close its Beijing Tongzhou Wanda Plaza office to handle deposit refunds. Users were advised to bring valid documents such as ID cards, driver’s licenses, or passports to Room 708, Building 1, Ocean Center, No. 588 Jitai Road, High-tech Zone, Chengdu, Sichuan. On the morning of the 22nd, Cool Bike once again claimed that the offline refund points would be temporarily closed due to safety concerns. The company stated that the offline locations were causing public disorder and that the customer service team would take charge of managing and operating the bikes. Over four months, the deposit refund issue has been repeatedly addressed, but the company has only offered excuses like “system instability” or “management errors.” According to media reports, users still couldn’t find anyone at the refund location in Chengdu, and the deposit refund process remained unresolved. Some users joked: I bought a plane ticket and traveled all the way to Sichuan just to return my deposit, but I ended up with nothing but a big headache! 2. A closer look at the development of the shared bicycle industry reveals three distinct phases: The first phase began last May when Mobike entered Beijing. Soon after, ofo secured $130 million in Series C funding and expanded beyond campuses to enter city operations, forming a direct competition with Mobike. In a short period, billions of venture capital poured into the industry, fueling a fierce and costly competition. The second phase started in the first half of this year, when various shared bike brands—Yubai, Xiaoming, and others—emerged in different colors (red, orange, green, blue, purple). There were no clear regulations on the number of bikes, and issues like cheating and vehicle breakdowns became common. The third phase began in the middle of this year, when many startups struggled due to insufficient funds and eventually faced mergers, acquisitions, or shutdowns. 3. Despite the collapse of several bike companies, the aftermath still lingers. Unlike ride-hailing services, which often failed due to unsustainable user growth or unprofitable models, the problem with shared bikes stems from excessive subsidies driven by aggressive competition. Unlike taxi apps, users don’t rely on subsidies to use shared bikes. In an earlier article titled "Tired of the Bones, Sharing Bikes," the author pointed out that high frequency and necessity are key elements of the sharing economy. In fact, the core assets of shared bikes go beyond physical bikes; they also include soft power like user engagement and service quality. As the market matures, both cost and user experience become central focuses. The way Cool Bike handled its deposit issue shows a lack of responsibility. Users are expected to pay RMB 100 upfront, with no clear path to getting it back. (Worry: Am I supporting a healthy sharing economy?) Li Junhui from Titanium Media once criticized these companies, saying that simply placing bikes without proper management or maintenance is a form of fundraising fraud. This "no management" approach is not only unethical but could also be illegal, possibly constituting a financial scam. 4. If a business fails, it suggests a flawed strategy. But what is the right approach? Was the initial plan already wrong? Under the current era of rapid internet growth, there's a lack of corporate autonomy, self-regulation, and government oversight, which have contributed to these problems. Wang Xing, the founder of Meituan, once said, "Entrepreneurship is the spirit of relentlessly pursuing opportunities regardless of existing resources." Now, in today's hot entrepreneurial environment, who can truly be called an entrepreneur? Ask yourself: Why did shared bikes go from birth to death so quickly? It wasn’t just because of rapid capital burnout. More importantly, the internet industry has entered an oligarchic era, where no one can afford to fail. Entrepreneurs, from the start, focused on how to gain approval from tech giants like BAT. According to the "Statistical Report on the Development of China’s Internet Network," as of June 2017, the number of shared bike users reached 106 million. With an average deposit of over 100 yuan per user, the total deposit in the shared bike industry may have exceeded 10 billion yuan. When including shared cars and other items, the total deposit in the entire sharing economy is estimated to be around 15 billion. Industry experts estimate that in the past six months, the total deposits in the sharing economy amounted to about 1.5 billion yuan, causing real economic losses to users. At the end of the article, the author poses a question: In the next year, two years, or even five years, how will we deal with the 299, 199, or 99 yuan deposit? It doesn’t matter how small the amount is—what is the true economic model of the sharing era?

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