Regarding entrepreneurship, we often fall into a misconception.

Looking at Manus's story makes it very clear—are the talents there? Yes. Are there entrepreneurs with ideas? Plenty. Is there enough VC funding? It’s no longer lacking. So where is the problem?

To put it simply, it’s the environment.

It’s not that entrepreneurs aren’t capable enough, nor that innovative ideas are scarce, nor that capital providers are holding onto their funds tightly. The real bottleneck has always been the ecological environment—policy support, infrastructure development, market recognition, and whether exit mechanisms are smooth.

These soft factors are often more decisive than the number of funding rounds. Even a team with great ideas, facing long approval cycles, high compliance costs, and strict market access, can’t produce results no matter how much funding they get.

Conversely, in places where the Web3 ecosystem is relatively mature, entrepreneurial vitality is noticeably different. It’s not because entrepreneurs there are smarter, but because the environment itself acts as an accelerator.