Remember ofo? That once ubiquitous bike-sharing brand is still nowhere near refunding deposits, yet its founder Dai Wei has reportedly started a new venture in the US—this time in the coffee sector. It's said that Dai Wei founded About Time Coffee in New York, specializing in iced pearl coffee, where new users can get a free cup upon registration, mirroring the marketing tactics of ofo back in the day. As soon as the news broke, netizens clamored for their money back. Front Street Coffee takes you through the whole story. [more…]

Dai Wei, founder of ofo, saw his second entrepreneurial venture, About Time Coffee, reported to be on the verge of shutdown, with only one store left struggling to stay afloat in New York. This coffee chain brand, which once entered the US market with high cost-effectiveness and innovative products, expanded from five stores to four permanently closed in less than two years. Dai Wei tried to replicate Luckin Coffee's "burn money" playbook overseas but encountered difficulties adapting to local conditions. Meanwhile, more than 16 million users in China are still queuing to get their ofo deposits refunded, involving an amount as high as 1.5 billion yuan. The failure of this cross-industry entrepreneur once again brings public attention back to that unsettled debt and raises the question: is coffee entrepreneurship a trend or a trap? Front Street Coffee takes you through an in-depth analysis of the rise and fall of this cross-border venture. [more…]