Funding proves major problem for startups

Lai Shenzhong has been turned down again - the third time in a week.

The 32-year-old entrepreneur has been trying to find investors who will pump around 500,000 yuan ($77,639) into his high-end tourism mobile app service.

"They (investors) are interested in the idea, but most of them have already invested in the online-to-offline tourism sector," he said. "They worry about conflicting interests if they pour money into us."