Lu Qi’s 4D speech: Most entrepreneurs die in this gap. Here are a series of methods and practices


On January 11, at Shanghai Jiaotong University, Lu Qi, the former Baidu president and Lu Qi, the former CEO of YC China, transformed themselves in the face of thousands of entrepreneurs, students and media from all over the country.One of the most informative public lectures since the investors, sharing their views on innovation and entrepreneurship, comparison between China and the US market, and how to cross the market gap.It comes down to one sentence: What are the opportunities for entrepreneurship?What should I do?As an investor, Lu Qi has just started, but for 30 years in Silicon Valley and three years of management experience in large companies after returning home, it is sufficient for Lu Qi to establish his own unique cognitive framework for investment tracks, entrepreneurial processes, and technology trends.Why can’t the United States grow a beautiful group and fight a lot?Does China have more innovation resources than abroad?Can China’s successful business model be copied to Latin America and Southeast Asia?Lu Qi gave his thoughts and answers in a 4D speech.The following is the content of Dr. Lu Qi’s speech: It is difficult to innovate and start a business.How do we embrace opportunities and face challenges?At the same time, it is more important how we work together, especially to introduce you to the extraordinary achievements of the forum, how we interact, how to help each entrepreneurial team have a higher probability of success, and better promote their innovation process.First of all, I want to talk about the first chapter, why is innovation and entrepreneurship a historical trend?What is the core?We have to look at the underlying driving forces and the structural factors of world progress.First, innovation drives world progress.The second is technological progress, which is always the most lasting, important, and powerful driving force for innovation.This picture is a review of the history of human beings in writing. The progress of human history is always driven by general technical capabilities. The bottom layer lists all the important general technical capabilities in human history.What happened?There may be some errors at this time. Domesticated animals, domesticated plants, smelting of ore, and agriculture have started. The past was industry, and the past 60 years have been a new era.Its core driving force is energy and information. The ultimate core structure of any complex system in the universe is energy and system. There are only three wealth creation and economic development systems in human history, all driven by technology.The first is the agricultural system, we have a free energy source is solar energy, don’t spend money.But for land, there must be enough opportunities to see the sun.In the agricultural era, this S-curve is very flat, and people do not have much to do. Simple tools and labor are sufficient.The second is the industrial age, which has a history of more than 300 years. The core of the industrial age is fossil energy, coal, crude oil, and the form is electricity.In the industrial era, people need to do more and have skills. Universities such as Shanghai Jiaotong University are essentially the products of the industrial era. The mission of the university is to generate skills on a large scale.Collaborative division of labor, the use of equipment, plant to create social value, the S curve in the industrial era rose faster.In the past 60 years, we have entered a more inspiring era, the era of information and knowledge.The core is to digitally extract the information that we humans want to solve, use computing methods to quickly invent new technical capabilities, and quickly reorganize resources.There has been a new development in the energy structure. What we have not settled on now is definitely not fossil energy, but more importantly information and digitalization. The core is fast access to knowledge.In this era, what people need to do is innovation and insufficient skills. What is the essence of this?Dean Zhang just talked about why every university should introduce innovation mechanism?We are very happy to hear that Shanghai Gaojin has also raised capital and directly participated in innovation to learn innovation. This is the third curve we see. This is why entrepreneurship has become the mainstream of history.In any era, different technologies are used to drive economic development. People can choose what industries they choose. This industry has the most ability to create value and gain wealth. It is simple and rough to say which industry can make money and make most money.The first was hunting, and later the farming. At one stage, warriors could fight, and the monarch would hire you.Then there were craftsmen, navigators, and found new land.Let us mention that our society is essentially entering the era of a new generation of navigators, it is the exploration of the universe, going to Mars, going elsewhere, there will always be new sailing.The merchant has enough surplus and the transaction is the most profitable.Manufacturing machines that generate value on a large scale.It is the most profitable to start a company at a certain stage. Due to the discovery of new energy sources, digging an oil field is the most profitable.For a while, executives were the most profitable.For the last 3 or 40 years of the last century, our Wall Street buying company and selling company were the most profitable.In the past 20 years, participating in entrepreneurship has been the most profitable industry. This is a structured driving factor. Information and knowledge quickly combine resources to create social value.Everyone here today, we found the best industry in the window of history.So I think the innovation opportunities in China are more special in this era. We are more fortunate to participate in a new era. Why?First of all, technology-driven innovation. In the past 60 years or so, from the perspective of this curve, the past 60 years have basically been dominated by the United States and high-tech industries.Microsoft’s board of directors will say that the high-tech industry is led by the United States, and the rise of China has changed this situation.We entrepreneurs should pay attention to this blue curve. The drive of the company is not driven by information and knowledge. Your value is not very high.Let us look at the market value of stock exchanges around the world today. For the past 20 years, they have been oil companies and automobile companies.Now all are high-tech companies, and they are moving in this direction. We are the place where the blue curve does not climb to the top, and the speed will definitely accelerate.In terms of China’s technological innovation, we have all the core factors. We have talents, technology, capital, markets, and so on.Second, the macroeconomic drivers of China’s economy are more abundant than any other economy in the world. What are the macro drivers of the United States as a country?Technological innovation is, in a sense, immigration. The immigration factor now destroys their own advantages.China’s macro-driving factors are, first, consumption upgrades, and second, China’s urbanization. There are still decades to come, and there are great opportunities.Third, China’s population is aging and its population is increasing.Fourth, the overall integrity and richness of the physical industry, so looking at any region, China has the most macro-driving factors.China’s economic diversification also brings a very special opportunity to every entrepreneur. I have not experienced it in the past 30 years in the United States. I have only experienced it in China for three years.China is a very magical combination. It has first-class development capabilities and innovation capabilities. However, China ’s economy is a step-shaped one. The first echelon is similar to the United States. The second to fourth echelons have more opportunities to improve with technology.There are so many beautiful groups and fights because they are structured.Pinduoduo, the US delegation can go to Latin America, to the Middle East, to the future of Africa. Their geographical structure is like us. China is a more innovative target process in terms of structure.The opportunity of internationalization is a very special situation we face in the Chinese entrepreneurial ecosystem. Relatively speaking, the United States is still one of the largest innovation markets. Our view is that there are only two major markets in the world, the United States is the main and the radiation is North AmericaIn Europe, one is China, which naturally radiates Southeast Asia, Latin America, and the Middle East for a long time.The overall technology of the United States is quite good in the top part, is leading, and the distance between China and them is getting less and less.Other regions are also opportunities for us in China. We have talked with Israeli entrepreneurs. They are very capable. Their innovation goal is always the United States. China has become their new innovation target country. China can have more foreign innovation resources.Because China is more advantageous as a target market.Finally, I have learned a lot in the past year, that is, Chinese entrepreneurs have better opportunities to learn and grow than other regions, because the information we read every day has a lot of information flow. A good article, business, and success in the United StatesIn the case, there is basically a Chinese version in less than 24 hours. We have seen the United States, and we can see the good China.You are an American innovator. You only see American innovators. They cannot see Chinese innovation.We have the most complete vision, and we have the most opportunities to learn and grow.It’s really a very special time to seize the opportunity of a particularly good innovation that belongs to us.How can we embrace the opportunities we face?At the same time also face the challenges brought by innovation and entrepreneurship?Starting a business is difficult. I think there are several difficulties.The first is cyclical, such as the cold winter of capital.The second is environmental, the entrepreneurial environment is different, and how artificial intelligence is commercialized.Third, it is structural. This is what we are most concerned about in the creative world. It is related to the essence of entrepreneurship, such as how to quickly find a product market match.The first is a cyclical challenge. We all know that finance has a cyclical nature.To a certain extent, credit lending is too tight, especially when I do my own investment business. I will understand the financing requirements of each different source of capital. At present, they are in a cyclical period.Later, it will be tightened, often overkill, and it will be excessive when rushing and closing.But what everyone needs to know is that capital will always find the best return, and he never stops looking for a place where the return is the best.Venture capital as a category has been growing for a long time. No matter what kind of funds it is, the long-term trend of putting money in entrepreneurial risk has been increasing. Here is a simple conclusion that it must be spring after winter. This is a cycle.Sexual problems.At the same time, it must be pragmatic. This is a reality.We must face the reality of tight capital today. The first thing an entrepreneur needs to do is to work hard to survive and spend more energy on financing. When financing is particularly difficult, find a way to make blood on his own, or obtain other resources, and government subsidies.Wait, the ability to make yourself better in this severe winter situation, the first is to survive.Second, you need principles.When you see the opportunity, you must go decisively into the market, and you must rush, because the opportunity for entrepreneurship will not change due to the cycle of capital. If you have the opportunity to be the next Alibaba, have the opportunity to be the next Meituan, have the opportunity to doThe next one is to fight a lot and have the courage to seize it. The two must be well controlled.Second, environmental challenges, the entrepreneurs present here are very much admired by me. You must have great efforts and courage to do this, because the entire environment is quite a challenge.Compared with the United States, the capital ecology of China is not mature enough, the capital is not patient enough, and investment conditions are often very harsh.We have seen a lot of cases, it is too difficult for entrepreneurs, and this has to be changed through hard work in the long run.The third is that the exit mechanism is not complete.The second point is the industrial ecology, which also challenges entrepreneurs.If it is done on the B side, Chinese companies have a lower willingness to pay and the threshold is higher.On the C side, getting customers is difficult and expensive.The competitive environment is high-intensity competition. Once the Chinese market is made, your ability to go to other markets is almost invincible, and you are very strong in this environment.In addition, the environment has changed. In the past, it was the Internet, mobile Internet, rapid software iteration, and so on. Now it is artificial intelligence. If you want to land, you will be a segmented industry.In the past few years, you have to find the most important sales and BD talents in this industry.Channel resources are very core. In the environment of artificial intelligence entrepreneurship, it cannot be done without channel resources.In addition, there are more and more hard technology. Its long investment cycle and long iteration cycle are all challenges brought by the environment.Environmental challenges, I will talk about how to make each entrepreneur better respond to environmental challenges together through ecological collaboration. Let me talk about structural challenges.Early structural entrepreneurs faced a structural challenge: how to quickly find a product and market match. This is a difficult threshold. Let me explain why this is a structural problem?With the development of technology, the popularization of education, the improvement of capabilities, the possibility of innovation is increasing. The cycle of innovation generally starts with an idea, a new product, a business, and an idea.Invent a product, invent a technology, develop the technology, develop the product, and cut it all into the market.What is the trend?There are more and more good ideas that can be come up, the cycle of technology development is getting shorter, the product development is getting faster and faster, there are more and more that can be cut into the market, but every customer in the market is only 24 hours a day, it is impossibleContinuously adopt new products.This is becoming a big bottleneck, and this bottleneck is getting more and more crowded.This is a structural challenge. The only thing you can do is quickly iterate. The core is shown by this curve. Everything moves to the market. You have new ideas, new technologies, and find market feedback in the shortest time and lowest cost., Anything moves forward, the cost of trial and error is low, and the probability of success is higher. This is the core thing we do in the world of extraordinary achievements.It is to help each entrepreneurial team better go through this core structural challenge, iterate quickly, and find product and market matches. This is a structural challenge.Another structural challenge is related to the nature of entrepreneurship and cannot be changed.It is the income curve. Any enterprise can achieve sufficient success. Its income curve is like this. The early customers are innovators using your products. There are some people who catch the early tide to use your products. The real products are better.Years, this stage is unable to support yourself.The only thing you can support yourself is financing, the ability to raise money, the ability to live, the ability to live as long as possible is very important, this is the second thing we do in the field of extraordinary achievements, we only do two things.Early entrepreneurship is these two things. Iterate quickly to find a product market match. The longer you live, the better.This is another structural challenge.The third structural challenge is related to the previous two. It must be faced by every entrepreneur, especially in the 2B field.Let me explain this diagram. This is a structured problem. This diagram shows all technology-driven new products and new businesses in history. It has been adopted by the social market and it will always go through this time period.Why is it a structured factor?It is related to the age, income and geographical distribution of the social population.Because when people are young, they are always willing to adopt new things. By the age conference, they are conservative. There is such a distribution of human income and such a distribution of economic conditions. Any new product will go through such a cycle.At the beginning of the early days, the blue part was the earliest innovator user group. These people are very interested in innovation. As long as it is new, it will be useless if it is bad again.Keeping this in mind, the product will never be useful again. Some people will try it because it is a new product. Some of your users in the early days do not mean that you have done what is right because they will try.The second group of people is usually young cadres in the enterprise, or entrepreneurs, or technology developers. They have a vision for the future. They find new technologies to help them achieve their desired vision.Next is the divide, which often fails to jump over. Most products in history die here.Why is this divide formed?Because the next wave of adoption is the early adopters. They are willing to use new technologies and new products. They are very pragmatic. They look at the actual results. The core point of their adoption is whether my competitors need to use it.My colleagues and neighbors do n’t use it, you do n’t need it, I do n’t use it, you use me also. This is a gap, and you have to jump over it, not one by one.Most technology startups in history have died here. How to bridge the gap?This is a very central issue, especially for 2B. This is where every entrepreneur we help us to work together in the Qiji Forum is better able to bridge the gap. There are a series of methods and practices that make our probability of success moreHigh, this is also a structural challenge that every entrepreneur must skip.Technology-driven innovation, the growth curve of each product is getting steeper. This is caused by structure. The reason for the steepness is standardization, scale, information channel circulation, and logistics channel circulation, which makes the growth speed faster and faster.This is a lot of research done at MIT.This trend is getting worse.What does it prove?Even if you already have a product, you have come here. If you do not maintain a high-speed sprint, if you do not advance, you will retreat, because your competitors will go up, or another category will replace you, and eventually the C-end is the competition of time.Technology-driven, especially the C-end, the speed of the sprint and the speed of the upward rush are very important. Once the market value is large, it will not go up.Our experience is not to go all the way, to jump, now on this track, you jump all your energy, products, markets, channels, marketing and so on to the next.There is another point that I just forgot to talk about. The real product market matching, we said that product market matching is not a single point, not found here, not found there, it is a process.The true definition of product market matching is that the first is a good market that can make money.Secondly, supply is in short supply.The third is that competitors have come in. This is a real product market match. At that time, you are facing a very steep curve. You must jump. The speed of sprinting is very, very fast. This is the core and every step of our extraordinary achievements.An important point for an entrepreneur to collaborate to help them have the highest probability of success.Just now we said that there are so many opportunities and so many challenges for entrepreneurship. How do we grasp such opportunities? The core is to think clearly about these five issues.The first is to figure out exactly what to do, not just about the product, because the definition of a product is an experience or ability to enter the market, and the product is related to the market. Does n’t I say that one thing is the product, you want to do it clearlyWhat is important.The second is to figure out why what you are doing has high commercial and social value.Third, thoroughly think about why it is time to enter the market, and timing is the biggest success factor.Don’t do it early or late.Fourth, think clearly about why we can do this team.Fifth, how do we do it? Our method of doing things has special barriers that can generate and maintain value over time.Thinking about these five issues thoroughly and thoroughly controlling them is a major factor in seizing the historical trend of entrepreneurship and overcoming the challenges of entrepreneurship. This is one of the most core parts of the interaction between the team and entrepreneurs of the Qiqi Innovation Forum.Working together to thoroughly think about these five issues is a process.These questions need to be clearly articulated for continuous improvement.I will share these questions one by one.What do we do first?First, you have to choose the direction, how to choose the direction?The direction or method of thinking is to look at these three circles.Make a judgment on these three circles, and a judgment on the product, user, customer, and market demand.Judging the market trend and the technology trend, a really good entrepreneurial value is at the intersection of these three circles.It should be emphasized here that everyone’s ability is limited. Some people start by observing user needs deeply. This is fine.Some people have a business model, and market insight is very sensitive. This is also possible.In addition, deciding what to do is not a single-point process. Deciding what to do is a continuous and dynamic process. It is a process of constantly thinking about and continuously improving capabilities.Looking at the really good entrepreneurs in history, what he started to do is very different from what he did at the end. Deciding what to do is not only a process of improving yourself. The core things to do in this are a few points. The first isStart to start a business, set up a company, find a few people, the destination you want to go is to build a new C-end platform, 2B trading market, no matter what, there must be a destination, you have to reach the destination,Then iterate and use the product approach.As mentioned earlier, iteration speed is critical. Here we have a simple idea. We often communicate with entrepreneurs. You are here to start. This is where you are currently going. You want to be here.If you go this route?No one knows, the only person who knows it is fast iteration, the iteration speed is the determinant of everything.In addition, you need to change the direction at important nodes. Our YC in the United States has done this. Sometimes it does n’t work. You have to have the courage to say that this goal does not look good. That goal is better. IGoing there, many companies have gone through a lot of changes in direction. They go quickly under the set goals. When they ca n’t get through, they can change directions.When it is time to change, you must have the courage to change, but also avoid frequent changes. Each change takes a lot of time. You must not waste your time.The core here is the time of the entrepreneur. The cost of time is to be optimized. The others are not important. The only thing you cannot waste is your time.Deciding what to do is such a dynamic process. Going a long way and becoming a big entrepreneur have a continuous improvement process.Next, let’s talk about the three circles we saw, demand, market, and technology.How do we judge demand?Let me share it. Here is more my personal observation and share my personal experience. The market demand is simply C-side and B-side. There are some structures and long-term principles on C-side. One principle is simply people.Everyone knows the hierarchy of Maslow’s demand theory. The bottom layer is to feed and feed. With this, you need to be recognized by the society, you must have love, and finally you must be sublimated. This is a layer by layer.Human needs go up like this.In addition, this is a principle, which has inspired me personally.It is Amazon’s founder Bezos. He regularly writes to his shareholders. He writes a letter saying that users are never satisfied. He is right.Previous entrepreneurial theories and business theories said that I found a need, I used a product to meet this demand, and the business was good. He said no, the user would never be satisfied.We see what user needs are not met well, this is a bit simple and rude, that is, the crowd, the market.Divide the crowd, like young people, seniors, men, women, etc. How he spends 24 hours depends on his needs.Based on this, I personally share what I think is an important observation point in the long run. Please pay attention.The first is entertainment. This demand is always there, and it is constantly increasing.Do n’t underestimate the entertainment industry. There is a content industry. Another big category is games. It is mainly used to kill time. My personal opinion may not be right.Many of the products we made before were time-saving, time-saving, and time-saving?These 24 hours are still alive, and this saved time must be killed. The killing must be meaningful and valuable.In my personal judgment, killing time is always just needed, because with the progress of society and the advancement of technology, our time is more and more saved, and then we only work three days a week, only 4 hours a day, and the remainingHow to kill down time?Content and games, I am personally optimistic.Let ’s talk about games first. Whether it ’s games or live games, my personal judgment is that it is a sublimation of the essential survival needs of human beings. Everyone knows that there is a theory of human evolution. There are two instincts in this theory. The first instinct is to survive.We humans grab food from many animals in the early days. After we defeat the animals, we grab food and fight between people.Now it’s time for people and people not to grab food. What are we left to grab?We want a sense of accomplishment. I’m first and you are second. I did this and you haven’t done it.Let me give an example. When I first arrived in the United States, it was 88 years.I remember it very well. At that time, there was an ESPN station in the United States that had just come out. It was a 24-hour sports news. At that time, many people said that who wanted 24-hour sports news. It was enough to talk about 5 minutes a day.Now ESPN not only has a variety of sports, but also college and high school. The game live broadcast is on a platform in the United States. A high school student does nothing, only plays games, and has a 6-digit annual income. This trend is stillIt will continue, because this is the sublimation of human essential needs.I want to achieve something, I want to achieve this score, I have done this, and I am better than a few others.When I was at Yahoo, I did n’t have the ability to play rugby. We could play it virtually. This demand is achievement. This is a long-term trend.The other is content. Another instinct of a person is to pass on his own genes to others. In the early days, he had children, but now he does not have many children.We can spread our thoughts to others, write articles, write poems, and compose. If we do n’t have the ability, we can get a second dimension. If we ca n’t do it, we can spread a third dimension. We can spread our thoughts and actions to others.Others are also a long-term need.I think the entertainment industry is a strong driver.The other is the communication industry. Communication is a very low-level skill in human society. I especially like SMS based WeChat. Why?It is a real-time and asynchronous communication. Before the emergence of text messages, humans wrote by letter and passed the carriage to another place five days later.Some Internet has become e-mail, but it is essentially asynchronous and useful for more serious communication.In addition, telephone and telecommunications were invented, including online, but it was real-time. I had brought a team before and made a mistake. At that time, they used a phone number without a free ID. Forgotten is to go onlineCalls are made in advance, and the cost of collaboration is high.The biggest problem of real-time communication is synergy. SMS can be real-time or asynchronous. I can send it to you. You can answer it. I know you are online and you can interact back and forth.The most important thing is that it can carry more and more abundant carriers. I can send you money, a song for you, and a bill for you. There is no such communication tool in human history.Socialize, talk about the crowd. A social product is in both generations, and young people will go to another place. Different tools, crowds, and carriers. In the past, socialization was basically text and images as content carriers, like short videos.Look at Douyin, why does Douyin sound?We used to say that a product that beats Facebook will not grow the same as Facebook. What kind of product beats Facebook?I think it is possible because it is new product, video.Consumers, don’t talk more about retail, services.Travel, transportation, tourism.Education used to be learning knowledge, and more and more learning abilities, including English, etc., and more importantly, innovation.Let me briefly talk about my personal experience and views. Innovation is learning how to make products. I can learn some basic knowledge in the classroom, which is limited in nature. My own experience can really learn to make products. Only you can make products and really learn.To start a business, you must do it yourself. It must be practiced.I think education has undergone a major reform, because today’s universities still focus on skills. Most of the people who teach are no longer entrepreneurs. What we need are real entrepreneurs.If you really come to the scene to learn, you can really learn.Medical treatment is a huge opportunity. Now demand is greater than supply. There are many diseases that we cannot treat. Like Alzheimer’s, there is a lot of room for technological innovation.On the B side, the long-term structure is to reduce costs and increase output.Including the needs of the production side, the client side, the capital side, and the employee side.Historically, big Bs are not the same as small Bs. Big Bs need office efficiency and business process management.Now the highest growth trend, the opportunity brought by the mobile Internet is the entire journey of the customer. Now the customer knows the entire process from being interested in his product to the final service.Small B, the biggest demand is to acquire customers, and the second is wealth management. There are also requirements for funds and business processes, but it is difficult to meet them in history.The other is circulation, industrial Internet, industrial Internet, etc., to get information through. This is demand, judgment of trends, and these are long-term trends.For the market, some judgments must be made, some are long-term trends, and some are cyclical.One demand in China is consumption upgrade.Circulation, China’s logistics and people flow must be leading.The information flow is also pretty good.Population aging is a big driver.Capital has cyclical factors.In the long run, we must resolve the issue of the withdrawal mechanism and the supply of the US dollar.The threshold for innovation is constantly lowering. In the future, to be a new service company, logistics is basically like a cloud for you. The threshold for innovation in China is lower than the threshold for innovation in other fields.The other is the region. We mentioned earlier that we can go to Southeast Asia and so on. The international environment and policies must be paid attention to.The next most important thing is technology. There are two major types of technology. Basic technology, the core of which is concerned with energy, and energy is particularly important.Synthetic biology is a very important ability, and we have engineering ability.Life sciences, including genes and more.Materials, manufacturing, 3D printing, aerospace, agriculture and animal husbandry technology, etc.There is also information technology. At present, artificial intelligence, 5G, IOT, quantum computing, AR, VR, etc. are in front of us. Especially the main application areas of information technology. The driving tendency that can have large-scale commercial value is autonomous driving, Robots and more.Most importantly, let me talk about digitalization. The biggest driving factor is digitalization.Let me give you a framework to share my views.This framework is information technology. The digital process has its structure. I think it is very obvious. It is more my personal observation and personal summary.For the past 60 years, there has been a new platform every 10 years or so. It has a technical structure, and technology and ecology are closely connected with business.First of all, the computing platform is the core, and platform customization is an extensible and complete capability, consisting of front and back ends.The front end is interaction. The improvement of interaction is the most important opportunity to release new innovative capabilities. At Microsoft, our management is most concerned about the ability to interact.The other is the back end. The back end is the integration and coverage of computing resources. There are many areas that can be covered by the amount of information, including communications.The ecology extended by the structure of the computing platform is very important. The first thing in this ecology is that there must be a defining experience that first defines this ecology.For example, Apple has defined a new era of smart phones.I was fortunate myself, and was the first user to buy an Apple phone. It was a very poor phone at the time.Apple’s mobile phone did not work at first, mainly because Jobs wanted to subsidize when pushing the market, only AT subsidized him.Those who have used Apple’s mobile phones know that we have opened a new era.why?For the first time in history, fingers can work, it’s amazing.Once the fingers can work, our device can be put in the pocket, accompanied me 24 hours a day, and has a development ability.The first Apple phone did not have an APP ecosystem. It only fixed 6 applications, two Google, two Yahoo, and two Apple’s own. At that time, I was at Yahoo and Jobs came often. I was watching him open the new mobile era.come out.In addition, a good ecology should be supported by a wide range of application scenarios, such as office, e-commerce, and search. There must be a long-lasting business model that can make money. Technology and business models will be talked about for a while, and they are always closely linked. ItThe core driving force is the width and depth of digitization. Once any scene industry that humans are concerned about, once it is digitized, its value goes up like this, and it goes up at a high speed. We can find out what we humans need to solve by calculating fast iterations.At the beginning, digitalization was a digital desktop. In the era of artificial intelligence, the digital world and the physical world are integrated into one. This is a core structure and trend.The other is long-term general-purpose capabilities, such as microprocessors and software development, and chips.I want to emphasize that chips and ecology complement each other. The chip and the underlying software are not a technical issue, but an application ecological issue.Especially in the context of today’s relationship between China and the United States, to develop our own separate chip technology, it must have a complete application ecosystem, the underlying software, operating system, device applications, and so on.We must pay attention to this point in history. This is not a purely technical issue, but a complete ecological issue.In addition, the change of business model is very important. For entrepreneurs, big companies are just as important.The beginning of this era is that writing software has become a new profession. Software must be sold and business models must be changed.Microsoft is a company of this era. No one at Microsoft had thought that software could be sold and only sold equipment.It is a fact now.However, IBM thought that software could not be a business at that time. IBM spent a lot of energy on making PCs. Software thought it was not important and gave the most driving factors to others. The core is inertia thinking. This is every entrepreneur.What enterprises should pay attention to is that the working model of the previous era is not necessarily what the next era needs. You have to explore this. This is what the PC era must summarize.What has been digitized in the Internet age?What is core digitization?Some students may not think in this direction. The first is to digitize public information recorded in words and images. What else have we digitized?It ’s people ’s interest and people ’s intentions. I read this article to know that I ’m interested in this. Especially we are search engines. We know that search engines are amazing. Tens of millions of people are searching for things every day.Ideas tell you.We said there is a phenomenon that everyone has a secret, and no matter how close you are, you won’t tell him, but you will tell search engines that we digitize people’s interests.This is very important.In addition, we connect time, space, and global knowledge. The earth is flat. The global development is now started by the PC and the Internet. Because the supply chain and e-commerce are opened, the digital connection of people also starts at this time. The impact on societyIs great.Let ’s take a look at the impact of Facebook on the US election and the impact of Twitter on the global international situation.Human relationships are digital.At this time, the technical basis is fiber optic communication and the global wired Internet.When we were doing technology at that time, it was not good when the global bubble burst. Historically, the bubble was a must. This is to build the foundation. This foundation is a wired network. Anything we can go to the other end of the earth.Internet operating systems based on open standards. Everyone who develops programs today knows that you have a standard. Applications can quickly iterate. Everyone uses this thing. Machine learning has become the new generation of mainstream development. It is mainly Google, Google and MicrosoftCompanies, they have made machine learning mainstream.Big data is an era. I am personally fortunate. I made a thing in Yahoo’s team and turned it into a big ecology.Search engines have become a basic facility for modern information technology. Without search engines, you ca n’t find information. You ca n’t find information that interests you. With search engines, the benefits of society are greatly improved through algorithms. Search engines bringA socialized social foundation.Open source software, formed at that time, reduced the cost of each developer and entrepreneur.Technology-driven business models, briefly.Internet, PC Internet, service-based, advertising, e-commerce, and games have become mainstream.why?After reviewing it, it was very easy. We did n’t know what the business model was at Yahoo. We worked hard every day. Every day, we felt that the company could not survive in the next quarter. Our intuition is that we have made history because our users and traffic are increasing.The more you do n’t know what the business model is, the review comes naturally today. We are digitizing information, digitizing people ’s interests, and what people want to buy.Part of the information is the product, which is advertising. E-commerce is also very natural. E-commerce needs to give you information and then pay online and offline to give you the product.The same is true of games, especially paid games. This is purely digital, and Tencent is the best company.This business model will continue. The mainstream is such a business model, which is related to its essence.Let’s talk about the era of mobile internet and cloud.The scope of digitalization has been greatly expanded. We have mobile phones, we can use them anytime, anywhere, including social networking, payment, travel, logistics and so on.The digitalization of enterprises has sank.The powerful digital capabilities of mobile devices, just mentioned touch, the more important thing is that you can position, you can have a camera.The camera is particularly important. I think everyone needs to pay attention. There are vibrato and fast hands in China. This is the main interaction using the camera. We have essentially changed from the thought space. The indirect interaction based on the text and images just changed into direct interaction.The interactive breakthrough is the starting point for large-scale business value creation. Do not miss this opportunity.Without positioning, a driver does not know where the customer is, and a person who wants to take a car does not know how many cars are nearby. Now he can know by positioning.Wireless communication, like 3G, 4G.Mobile ecology, I personally have done a lot of work in this area. I think Apple’s ecology is defective, and Android also has its problems. In essence, the APP ecology is reasonable for large applications. Downloading one thing and occasionally using it is not reasonable., I use a thing twice a year, why should I download it?The WeChat mini program is more reasonable. To do a good job for the mini program is to make the business live and make money. There is a lot of work to do.This is something everyone should pay attention to.The other is the new digital infrastructure, China’s mobile Internet, like Meituan and Pinduoduo.In the business model, selling software is not enough. It is not suitable in this era. It is necessary to sell equipment, combine hardware and software, and sell services.Finally, let’s talk about the era of artificial intelligence. It has just started. There are many technologies in the era of artificial intelligence. The core technology that completely breaks the game is a new computing capability. We call it deep learning. It uses overlapping phasor extraction feature modeling.Input and output, all opportunities are open, we use sensors, controllers.Voice, face recognition, and various interaction methods are available.The scope of digitization is essentially a fusion of the physical world and the digital world. Human valuable scenes will be completely digitized. This is the start of artificial intelligence.In terms of entrepreneurial opportunities, if you do IT technology, the entire IT technology will be rebuilt, and the chip, the underlying software, and the operating system will be rebuilt. There are many entrepreneurial opportunities.The new pillar enterprises may take 30 to 40 years to come out.New logistics and people flow begin with driverless and robotic.There is huge space and one of the largest industries in the world.In addition, all places will be intelligent. Today’s place is where the lights come in, the wires come in, and there will be sensors and controllers in the future.Every traditional industry, entertainment, finance, medical care, etc., can be promoted because of its digital capabilities.Every human occupation, whether it is a lawyer, a doctor, a teacher, or an analyst, can be essentially improved.The new innovation ecology, especially like finance, financial capital must be changed, time investment must be long, and the scale must be large. Investment in the Internet era is not suitable.The development of human capital was mentioned earlier.In addition, the core is data. In the era of artificial intelligence, data is core capacity and core capital.My personal instinct is that we are still early in the era of artificial intelligence, and the business model is not clearly seen.My intuition is that it is related to the data. Who can capitalize data and who can find a mainstream business model. Nothing can be done without data. I used to say an example. If you want to do speech recognition, I give you all the engineers.You can’t do anything without 20,000 hours of labeled data. Some people are useless, only the data is useful.This is the opportunity brought by the era of artificial intelligence, and everyone should pay attention to its core.Next time, let me talk about it quickly.Everything we have said before is to decide what to do and judge the future.How to judge what we do is of high value?I suggest to everyone that such a simple method.The first thing to analyze is which business type you enter, and its size and growth rate are important.Particularly important is the growth rate, high-tech and e-commerce. Let us look at the growth rate.You know if you are a high-value company, depending on whether your category is large and growing fast.The second is to analyze the ceiling. There is a simple method. T is the amount of use. How many people use the product.How does Q count?Use value, use value is important, how to calculate it?What is the difference between using my product and not using it?What is the value of my product is the difference between using it and not using it.Or what is the difference between using my product and using an alternative product.This is your Q.Your core needs to do a little bit. Where is I better than alternatives? This is differentiation. Do n’t do it without differentiation because there is no value.The only thing you can compete with is price. The first of any corporate strategy is differentiation. This is the Q. Your Q must be big.In addition, you need to analyze the channels that you can reach. For example, within 5 years, what way will make you a unicorn. The simple income is 100 million US dollars. You must think clearly about this channel.It is worth investing in venture capital in the United States to turn into a unicorn within five years.The last point is that you have to analyze the possibility of you getting value. Here I share my own experience.Creating value and getting value are two different things. In history, many products have created a lot of good value, but if you ca n’t get value, you will soon die and you will not change the world.To obtain value, we must first have a payment model, sales capabilities, and channels to reach. This is the most difficult part of entrepreneurship.Let me give some examples. SNB in ​​the United States has always been difficult and difficult in history. We have done a lot of work at Yahoo.It just can’t be sold anymore, the selling price is too high and exceeds the cost.There are newspapers and telephone companies in the United States that can sell SMEs. You can’t sell them here, because they sell their own stuff first, and newspapers themselves can’t survive.In the United States, only Google and Facebook can sell to SMEs. This is the ability to acquire customers and can be sold to SMEs.The era of cloud is selling services, but sales is a big problem. There are many sales companies in Utah, and they are very interactive.What do they do at the core?Do not sell through the channel, but by phone, but the unit amount must be 50,000 US dollars, otherwise the cost of sales cannot be covered. Most of the sales in the United States do this. The core reason for SaaS is not technology, but sales.Sold out.But the unit price is $ 50,000.Another example is that there are some units with a price of 50,000 that cannot be sold, but there are some methods that can be innovative. There is an Australian company that paid attention to this problem at the beginning.Products, they are project management for enterprises, etc. We sell ourselves.He said at the beginning that our company didn’t have a sales, they did it, they were public companies.This shows that as long as the entrepreneur has the courage to explore, you can always find ways to innovate and sell my stuff, but selling is very, very core. If you ca n’t sell, you ca n’t get value. We do a lot of workThat’s how to find channels to help you sell.The other is the gross profit. The gross profit is very important. We basically only look at the gross profit at Microsoft. The gross profit is not determined by you, it is your value in the ecological chain. A high gross profit means that you have value because you have to reduce your income.cost.What needs to be done is the number one in the market and the number two is very bitter.Achieve the first place, the gross profit is very high, you can hit the market, the net profit is not important, what is important is the gross profit.You have to do your own business well, think about these problems and think about them.Isn’t it time to enter?One person in the United States has done a lot of big data analysis. He said that there are many factors for entrepreneurial success. The most important factor is timing. Time is more important than everything.why?What I just talked about is always such a curve. Most of them come here to flee. Some of them survived by themselves. You came here too late.A good case is Apple. Apple was not the first to make it. He was not the first to make an iPod, not the first to make a mobile phone, not the first to make a watch. Jobs said that everyone can see the direction, and it is the hardest to see the timing.When you should enter, you should enter. The core depends on this, especially technology-driven products.At the same time, we must pay attention to other market needs and focus on its trends. We have a word that is quantitative change to qualitative change. At this time, there is a substantial decrease. You must sharply control some international factors, such as China and the United States.Now, China’s domestic demand is huge, and the chip will definitely rise.It is very important to find a vent in starting a business. It is almost impossible to succeed without vents.There used to be a saying that Lei Jun said that looking for the right air outlet, pigs can fly, this is right.You know you ’re a pig, and it ’s flying up. All you have to do is to grow your wings quickly, because the wind will soon stop. There can be no permanent wind.Without wings, you must pay attention to your ability to fly. Finding a window is very important. After you find it, you need to build your own ability to fly.There are two more points to create a competent team. This team, especially the early-stage entrepreneurial team, we want to emphasize an important concept, are you suitable for this thing?Everyone has to do his own reflection and judgment.Let me give you an example that is not very suitable. For my height and weight, I decided to play basketball, but that would definitely not work.If you are Yao Ming and you can’t play table tennis, you have to see if this is what you do.Second, we need to have a unique perspective and have a long-term view of the entrepreneurial field.The core of our large-scale creation is that you see that the future is different from others. If you see everything, everyone is the Red Sea.You see far, you are right, you are invincible, you see no one sees.In addition, it is possible to make money for the long-term driving force of the goal, not the long-term driving force. After you make money, you quit?Still have to do.We have seen a lot of big data analysis in the United States. The truly distant team has internal factors, not money, not reputation, its own pursuit, and personal enthusiasm. This is very important.Early communication skills are important. Only good people can be hired through communication, and funds can be channeled. Good opportunities and channels can be found through communication.The other is the ability to build technology. Many people are not technically born. You have to find good technology energy.I share an experience and find a good technical person, especially the CTO. There are essentially two things. One is like talking to a friend. It takes several years to chase a particularly good lover.Come out, talk to him, establish contact, and pull him out when appropriate.The second is that you find a cow, a bunch will come.Good technical talents care most about two things, what I do, and I do it together.You have this cow, I am here.This is where work is needed.Some teams focus on the capabilities of the industry, especially artificial intelligence. It must have industry depth, BD sales, etc. This is an important aspect of building a core entrepreneurial team.Finally, tell me how you do it, let me share it.There are only two things that are important to a company in the long run, and nothing else.The way you do things, and your brand.Apple is the best example. Apple’s way of doing things determines that Apple will make a refrigerator tomorrow. It must be the most beautiful refrigerator. The way he does things is to decide what he does best.Apple brand, I can put anything on the Apple label and I can sell 30% more. What you can do in society is ability and word of mouth. Enterprises are exactly the same. You have to think about the way your company does things.In the early days, the most important way to do things was to iterate. It was important to find good entry points for products and sales.In addition, the early core competence was the ability to raise funds, and the ability to raise funds was the ability to think clearly.Only by thinking clearly can we be clear.Only hematopoietic can be made to live a long time.The picture in this article comes from the wonderful achievements.

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