Related news: Chen Yizhou debated Wang Feng ten questions: I do not want to fight a tough battle that will definitely die.
Sina Technology Li Nan
Everyone sold the Renren net in November 14th. Although it may have forgotten the login password, users used to cherish the memory of Renren. The fate of Renren still cares about the outside world.
On the evening of November 17th, Wang Feng, chairman of Mars finance and economics, spoke to everyone, chairman and CEO Chen Yizhou. During two and a half hours of talks, Chen Yizhou responded to why Renren was sold and why Renren was declining. He said that it would be a huge waste to rush around in a non-lethal place. It would be better to withdraw early. Every commercial seed has different value for different enterprises.
At the same time, the dialogue also referred to the thinking of the Internet industry and the judgement of future trends. Sina science and technology makes quiz summaries on questions and answers.
Reasons for Renren sale
Chen Yizhou made a simile. He compared the Internet users who used to be on Renren and now reside in Weixin to soldiers, and he was a betel nut vendor. These soldiers used to enjoy chewing betel nut, but now they are addicted to a new kind of tobacco and abandon betel nut. So the peddler was ready to withdraw.
Chen Yizhou said that they also found their own new tobacco business, so it is impossible to concentrate on planting betel nut, rather to give the business to a more suitable team to operate. In Chen Yizhou's view, betel nut is an end for Renren Company, and it is a new beginning for Douglas of Renren.com. The seeds of every business are different for different enterprises.
Why Renren declined?
Regarding Renren's loss to Tencent, Chen Yizhou mentioned several reasons. First of all, Renren does not have much client experience, and the most important reason is also an essential reason, the network effect.
Chen Yizhou said that network effect is the biggest difference between Internet enterprises and other industries. It is a unique barrier to competition that only the Internet has. As a result, as long as the type of Internet business with network effect evolves, there will be only one largest one, accounting for more than 90% of the value of the whole industry. Fellow. Tencent is the communication network of N x N, with the strongest network effect.
When Wechat first came out, Chen Yizhou was already very anxious, and then moved by adding code, but he did nothing for a year or two. When Renren listed on the Internet, the number of users was 1/10 of Tencent's QQ. Tencent activated the address book after launching Weixin. The old QQ users who were not active before were also activated. QQ cut off the new users of Renren in the future, and Weixin cut off the college students who had just graduated from Renren.
"Betelnut shop side, while opening a chewing gum, while opening a tobacco sales, are free, the pavement is 100 times larger than you, meet the same needs, how does this betel nut business do?"
The most important task of CEO
With Renren declining, Chen Yizhou has found many hot spots to make breakthroughs, such as O2 O, Internet finance, used cars, live broadcasting, block chains. Chen Yizhou believes that in addition to Internet finance and used cars and other new businesses that have nothing to do with Renren's social networking business, other efforts are actually a waste of energy, time and money.
"It's a huge waste to rush around where we have to die. It's better to withdraw early and give the battlefield to more suitable troops. We'll go elsewhere to find new battlefields. The question of winning or losing is not as important as whether to enter the war or not. "
Chen Yizhou said that the most important task for the CEO is to find the right things for the company, for the team to do, and for the competency circle. For the vast majority of things in the world, there are not enough barriers to competition to support the aspirations of believers; we need to find large but weak industries and rivals.
Old soldiers must mix with new recruits.
Renren is formerly known as the school network, which is founded by Wang Xing and others. To Wang Xing, Chen Yizhou said that he knew the student was a powerful character very early.
"When 5Q campus network competed with his Intranet in 2005, his pushing team would tear the leaflets of our strong intranet schools. I could feel the pressure of his competition. Later I saw that he could not tear him away, but I thought I'd buy it. "
Chen Yizhou said that in recent years, he and Wang Xing often mix together and find that he likes reading books and asking good questions, far more than many other CEOs he knows. Also mentioned Wang Xiaochuan and others, they have helped ideas to do things, now they are in charge of larger plates than Chen Yizhou. Chen Yizhou's view is that he is truly happy for these people and is honored to continue to be with them. "Old soldiers must mix with new recruits, so that they are old enough to eat leftovers."
About unauthorized investment
It is rumored that Chen Yizhou is a real investment master. He has made a lot of investment in the secondary market, and even made money by speculating in stocks to pay employees. Chen Yizhou responded that he really liked investing.
"Well, will investment be a drawback? For shareholders, is it a more honorable way to burn the money by fighting wholeheartedly? An old man who has to die has survived. How should we evaluate it? Is it an unqualified second child? Or a possible future boss? " In Chen Yizhou's view, it is more important to live with enough bullets on his waist than to fight to death, especially to avoid knowing that there must be a battle to die.
"I don't want to fight hard battles. I've fought and won them. I don't want to fight hard battles that are bound to die."
Block chain is religion in the new era.
Wang Feng mentioned Renrenfang's problem. Renren. com plans to do a block chain social networking project to issue coins at the end of 2017, called Renrenfang. It plans to issue 1 billion renminbi, but it is soon stopped by supervision.
Chen Yizhou responded that he was interested in the block chain because Trucker Path, an overseas business, was really thinking about it. The idea of Renren and block chain is just an idea, even the toes are not moving.
For the block chain, Chen Yizhou said that listed companies, strict supervision, or lag behind people, wait for the rules to come out. He said the block chain is a religion of the new age, if successful is indeed valuable. In terms of money circles, in Chen Yizhou's view, there will be bubbles in the process of great efforts and enthusiasm pursued by the Chinese people, and it will probably be the largest in the world: for example, tulips that were popular in Holland.
Optimistic about AI, cloud computing is no longer new.
With regard to the next growth point of the Internet, Chen Yizhou is optimistic about AI. He believes that the future technological growth point is artificial intelligence. Cloud computing big data is the trend of the past, it will continue, but it is no longer fresh. The total value of block chain is small, and the trend of AI is not the same.
Chen Yizhou made another analogy, saying that AI was the smartphone of the year, and that the international industry market was the Chinese consumer Internet of the year, and he wanted to learn from Lei Jun. But for the time being, he has not found his own millet.
As for AI, Chen Yizhou felt that Baidu should have the strongest capability reserve at present, and said that they should make chips. "All big guys will make chips, big companies will do cloud computing, cloud computing will flatten the IT value chain. But the AI field is very large, novices and development direction are like cow hair, VC funds are gray, will form a scuffle, a great battle.
Top five Internet forecasts in the next five years
With regard to the development of Internet companies in the next five years, Chen Yizhou predicts that there will be no major changes in the sub-markets, telecommunications and businesses with large network effects. They will even continue to absorb the markets of other traditional industries, such as finance, and sub-markets with small network effects, where talented people will emerge, but it should be difficult to surpass Tencent and A. Li: things with low barriers will not grow too long.
Hard-working companies, such as millet and American League, are also barriers to hard work. Their business models also have a certain network effect. The surrounding traditional formats are large in size and will be absorbed by them. It is estimated that the ranking will climb slowly or at least not decline.
Waonews is a news media from China, with hundreds of translations, rolling updates China News, hoping to get the likes of foreign netizens