Fan Network CEO Wang Jipeng on Internet entrepreneurship speech

The Internet March 21, 2007, 2007 Internet Innovation Leaders International Forum held in Beijing, the Conference by the Ministry of Information Industry, China, sponsored by the Chinese Internet Association, Tsinghua Science and Technology Park and Internet laboratories and other units to undertake.

　

The following is the full text of the speech:

Wang Jipeng: Fans can go online to see, I will not do the introduction. We are a star and fans of the platform to combine, I did not prepare PPT today, because today is talking about how to better take the money, so I only talk about three, one is to meet the theme of the General Assembly to talk about their own ideas, the second is to talk about the Chinese internet a hanging on our head a sword. The third is to talk about the fan net including me this piece of financing experience, is to share for everyone.
the picture is: Fan Net CEO Wang Jipeng speech. (Photo by Len Lei)

Because we this Congress is 2007 Internet Innovation Leaders International Forum, today is the first of venture capital, which I would like to talk about innovation, because this is my year to very big sentiment. One thing I particularly want to say to everyone in the media, including sitting, is that China's internet companies, especially Sina, Sohu and NetEase, the Chinese Internet companies listed on Nasdaq, are basically without any impetus to the overall innovation of China's Internet, and are playing a blocking process. This means that China's Internet innovation has been largely blocked by Nasdaq's report since it entered the 2000, especially as the companies began to be courted by US investors from Nasdaq. We can take a look at the Chinese internet has done a good number of Web sites Tencent from 2000 after all the products are copied, 2000 before the product is copied. Immediately with Sq, search with Google, Pat is in China to learn Taobao, in foreign countries we say learn easy shellfish. Now appears the News center, this calculates Sina, therefore Tencent's entire development is not the innovation process, is the copying process. Sina is so, Sina came out a blog copy very successful, operation is very successful. Has killed a lot of opportunities for China's new blog site. Now watch the video is very hot, you all have money to vote almost, the competition is also similar, I do a video podcast. So we look at China's all listed companies, basically in the innovation did not make a little contribution. Instead we look at Google, Yahoo, which is a U.S.-listed company, America's leading enterprise, and their contribution to the Internet in the United States is unparalleled. So I think if we talk about innovation, both the government and the Chinese Internet Association, the Chinese Internet Association is doing more than these listed companies. So I think the first thing that innovation needs to reflect on is that we have a large number of listed and successful internet companies, now the cost of China's Internet innovation by who? is by a group of angel investors, is equal to our way to go almost, each website has no brand will be defeated. Although the competition is a monopoly and so on all aspects is more brutal, but the brutal to this degree is indeed very not altogether flat. Google copied a YouTube in the United States, but why did he buy someone else? If Sina does not do video, now China's video market certainly is not such a son. Like Sina, Sohu, NetEase, grand, 90% they should reflect, do not specifically squeeze small and medium-sized websites. Because the temporary strong will become China Internet the entire last very terrible end.

The second one is about monopolies. All Internet entrepreneurs we should have a more and more clear view on this point, the trend of monopoly has been intensified. For example, Tencent, you do 90% of the industry, in addition to selling arms Tencent does not do, the rest of the industry may be done Tencent will do. Baidu is now constantly moving into various areas, for large companies are more and more strong is certainly a good thing, but for many innovative companies will face a monopoly threat. So from this perspective, I think that after the monopoly law came out, China's internet is not necessarily the process of dismemberment which site, but this lawsuit should be increased, at least Microsoft has been playing for so many years of lawsuit. So from my point of view, the lack of innovation, the growing monopoly is China's internet very serious problem. For all internet entrepreneurs, we face this situation entirely, from the blog and the development of this year's video, including the development of the same city classification, this trend. As long as a good company has a good product, this good product has made a certain profit, it will be large monopolies, with the best capital and brand monopoly. There may be a lot of good companies, but the environment is relatively scary, so our Internet conference, especially the Innovation conference, all of our practitioners should have a number in mind. Especially for the media, the Internet Conference should have a little something new. The reflection on innovation and Monopoly is what all of our media people should pay attention to. Especially the vital interests of this group of venture capitalists and creative people.

The third is because we are financing today, in fact, it is not my money, but because today, the General Assembly to speak to me, to get some money, to talk about the feelings of the real share. I think a lot of venture capitalists, especially small venture capitalists and angel investors, when talking to us, good angel investors will basically not treat us as a thief. At the beginning of the industry to think we are fooled thieves, in fact, I think every entrepreneur with sincere psychology. Did not take 100, 200, 5 million yuan to hand, and then steal. You're an angel investor, 90% of the shares, only 10% for the entrepreneurial team, I believe no one dares to do. In fact, from my personal understanding, less than 5 million of the VC best not to find the domestic internet companies, because this together with them in fact, said the project is not big, said small, and difficult and very big, it is best to find some have a little money to vote a little things. I have a friend who said that financing is like pulling someone over, and then that person pulls a person, I think from this point to find 5 million yuan investment, it is best to find angel investors. My first investment is also looking for angel investors, you have a chance to do big, and then a little further forward. It's unrealistic to imagine eating a 500 or 8 million dollars at a draught.

A lot of people ask me, last year's fan net development what satisfaction what dissatisfied with? I said not satisfied with a lot of places, satisfied with a few, but must pick a satisfactory, I think the process of cost control is very good. Start this fan network, all of our staff company is my card, and I this position will be 2000 yuan, I was looking for 2000 yuan people. My entire cost control, the first year about 14 months spent a little money. From my personal point of view, I think the cost of money after the control of all entrepreneurs need to consider the most, the enterprise is the same thing, can live is another thing. So for the Chinese Internet and the brothers and sisters who are starting a business together, I think the most important sentence is "to Live is opportunity"! Thank you!