CEO Chen: Everyone company has a new business capacity for internal incubation

Absrtact: August 23 News, everyone company CEO Chen (Micro bo) today wrote blog about the company's glutinous Rice network, Chen said O2O typhoon, glutinous Rice stood on the tuyere. Chen points out that glutinous rice has so far achieved results that show that everyone in

August 23 News, everyone company CEO Chen (Micro bo) today wrote blog about the company's glutinous Rice network, Chen said O2O typhoon, glutinous Rice stood on the tuyere.

Chen pointed out that the achievements of glutinous rice to date show that the company has a certain genetic advantage, there is a new business capacity of internal incubation. The most direct comparison is that in the thousand-group war, there are many internet "Big Daddy" Company shot, investment than glutinous rice net, money spent more than glutinous rice net, but the result does not like glutinous rice net.

Chen also said, and Baidu cooperation, mobilize more and more resources to do glutinous rice, so that glutinous rice more independent, with entrepreneurial gene, than the company to do their own future value of 100 times times, for everyone company, this is a big good thing. From the time of the Thousand-group war, to now there are chips players, not much. To complement the chips and bet on the right cards is the next priority for the glutinous rice O2O.

It is reported that Baidu and Renren will sign a formal agreement today, Baidu will invest 160 million U.S. dollars holding Renren's glutinous rice network, accounting for about 59% of the share. This is also the acquisition of PPS video business, after the acquisition of 91, Baidu in the Internet sector another move, the transaction is expected to be completed in the fourth quarter of 2013. According to the calculation of glutinous rice net valued about 270 million dollars.

Here is the CEO Chen a boat share blog

How did the sticky rice net be refined?

glutinous rice Network set up three years, is the company's internal incubation project, the fastest growing business: from Shenboyang A person started, single-handedly, 0 turnover, just three years, to now nearly 2000 employees, business involving more than 80 cities, a year of business volume billions of.

2010 is the rush of group buying, when several group buying sites just popped up. In December 2007 I posted a journal on campus, "What Is social business?" , began to think about the relationship between SNS and E-commerce. The biggest innovation in social networking is new (news feeds); We realize that in an acquaintance network, what is popular with new people spreads fast, and when the transmission coefficient exceeds 1, it achieves exponential diffusion.

2010 group buying just came out, we think, cost-effective group buy, should belong to this category. At that time Shenboyang just from Google (Weibo) to join the company, responsible for everyone open platform. At the beginning of 2010, I made him actively focus on and investigate the rapid rise of several group buying and flashing patterns. With his strong advice, we decided to focus on the Groupon model.

At that time, everyone was not listed, the money in hand is not much, on the new project has difficulties. I looked for everyone network responsible for technology and products of several students, told the purchase of this new things, ask them how to see. Everybody has the support, has not thought clearly, but I determined has decided, the scene approval, buys the project, from the Renren to draw several technology and the product, by Shenboyang is responsible for this project.

The first thing I did most in the early days was thinking about names. 14 years into my business, I insist on thinking of a good name when I'm doing anything new. Give the child name parents have to think so long, a new career, put so much manpower and material resources and wishes, of course, to a resounding, users like, easy to spread the name. At that time Shenboyang got a bunch of names, I was not satisfied. Shenboyang is our company's most white-collar temperament executives, he wanted to come out a call Egg Tower (danta.com), I am not too satisfied, but I can not think of a more appropriate.

At that time, I put forward a request is that the name must be female users like, because the feeling is that this group is a girl-oriented business, the name must please girls. No most satisfied with the name, I said I retreat for a week, desperately think, if not to come out, use the Egg Tower bar. I forget how it was thought, anyway, after nearly one weeks of brooding, the word glutinous rice appeared in my mind.

I suddenly liked the word: glutinous rice is the Chinese people like to eat things, but we can not eat every day, this is not a group buy to sell those who usually think but too expensive things that feeling? glutinous rice group and buy have certain association, user easy to remember, and domain name is simple, only 5 letters. Finally, the name is more waxy, the girls will like. And the team meeting, glutinous Rice was not unanimously accepted at that time.

I was just about to go to Shanghai on business, and I said I was doing a research in Shanghai. Then I found a gang of students in the Shanghai office, most of whom were girls, and asked for their opinions separately. To my surprise, 90% of the students choose glutinous rice, the site has not come out, has the desire to buy. When I came back, I looked for Shenboyang, told him my research results, and he figured it out, and we decided to get the name of the glutinous rice.

After months of intense preparation, glutinous rice was opened. That day I was traveling abroad, in the middle of the night there are friends in the industry to call me, said you glutinous rice fire. I learned later that the glutinous rice opening day only opened a list of Beijing city and the five pine Jackie Chan cinema. Glutinous rice opened not to do any news publicity, the only help is Renren social ads, cast in our Beijing 1 million users of Renren home.

We sold 70,000 tickets for the movie in the morning. Back in the afternoon, when the word of mouth, and everyone net new spread of power, sales continue to soar to the end of midnight, we sell 300,000 movie tickets, more than 6 million yuan sales.

The sales of the movie ticket are estimated to have broken the world record. I heard that many people in Beijing were talking about glutinous rice, the office of a national Ministry, the whole office has bought the glutinous rice net movie ticket! That weekend, the Dragon Cinema from the opening, has never received so many consumers, the scene is bustling, finally in order to serve good users, dedicated to open a glutinous rice user-specific fast channel!

This is the power of group buying!

glutinous rice to date, the results show that the company has a certain genetic advantage, there is the ability to hatch new business. The most direct comparison, is in the Thousand Regiment war, has many internet Big Daddy level the company to sell, invests is bigger than us, the user Foundation is much bigger than us, the money spends more than us, but the result does not like us. Compared with startups, we don't move fast enough. However, in both respects, if we choose the right project, we can still win the chance.

The internal incubation project of the listed company, I have summed up, has the following several experiences and the lesson:

1. If you can seize the opportunity of new business, be prepared in advance. In the 2007, we were thinking about social commerce, social games, and other business opportunities that took advantage of social Take-off. When the group purchase came out, the project did not plan, did not apply to the Board of Directors, no financial expectations, directly open dry. If you do not have to think clearly some things, do research, consult the board, back and forth, the rabbit flew early. To hit the rabbit, must be the first to wait, the gun loaded, the rabbit just exposed the hair on the ear, the shooting.

2. There must be a suitable leader. We were lucky to find Shenboyang in the sticky rice thing. When we dug him up from Google, we didn't think of making glutinous rice. I said, this is a cow, first catch to say. He from the original tube several people, to now tube 2000 people, progress very fast. After everyone went public in 2011, I asked Liu to ask him how to do his new business. He said he had to find the right business leader first. Now think of it, he said too right, thank Liu Total!

3. Invest in big, resolute. The new projects on the listed companies are actually very difficult to withstand the pressure of profitability. Glutinous rice before the investment is not big enough, some pull hands and feet, cause we at the beginning of the coverage of the city only more than 50, while the other rivals have more than 200 cities, in many small cities or exclusive. We invest in high-end human resources is not enough: the company in the product and technology of the few troops, most of the cast in Renren, against enemy attacks, and in everyone game, to ensure the supply of ammunition.

Glutinous rice in the first 2.5, basically is Shenboyang a person running before running, has not been professional executives responsible for sales. I personally devote more time in addition to the start-up phase than more, usually can only guarantee a few hours a week. To be successful, Bezos says, you have to endure long periods of time not being bullish on the market. At this point, we are far from thorough enough. Loneliness is also lonely, but apparently lonely is not enough.

4. Seize the opportunity, the pursuit of victory. 2010 I to Shenboyang requirements: not to burn money, not to be first, but must remain in the first echelon. This strategy, he did it at a very low cost. Internet business, especially the network effect of the business, should be like Taobao, is ruthless: strategy, investment, talent, management bandwidth, must overload.

and Baidu cooperation, mobilize more and more resources to do glutinous rice, so that glutinous rice more independent, with a start-up company's genes, two of listed companies support, glutinous rice than we do the future of the value of 100 times times, for everyone company, this is a big good thing. O2O's Texas Poker tournament, from the same year's Thousand-Regiment war, to now still have chips players, not much. To complement the chips and bet on the right cards is the next priority for the glutinous rice O2O.

I think group buying and O2O, is emerging in recent years, has a unique product genes, business genes, a huge user needs of the new Internet business. Done, will not be much smaller than the small, may be close to the volume, such a big opportunity after the fact that not much. China's group buying business, after the crowds and the layout of the stage, began to enter the pan. And O2O is just beginning. O2O two O, glutinous rice in three years ground experience and merchant recognition, is offline this after an O, and Baidu's join is together to the front of the online part of this o do a larger.

I continue to optimistic about glutinous rice nets, I will sit on the board of Glutinous rice, continue to promote everyone and Baidu in the resources of the injection, continue to recruit strong troops, vigorously promote the development of the business.

The O2O typhoon came, and glutinous rice stood on the tuyere. Good luck to glutinous rice, all the way forward!