Dialogue Cai wins + Zeng Liqing: Under BAT, where are the opportunities for entrepreneurs?

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German investment Chairman Zeng Liqing (right), 4399 chairman Cai (middle) in the innovation of China's 2014 spring finals

This afternoon, the two "whenever" in the Chinese Angel meeting-Cai and Zeng Liqing, as the judges mentor of the 2014 Innovation China Spring finals, boarded the show platform before the project's ultimate PK, and received an on-site visit from the "Entrepreneurial State" magazine's executive editor Fanghao, following the dialogue:

Q: In the last two years, BAT has been increasing the strength of the acquisition of Internet integration, in such an environment, two how to view the current Internet entrepreneurship? For new entrepreneurs, is the competition more brutal than before, and there is no chance?

Cai: We've always felt that bat is a monopoly, but on the flip side, a decade ago, bat market capitalisation is very small and it's impossible to spend a lot of money on it. Now they are on the scale of hundreds of billions of dollars, and will spend heavily on acquisitions, such as 91 wireless. This makes our business more and more worthwhile, and we can sell it at a high price.

Of course, in this case, want to become a BAT such a company will be very difficult, need to be at the right time, but we will see more opportunities from the vertical industry, there will be more space, perhaps 3-5 years will be able to appear giants.

Zeng Liqing: Just say bat is very big, today again want to do a bat or small bat is basically no possibility, but in some vertical areas, or bat Internet traffic does not play a big role in the market segments, such as the recent two years you compare the fire of real estate and the electric car dealers, We can see that some companies are developing well.

Another point is that BAT's platform is very helpful to some startups that do CP.

Q: Like the O2O field that has always been mentioned, can grassroots entrepreneurs afford to play?

Zeng Liqing: We have previously voted two home appliances business O2O, a do not do a lot of call room is completely very grassroots. This must have some traditional industry experience, such as the CEO of a lot of the original is to do real estate intermediary, another electric O2O company CEO also in real estate company as general manager. But if it is purely grassroots internet entrepreneurship, there may be some problems in this area.

Q: Cai has said earlier that a person with an Internet background and an entrepreneur with a traditional industry background and internet access is more likely to succeed in today's context. Could you be more specific?

Cai: Yes. One day we were talking about it in the Angel Club. It means that a person who knows the internet, but does not understand the traditional industry, may not be able to develop a business as well as a person who understands traditional industries and is good at using the Internet. This sentence confirms what has been said before, the development of the Internet in the past few years more is a tool-type things, to today, the construction of China's internet is basically completed, so the next traditional enterprises if good use of the Internet, the opportunity is greater.

But there's one thing I've always known differently: The first grassroots are made by themselves. But today, grassroots rely on a person basically no chance, at least you have a team, even two or three of people's entrepreneurial team, in order to succeed.

Q: What do two-bit think about soft and hard combination?

Zeng Liqing: The topic looks beautiful, but it's not what it is. Before an article talked about the Internet hardware business more than 10 pits, said is very accurate.

Cai: Generally speaking, China is copy the United States, but China than the United States still have a time lag. We think that the Chinese Internet has been synchronized with the United States, but not yet. In the beginning of something in the United States, there is a three or four-year lag period after the Chinese, Shanzhai, these products will truly stand out. Wearable equipment is the same, now in the United States, whether Google or Apple, has not really done, the Chinese market is a little early. So I think the future development will be 3-5 years later.

Zeng Liqing: I don't agree that the Chinese market is 35 years behind the US. When we started Tencent, it was about 3-5 years ago. But today, China's internet population is in the same order of magnitude as the United States, and today China's 4G network is at most a year behind the US, with only a little bit of bandwidth, but also similar in popularity. And I feel like there's a lot of Wang, like the American Regiment, who came home after studying in the United States, who knew the United States.

So I think from the internet market in China and the United States, the lag time is not much, just 1-2 years time.

Cai: Maybe some of the parts fall behind 1-2 years, I agree. But some will lag even more. Because it is determined by Chinese characteristics. For example, China has a population of 1.3 billion, and 500 million people are close to the United States, but there are 800 million people. This is why today there are many people with hao123, with 360 navigation reasons.

Q: What qualities do these entrepreneurs have that can impress you if you have grassroots entrepreneurs or people you don't meet?

Cai: The topic is really big. In the recent period, I have rarely attended a conference outside the tournament. Why not? More than 10 years ago, the concrete in the first line of work, the smell of the project will be very strong, and then invest in why investment can be good, because there is a foundation. Some of the projects I've voted for have grown up with them seven or eight years ago.

By now, I have been attending the meeting so much that I see too many projects. Too much of the project will produce aesthetic fatigue, not a bad project. Maybe we'll miss a good company.

Back to your question, I have a suggestion, the meeting should often participate, but also not too much, a year out two or three times, understand what is now popular, and then have time to digest.

As for a good entrepreneur to have what kind of conditions, the time and place of the factors are not the same, each time will have different characteristics. To me personally, these two are the most important: the first is that this person must be passionate about what he does, it's not like being a great company in the first place, but he wants to do it, he can do it well, the second one should have a good ability to learn, the whole society updated quickly, half a year without learning will be eliminated by the society.

Zeng Liqing: For me, looks have a little effect, there is a saying "from the heart", for example, I had 15 minutes before the two university students to invest in entrepreneurial projects, the second is to have a certain degree of education in Beijing and work experience; and one thing I'm not too sure about is the anxiety-provoking entrepreneur, For example, people who start a business to get out of poverty or just want to make a fortune by starting a business.

(This article according to the investment chairman Zeng Liqing, 4399 chairman Cai in the innovative China 2014 spring finals in the dialogue organized)