Ding speech full text, now the capital market no bubble

Who's ding?

He once founded the technology of Assyria,

The first Chinese technology company to be listed on Nasdaq in the United States.

He is the husband of Gehui, the beauty anchor.

He is now managing director of the Jinsha venture.

Today, he said in the "CVW2014 Industry Internet Conference": The Internet is dismembered the traditional industry, the future of every traditional industry will be due to the changes in the Internet to two large platform companies, of course, now the competition has just begun, who became the remaining large platform is still unknown. So, he thinks, there is no bubble in the capital market right now, so long as you buy the lottery that can be the biggest platform company, you win.

Here is the full text of his speech.

Wen Dingjian

I understand that the term "industrial Internet" has been talked about a lot. I think from a deeper level, why the Internet has developed to this day, we say its industrial attributes to the traditional industry to bring such a great fear, in the end is this fear is a psychological function or is it true that it is happening?

Destroying the traditional industry, destroying the word may be more negative, but the word used here is that it is deconstructing and reorganizing each product. Yesterday with a team to explore, in order to better understand the deconstruction, I used a more frightening word is to support the solution, the industry is being supported.

How to understand? Now the business is one person, head, arm, hand, all things are in an industry internet, when a platform appears, a company gradually found hands no, do not need, feet no, do not need, slowly body no, do not need. What could be the last core thing? The brain may be left. So to give you the hottest example now, the first is the O2O storm.

In this field, we invested early in the drop of a taxi, announced last week to raise 700 million dollars. I'm joking with them, what do you want for 700 million dollars? Buy all the taxis in China? Many people ridicule him, tyrants rich is willful. If you're standing on the street with a drop of a cab for a minute and you can't get a car, you're going to subsidize eight bucks. This is the example of the platform.

This platform is the whole China's rental industry under the tube, the other taxis do not live under this platform? A platform effect is that the future of the Internet to support all industries.

Just Poming (Wang, chief editor of Caijing magazine) said, "Some things do not affect me, you should eat or eat, I still want to open the restaurant, industry, the Internet do not move." I'm telling you, we voted for the company, he does one thing, it's interesting and maybe a little ahead, but this idea can be thought of. You cook well, you do for a person at home to eat, a couple of two people eat is also eat, if you do eight copies a day, two of your own home, six to get online, the surrounding neighbors can buy. Anyway you do well, certainly Word-of-mouth went out. Just come and get one and go, there are reservations, you can do that every day.

You see, even the restaurant has been completely removed, cattle? There may be no concept of cattle-raising enterprises, through this platform can communicate with the final consumer directly, you want which piece of meat, which meat can be directly to the consumer's table, because the power of the platform, this personalization can be done, which led to the middle of the enterprise has no survival value, So we say a new ecology is the new environment of platform. The mega platform will be responsible for connecting small micro enterprises and end users.

Imagine this ecological change. Just now Xiahua (founder of the group) I was particularly shocked, when the ship is sinking, to rob first class is meaningless. The enterprise itself has no sense of time, you want me to do first, meaningless, the industry finally left one or two platforms, each industry has one to two platforms, and even the platform is global. Maybe eventually they are one and the world is their one taxi platform. What's the point of wanting me to do a cab company this time?

So I think deep industry internet, treat each industry profound level change, everybody must understand very deep degree, want to know this revolution is not you want and not come.

The last one is the idea of a lottery economy, tell you why a taxi platform, someone with 700 million dollars into it? 700 million dollars we counted it, I didn't look too closely at valuations, 3.5 billion of dollars in valuations, probably more than 90% of listed companies do not know how much higher. Why is that so?

It is because we see that it has the potential to be the only surviving platform, if it is the only surviving platform, 3.5 billion dollars is too cheap. As you can imagine, if all the taxis in China are being called, every user will want to use it in a taxi, 3.5 billion dollars is too cheap.

Why does Taobao become a company of billions of dollars today? Its PE only 40, is this platform, the whole China is left his family, of course, and Jingdong, its model is left at the time, the value of this platform is reflected.

is the capital market a bubble? Why a company of a round, 100 million dollar valuation, the previous company to the C round is not necessarily to 100 million, now all to 100 million dollars, why is this? This is the last line of the lottery economy. This is not the word that I invented, this is Alan Greenspan invented, ask him to have 2000 years of bubble? He said yes, but there are some companies he is the one that will win the lottery, and if it succeeds today his market value is not expensive at all.

So everyone is gambling, I now cast the company is the future lottery, the bonus is too big, just a circulation of the company can make hundreds of billions of Taobao, so big bonuses I want to taxi industry, medical industry you can see hundreds of millions of U.S. dollars of financing, are such a gamble, in this process. In the future, someone will lose badly, because you buy the lottery is not in, but many people will be happy, if you buy Ali buy the last truly successful lottery.

Third, I do a supplement, in fact, we look at the entire industry in front of the Internet development, talk about cloud computing, talk about large data, often overlooked to its next, really change the entire industry and even change human society, is artificial intelligence technology.

AI technology and just said cloud computing and large data, is exactly the synchronization of one, that is, it to the critical point. Artificial intelligence from the 60 's to the present is not something new, but why suddenly people realize the seriousness of the problem, is no longer a science fiction story, we think it is an angel or devil, the truth is very simple is the cloud computing and the emergence of large data.

Mobile phone mobile internet has made a huge amount of data, just this time when the depth of learning, artificial neural network, these new algorithms, new hardware, new learning methods, encountered a large number of large emerging data, they produced a nuclear reaction. This nuclear reaction makes people feel that it is entirely possible to have the so-called singular point effect.

It can be more than human in the next day, the first two days Google hundreds of millions of dollars bought a company, he has done a very shocking thing. Give him a video, do not give him any knowledge of the game, just give him the order, he can control the game inside the various instructions, like the simulation staff. After a period of study, you can play the game professional defeated, he is completely learning, may not be a few dead, but it learned the special fast, is to use its neural network learning. It is such a learning technology, such a learning breakthrough algorithm home hardware.

This year Baidu also put a lot of strength to do this thing, so I think the world in the use of new technologies, the development of the platform and the invention of the business model are all changing in a complete way, I really feel that every industry will be deconstruction, not the question of whether or not, what time is the problem, whether today or tomorrow or next week, So I think that on this issue, all of our industries should not have the illusion, that is, how we go next, this question is worth further discussion.

At this time, our greatest challenge is the challenge of our ideas. Is the internet a technology, a tool, or something? I think the internet is not a technology is not a tool is a force, the future of the enterprise future society will be shaped by this force. I think it is very important for the society to realize the revolutionary.

The second aspect a little more specific, in the past our enterprise computing to ERP as the core, solve the problem of supply and marketing, to Office to solve the problem of office automation, the future of enterprise computing is to solve data problems. Today, as ubiquitous sensing networks can collect a great deal of data, will companies use this data to judge where customers are going? Where are the products? What is the customer's product?

So the data as the core of the enterprise structure has just begun, so we put forward a new word, the past ERP is very important, we use the telecommunications industry in the past using a lot of software architecture called BSS, I think the future of all enterprises need EBSS, is the enterprise-class operating support system. This operation support system is to solve the enterprise to know where the customer, using your product how long? What is the satisfaction of the use? How do you evaluate your product? I think this kind of completion, like the 80 's every enterprise with the ERP, so that their labor productivity has been greatly improved.

I think the next 10 years, 20 years of all enterprises should have EBSS function, like people have IQ, enterprises also have IQ. The core of this IQ is the mastery and understanding of data and customer behavior.

What kind of enterprise can embrace industry Internet? Is it the chance of a few and a few companies or the majority?

This problem is very good, when the platform of the enterprise appears, in fact, the whole community to bring new opportunities. Some time ago some, even some of the big guys are saying that e-commerce or the Internet destroys the real economy, affecting the real economy and causing unemployment. This means that the car should not be invented and my rickshaw industry has been destroyed. I think the idea is very backward and very conservative.

We are actually being nirvana when we are being supported. Zhang's analysis of Haier is very high and I appreciate his article. He just said I had to decompose myself, and I was going to do it myself. Since this tide has no way to resist, then let my hand go out first, I want to become the hand that serves for thousands enterprise.

I spoke specifically to Bosch's top brass, and he made a lot of good parts around the world, and said that in the future, my parts platform would be open to the entire industry, not to serve my business. So every family is thinking this way, this is your position. In the end you are fit to do small micro brain or make a huge platform of that hand, every family want to. But you do not want to start not to lose, the head can not be lost, you must support themselves and then positioning. Your product is unique, the final product service is the core of things, this value is no time to replace.

To say a realistic example is a very archetypal company. This morning I just know this case, a micro-Bo sell mask girl, sell their own brand mask, a year to do a billion, the second year to do 300 million, I have not carefully understand how to produce this mask how to do, this is the strength of small micro-power, the power of the platform.

So the future gives each creative person the opportunity to be unlimited, you may just be an idea of a product, overnight you are the field, this moment the largest company. So I think don't think about it, we are in the face of unemployment, yes, the idiot is unemployed, stupid unemployed faster, no relationship, the government more and more money, we will raise fools. But diligent and intelligent people will change the distribution of wealth, the future of wealth not to the speculators, not to the tyrants, but to the wise and diligent.

Through the big platform, the wealth will turn to this kind of entrepreneurship, has this kind of fervor the person to be quicker, this society has become more harmonious and the energetic advancement progress, China has the advantage especially in this, because our traditional industry is very weak. Our young people are very able to endure hardship, very clever because of our education. Then they will be more competitive in the world in the future.