Huang: Internet business bogey imitation yang mode online education O2O personalized program Popular

Dry refining: In fact, many times not the company is not good, but the heat of the industry did not arrive. All industries, all enterprises have their own things, seize the time to finance, to ensure that you can live when the heat, especially if you do interconnected, online, mobile, need time. Education is, education this thing takes a long time, profits need a period of time, the profit will be very stable, the Internet is fast, the Internet early is not make money, education out to do small-scale training courses, it is easy to make money, but the scale up will be relatively more difficult. I think the listing has both advantages and disadvantages for the enterprise. The advantage is: first, give you a development of space and money; second, the brand effect has greatly improved. But the worst thing about being on the market is that short-term profits and revenue may focus on a lot of energy, and if you want to do a lot of creative business, the pressure is very, very big. Online education is to look at teaching research, platform, model. How much of your final research will be able to implement your last personalized service. We do online education around the three major rigid needs: further studies, diplomas, employment. The first thing we can do is because we are doing it around the diploma. Enterprise in fact, the business model is just these two categories, a major category of industry services, as I do network education category, vocational education, such as accounting, primary and secondary schools like 1014 School, language classes like the new Oriental. The second category, in recent years to do more and more, content services to provide a platform, like the United States to do better, Lynda, has been doing more than 10 years, do many years before the profit. Platforms and content are now being done by many people, and there are a lot of technology and content for product providers. The future competition will be more and more big, this piece or in the product to fight. I think the future must be O2O mode, especially in vocational training, primary and secondary education, academic education because it is rigid demand, it is OK to do. Everything revolves around online, offline courses, questions and answers, micro-classes, or lectures or discussions. The following is a live record: about Internet entrepreneurship, some experience of financing I have been in this internet industry for more than 20 years, since 96, 97 has been working as a strategic advisor, but also for many large U.S. companies planning the Internet strategy, because my brother a classmate in IDG, he said you should go to China to see. At that time, we all think that many industries in China are blank, virgin Land, there are plenty of opportunities. The first thing I did when I came back in 99 was to help 8848 prepare for listing, financing and strategic planning. At that time, the listing roadshow and company strategy were all planned by me personally. Today it seems that there were many mistakes. First, the choice of our business model was not based on the needs of local users, but the model of the United States and the needs of the U.S. capital market. Second, at that time 8848 of the stock fell more than 90% of the distribution in the hands of major shareholders and IDG, and then after four rounds of financing, basically the management of the shares have been very few, and its voice is limited. Third, shareholders were generallyThinking that the entrepreneurial team was not international enough, we invited a large number of foreign executives from Microsoft and the company. When we are doing business-to-business mode, the biggest difference with Alibaba now is that Alibaba is taking small and medium-sized enterprises, we do is like a large number of foreign companies. 8848 when business-to-business sales started at zero, sales grew very quickly within a year. In 99, China's Internet users only 3.8 million, 2000 is 33 million, we predict the next 10 years of E-commerce growth platform and I saw the Alibaba growth platform last year, The predictions at the time were far lower than what we saw today by Taobao Alibaba that brought the Internet to e-commerce users. So when I look at our online education today, the number of users we see today and the number of users we look at in the next ten years is likely to be far more than we imagined today. This is my e-commerce experience in 00, the market space is much larger than you think. The biggest difference between 8848 and Alibaba is that we didn't stick to it. In the market must have your position, if you get up early, but set missed, this is our lesson. We signed a 50-year exclusive contract with Renmin University to do a network degree education. We think that the degree of education at that time is, first of all, a year can pay thousands of yuan tuition fees, one-time, is not a credit card is not important. Secondly, the demand was very strong at that time, because the group of people in the 80 's and 90 's had very little chance to meet the basic learning at that time, so I think the business model at that time could be set up. We were called web-based education or distance education, starting from the NPC. At that time in all IDG investment Enterprises we calculate the profit early. Although the online thinking is now a very fashionable language, but in 01, 02, 03 every time in the IDG seminar we do not want to say that we are pure Internet companies, because at that time pure Internet companies to the public impression is almost no money. After the IPO of New Oriental in 06, the training industry and the online training industry became the second financing or entrepreneurial tide. In 00 and 99, there were probably hundreds of thousands of schools coming in, but in the end they lived a few, 07 years and 08. Maybe last year, this year, online education is a large number of enterprises come in, but the final wave of sand, there will be a lot of very good enterprises in this area. Successful enterprises are in fact not too much, but there are various reasons for unsuccessful. When we raised money in 04, there was Tiger Fund, soft silver, soft silver also want to enter, Tiger fund industry want to enter, we later chose Tiger Fund because Tiger fund to our management a lot of space decision-making. So first of all, the choice of shareholders: must choose to give you a large space, relatively generous, do not pursue the interests of such funds and PE to do investment. Second, the core management team must be a complementary team. If everyone is two years ago may be like-minded but if finally you twoIndividuals are engaged in core technology, fighting every day, also do not look at the market, there will be problems. So the complementarity of the team is very important. Third, must be the ground gas team. Because I was thinking about 8848. Shareholder structure is one, secondly because we want to build an international team in the market, recruit a lot of foreign executives. The end of the atmosphere, the salary is very high, but came after all can say a very big top, can draw very big cake, the process all set very good, finally still did not and our bottom user to come up, so the most core or combat, from where all not important. The positive incentive mechanism and the corporate governance structure. When an enterprise is listed in particular, how the equity institutions decide, how the ownership structure and performance hook up, how my core staff and his equity mechanism including his reward mechanism hook. Then the product and business model. A lot of people say I have special cattle products, special cattle products have no funds, no core team, not a sustainable and stable equity structure, maybe this thing is in vain. So put the first few things done well, will produce excellent products, even if you do the business model is not right, as long as there are excellent people, with time he can burnish the model to fit the market. Five, the company when you develop to a certain scale, it must not be said that you rely entirely on acquisitions, mergers and acquisitions to grow the company. Of course, now a-share listed companies also have, the United States listed companies also have, said I would have been very small, I ants attract elephants, a listed company, in order to go public without problems, for the enterprise development perspective, acquisitions, mergers and acquisitions are just your development in the supplementary means. Finally, listing is actually not a necessary means for the long-term development of the company. Enterprise development or to bring value to customers, enterprise development or in the process of constantly with the market to adjust your model, to forge a good product, for your customers to create value. About the opportunity of online education now the environment and conditions of online education has been very mature, 00 when everyone put forward a lot of questions, do enterprise training, certificate training are dead, because of the reasons for the bandwidth, course quality reasons, experience reasons. But today I think broadband, cloud technology, including a lot of online communication tools, including the final development, has given us too many excellent environment, in this case, I think the future long-term development, the question bank, curriculum resources in the future must be free, and now we online education a large number of questions to attract traffic, traffic in the future how to bring income , this is a must to consider, but we now do the test item is also for the open, later online learning with us now do a lot of other things online, a lot of things are free. Fees are charged in personalized service, I do not care through the platform or through the people, real time or not real-time, how to do personalized service. Hongcheng in the past 15 years, especially in academic education, now every year in the service of five hundred thousand or six hundred thousand of online education users, cumulative also has more than 1.6 million of college students, primary and secondary school we have done for about 20 years, there are more than 10 millionStudents。 Primary and secondary School 101 school, is around the students, parents, schools, three are doing, first said that the first innovation, one is our personalized platform, the second is our O2O VIP services, the third is our school for an experimental class curriculum. Online education wants to do well in fact the underlying software and platform including the resource pool system is very thin. 101 is my own starting this year to catch some, I have always been in charge, now we are actually experiencing a process of entrepreneurship, because 101 school is a former traditional school, is a content service provider, not too many personalized services, there is not too much real-time live lessons in it. Now we're basically doing two core products, all around the personalized service is doing, because now you and the United States to do online education or on-line education, he is talking about is re-use Learning, is that I come today is a day of the students, the system automatically judge my level and the question bank, my test questions, courses, The practice was built with this difficulty. 101 do is, we have established a very large database and resource pool system, each knowledge point has medium, low, high three difficulties, from the course to the question bank, to practice and so on, including the system of answering questions, with your ability I do adaptive adjustment. You want to primary and secondary school tens of thousands of knowledge point, do this thing well is a very big knee system. The second we do is O2O business, our future in the National Experience Center, our live broadcast of a pair of one or one courses through the Internet, including the underground experience Center, our personalized services can be pushed to the parents and students to the end, the service to the extreme. Now the students personalized learning program, in fact next year we will do is that all students have content and goals. Second, we should develop different personalized learning paths for people. Third, we have to adapt to his ability of learning courses and test questions. Finally, his visual achievements, mentoring, including the whole community of incentive and reward mechanism. We are now in the process of completing the O2O product, next year on the line is our online learning and offline learning, O2O is actually real-time one-on-one to a pair of four or a couple of small classes, is through the online real-time to complete, at the same time through the Offline Entity Experience Center, to achieve the initial learning experience and learning interaction, And then through the line of the experience center to complete. This is what we now 101 do some new innovative work and entrepreneurial work, I would like to say that online education in fact in this field to do in, to do fine, his work is a lot of, if our goal is to make learning simpler, happier, or to bring us a better, more beautiful learning experience, Rely on our family is not enough, today I say I want so many entrepreneurial team, we want to together, if you have better products, better ideas, can be with Hong or with 1011, everyone together to cooperate, collaboration, or we together to achieve our dream. Q&a link Q: You mentioned youBefore starting a business has a short experience, you think it is good for entrepreneurship or disadvantage, where the advantages, the disadvantages in where? Huang: I think the previous experience was very valuable to me, the title must be and content is right, you must have a number of topics, there must be a framework, And the picture must be a glimpse of your goal. Second, the logic of his thinking habits of training, I think this is traditional education, especially in China education does not. Third, we are providing customers with a lot of framework training, in my business when not used, but in my future management process, the framework of the process in fact have a great role. While I was an MBA, I had no experience of everything when I was an MBA, and when I was working on a few client cases, I slowly did what I did to the market, how I managed to manage the project, and how we used the scorecard as a performance mechanism. Maybe when I was 8848 and Hiro, I couldn't do it two years ago, but PowerPoint or traditional logic is not used, but wait until the company to achieve relatively medium-term three years, five years later, slowly you on the stage of the company's management system, management flow of ideas at least mastered a little. Even if you've never seen a pig run, or seen how others do it, you'll know when you do it, like now many companies will invite outside companies to layout. Because I did, so I do not want to spend so much money, I find the people under our own fight on the go up.