Kai-fu Lee: There are many more naïve parts of Chinese entrepreneurs

Absrtact: "China Business daily": The industry is particularly concerned about the mode of innovation Workshop, you also call it stones for this innovative incubation model. What do you feel about entrepreneurship since 2.5? Kai-Fu Lee (Weibo): At the outset, we claim to have a model

"China Business Daily": The industry is particularly concerned about the mode of innovation Workshop, for this innovative incubation model, you also called "Stones." What do you feel about entrepreneurship since 2.5?

Kai-Fu Lee (Weibo): At the outset, we claim to have a model, but actually no. We also have a lot of good ideas, want to find some like-minded people to achieve. But with many entrepreneurs in contact with the discovery, let the entrepreneur to achieve our ideas is difficult. The pattern that we hatch has not changed, it is that we give the leading power to the entrepreneur. It's not that our ideas are bad, we must focus on what we do, and we need to be clear about our roles. We can't be "entrepreneur + incubator + investor", so our role is starting to have some adjustments, from focusing on early angel investment, starting to increase the hatching function, cut off the entrepreneurial role.

Innovation Workshop Kai-fu Lee (information)

China Business Daily: You have stated publicly that three of the projects hatched in the innovation workplace have failed, what do you think are the main causes?

Kai-Fu Lee: This failure rate has been very low, and then there is a problem. The three projects are mainly about the following issues: One is not focused, think too much, smart people want to do anything, the second is too technical, technology has been very powerful, and then to find the needs of users where, this order is reversed; the third is that the entrepreneur's individual frustration tolerance is not enough, the team's trust and understanding is not enough, Causes the entrepreneur to break up, four is the entrepreneur own mentality is not mature, obtains a little success to be excessively self-confident.

"China Business Daily": in more than two years, you have contacted thousands of projects. In your opinion, what are the common characteristics of Chinese entrepreneurs in comparison with other countries?

Kai-fu Lee: Chinese entrepreneurs have a stronger desire for success than Westerners, which leads them to work harder, working with the team. We are exposed to so many entrepreneurs and feel that experience is very important. Chinese entrepreneurs still have a lot of naïve parts, they often think that entrepreneurship is very bright, reading well into the prestigious schools can become Robin Li, and reading bad will become Ma Yun (Micro bo). Too many examples give them the illusion that success is easier.

"China Business Daily": How can you help them succeed in the next step, from the team who graduated from the innovation Workshop? It is undeniable that the 18 companies that hatch now get a round of financing, but these enterprises are still very weak in their own hematopoietic capacity.

Kai-fu Lee: they need to work with VC, we have the industry's judgments and suggestions, VC has come from VC business Operation experience. Therefore, we will continue to retain seats on the board, several parties to consider the issue of business model. Some companies "do not consider the income", does not mean that they do not have a business model, but this stage can not be too much to say. Moreover, most startups are still in the early stages of competition, fearing that users will run, so they must consider making money without hurting the user experience.

"China Business Daily": Innovation Workshop in the early days of the establishment of an important investment direction is the Android ecosystem, this market growth is very fast, but also facing the overall commercialization of the plight, how do you view the current status of the Android group?

Kai-fu Lee: I do not think this is a dilemma, can not ask for a business to make money immediately. Any new thing comes out, must start first. After the same amount of money will be rich. Of course, we will not talk about making money blindly. There were millions of Android handsets in 2010, compared with 60 million in 2011. So, last year, we did not talk about making money, and by this fall, Android users will be over billion, the number goes up, plus more and more mobile phone payments, applications will be more and more slowly can persuade users to pay for use.

"China Business Daily": At present, investment in Android has become the Red Sea, then your investment direction will change?

Kai-Fu Lee: We mainly cast four segments: the Android ecosystem, the new mobile phone industry, social mobility applications and O2O (online and offline). In the first two areas, we have invested a lot of projects, and next, our focus will be on the latter two areas.

Extended Reading

Innovation Workshop does not cast three kinds of people

One is not to vote for him to do the field, product, market knowledge and no innovation workshop many people, including a creative market demand, competitor investigation and induction.

The second is not to cast anything want to do smart people. These people have a lot of ideas and everything they want to do, but they are good scientists, and entrepreneurship needs to be focused.

Three is not to vote selfish, dishonest people.

Entrepreneurs expect a good economic return want to make money, this is understandable, but under the lure of money, do not correct things, such as the life of disorderly, in various ways to lure others to join, there are some people cheat on the data, these are not an entrepreneur's correct mentality.

Five characteristics of entrepreneurial projects favored by innovative workshops

First, low-cost start-up, there are 42 of the effect of the heavy.

The second is potential high value. Entrepreneurship is not about outsourcing, it's not about physical work, it's about being 3 times times, 5 times times, or 10 times times as valuable as it is to socialize.

The third is in line with the trend of high growth. If you want to get high growth in a smooth market, you have to rob someone else's lunch.

Four is a competitive advantage of the project. Innovation Workshop projects, more rely on the function of differentiation to reflect the competitive advantage.

Five is the introduction of foreign models of entrepreneurial projects to be localized correction. Inspiration from foreign models is understandable, but do not have to think directly to plagiarism, such projects need to be revised in a timely manner to meet the needs of the domestic market.