Sequoia Shen: US cloud computing and shared economy developed

At the World Internet Conference yesterday, Shen, founder and executive partner of Sequoia Capital China Fund, compared the current development of the Internet application market between China and the United States in his speech "shaping the new internet power of the world". In the midst of a cacophony of "China's Internet will overtake America", Shen's stance can be said to be very calm:

"In the past few years, the US has accounted for half of the development of the Internet in the use of cloud computing as a technology, and China is still in its infancy," he said. In addition, the United States of the phenomenon of shared economy is becoming more and more obvious, which actually reflects the situation of the United States personal credit system. ”

We have a clear sense of the "shared economy" wave that Airbnb triggered. Airbnb makes people take the initiative to ask strangers to live in their own homes; FlightCar lets people use cars that are idle at the airport, while Uber and Lyft make people want to turn their cars into taxis. But, as Shen says, the shared economy is based on a more mature system of personal credit in the United States, and there is a lack of such a foundation for the credit system.

But on the other hand,

"The United States has recently been making less of a consumer internet application, compared with more innovation in China's embrace and integration of traditional industries in the Internet." In the O2O field, a group of Chinese enterprises have greatly simplified the many links in the local service and provided some excellent products. There is also the Internet financial sector. ”

Indeed, we see catering O2O have like the public comments, domestic O2O have "Aunt Help", cleaning industry o2o have "Rongchang laundry", ticket O2O have "cat's Eye". On the Internet financial innovation, there are "Wecash" and "quantization" of data credit, make investment strategy trading market "micro NET", do net loan creditor's rights two level market "fireball Net", and help small and medium developer quickly build payment module "ping++" and "now pay".

Shen said the reason for this is that China's offline business and service competitiveness is relatively weak. (The service level of the bank you all know ...) ）

In addition, Shen said "Internet companies are facing greater challenges than traditional 500 companies when they enter the Chinese market." Because the internet age is very focused on the user experience and local culture. At the same time, the company must adjust its own market and product strategy according to the local regulation policy. ”

For example, Uber has not added micro-letters to apps for a long time, microblogging sharing function, its micro-letter public account will occasionally have English articles in the push, just beginning to register Uber need to provide credit card information, which in China's credit card use has not reached the extent of the situation is more catching. In addition, the localization of Amazon, for example, is still quite slow after years of entering the Chinese market.

So, from the great opportunity to transform the traditional industry and the existence of localization barriers, Shen gives a fairly optimistic and confident expectation:

"It is believed that through the efforts of young people, China will also be able to create a number of innovative enterprises than the United States, China's business model has the opportunity to surpass Silicon Valley." ”