Wu: An Internet veteran who regards entrepreneurship as a profession

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In his latest meeting, he made an interesting remark about the brisket, looking like he was excited to talk about a roast lamb leg hidden in an alley in Beijing when reporters first met him 4 years ago. But he is still unwilling to bring him the highest prestige of the handle network, in his view, does not affect other people's development is the basic bottom line. This may be the root cause of the many investors hovering around his door after being driven out by capital.

In the past 20 years, Wu has never left the Internet field, and many of its companies have created a success but are still difficult to escape the curse of continued operation.

"In 3-5 years, may be focused on the U.S.-Australian habitat, but the future still does not exclude the possibility of O2O entrepreneurship." "Wu said.

In his opinion, instead of standing on the side of the finger, not to pull up the sleeves of practical officers. So he will still start his own business, not become an investor.

Calm after the noise

The latest news about Wu from March 22 this year, the U.S.-Australia home of its real estate projects completed 50 million yuan financing, by the DCM, the last round of the millions of-dollar angel investment agency Xiaoping Real Fund and Taishan Brothers Fund participation.

According to Wu, the United States and Australia is the core of the use of Internet technology to solve Chinese consumers in overseas home purchase information asymmetry. Through the form of overseas real estate companies, let Chinese consumers bypass the intermediary directly search real estate information, and real estate business communication. The site has attracted dozens of of Australian and U.S. developers to participate in cooperation, its background included the number of listings has exceeded 10,000 sets. According to Wu's plan, the business is expected to spread around the world in three months, to bring together the five continents for sale of properties, the Chinese "buy" the world's dream is expected to become a reality.

Why choose the field of real estate? In his view, he is better at using the Internet to change the traditional industry, and property is the largest of the traditional industry, want to try to do more in this piece.

This is Wu to leave the handle two years of the second venture, in the United States and Australia in front of a clothing O2O enterprises in the United States plus le. Last August, the company, which had been described by Wu as no longer looking for an investment, received a round of investment from the Taishan brothers and other institutions that once cast the handle net, but Wu did not disclose the amount of investment. Compared with the long entrepreneurial experience, Wu's latest two start-ups appear low-key and steadfast, and he even made it clear to reporters after the US-Canada Music line: "We are not considering inviting the media to see the US-Canada music store for the time being." ”

In Wu's view, the best entrepreneurial opportunities are now all around the O2O field: "This time point is like the industrial revolution with electricity, but there is no loom." I am a mechanical, if after the 50 found in this wind up without participation, it will be a very regrettable thing. ”

Wu now retains a stake in the company and the founder's title, but has not been involved in the operation. All the energy is invested in the U.S.-Australia Habitat project. He said to NetEase technology: "I now made a clothing brand to make the machine, the operation is good." I made a new machine to do the real estate, I had hoped that the real estate wind was late to scrape, let me do more preparation, but the wind has been up. ”

Long undertaking

From the perspective of entrepreneurship, all the domestic serial entrepreneurs have to respect Wu as a teacher. The man, who has been close to 50, is a typical "returnee" internet entrepreneur who went to the United States after graduating from the Department of Electrical Engineering at Tsinghua University and obtained a master's degree in computer science from the University of West Michigan. Then Wu applied to the AMD company, which was his first job and the only job. Then Wu began his 20-year entrepreneurial path.

Wu has created a number of projects, including Shadow Li, Webdvd, focus, and so on, before it was known to the industry. Most of these companies are sold to well-known companies, and each has achieved very good results, but Wu's experience is still full of people to do the taste of wedding clothes. This made Wu begin to attach great importance to the power of capital. Wu is not very willing to talk about his experience and company before he handles the net.

But he also said to NetEase technology: "Long undertaking until today, I still very passionate, the first section of the United States and Macao live on the line, there have been several nights did not rest, staring at the United States letter on the project, but with that time than, people become a lot of calm, especially know how to make money. ”

May 2, 2012, from the media report Wu left the handle is still two months. Reporter interviewed Wu, that day around four o'clock in the afternoon, it is with his usual time to meet, he used to keep the familiar reporters in the end so that more time to communicate. But unlike all previous meetings, the communication environment is no longer his air-conditioned office, but the café at the top of the Web site. He did not wear that bright yellow T-shirt (his fondness for the T-shirt once doubted that he had only one T-shirt to wear) and, unlike every previous interview, the Wu apparently gave out a sense of powerlessness and exhaustion. Even as he explored the fields he was familiar with, he was no longer pitched.

The state of Wu is excusable. After the frenzied advance of the 2010 and 2011, the 2012 handle network is entering the downlink channel. Handle the rapid rise of the network and fierce burning money, is called group buying industry classic case. Handle nets in all group buying site the first to get Angel investment, the first to achieve 100 cities in the country at the same time online, the first surplus to spend a round of financing. March 23, 2011, the handle network completed the C round of financing, to 1 years zero 5 days to the valuation rushed to 1.1 billion U.S. dollars, creating a Chinese version of the "1 billion dollar miracle."

There is a "Death Valley" in entrepreneurship: there is a dangerous phase between small and large-scale businesses. At this stage, the enterprise has been losing money, both the cost down, but also to ensure a certain amount of revenue scale, very painful. Wu in this "Death Valley" period began to fall into confusion.

As the U.S. listing failed, Wu gradually lost control of the handle network. Then Wu was sent to leave, although the official handle network officially responded and solemnly said this rumor is untrue. But the fact is that Wu has lost all the power of speech in the handle net.

This experience has let Wu for a long time quiet, but he still felt that this venture gave him confidence, "in these years of entrepreneurial experience, or in the handle net when the most learned." Because the handle network is the largest, the most managers, and also experienced the most, from the more than 10-person team quickly expanded to more than 6,000 people. In the process of entrepreneurship, everything has been seen, natural learning is much. ”

Be forced from the handle by capital

After leaving the handle for a year, Wu had considered doing the work of investors, but the nature of a good move he tried to give up. Looking back on that period of time, Wu to NetEase Technology said: "In doing investors, always watch others work in a hurry, I do not like to do that just want to do the job, is to work." ”

And capital between the Wu has been running through the entrepreneurial process throughout. A person close to Wu said to reporters: "If the original handle net can be listed successfully, regardless of the final price, at least Wu first successful ashore." "A handle network before the staff that is driven by investors, handle began to enter the rocket-type expansion of the road, but Wu management style and management ability from the start-up of small team management inertia adjustment, so that Wu increasingly deviate from the development of the logic of the enterprise." There is a message that the net just after the establishment of a certain period of time, Wu almost every day to see VC. Any VC raises the casual small problem, Wu may request the product department must revise.

After leaving the handle, Wu regrets a lot: "Life is always full of ups and downs, but only in the trough when the talent will be more sober, learn more things." "Talking about why can be in the handle after leaving the business, Wu said:" When the venture encountered a trough, many people are not to cross the heart of the ridge, must look at the next level to go. Enterprises can be bigger and the founder of the psychological capacity and the mind and the pattern is directly related to a small pattern can only do small companies, want to big companies must be able to accommodate more people and more things. ”

And whenever someone asks a question about a handle, he always says, "that passage has passed." He even said he didn't know if he had a stake in the handle. This cautious and sincere relationship between Wu and investors is still strong, even if there has been a conflict with capital, but he left the handle after the two projects also quickly get financing.

On the internet there is a photo of numerous media quotes, investment in the United States and Australia Xiaoping with Wang Qiang and Wu cosplay a "Chinese partner", by Wu played Mr Yu photographed a photo, from this photo may be able to see the relationship between Wu and investors.

When it comes to the relationship between entrepreneurs and investors, Wu says he can make money in the last few startups to show he's a good character: "Whether a project can be merged into Money, mainly to see the founder is willing to invest money, if the founder himself do not take money, light investors money to do, the project will certainly not succeed. In this regard, investors are much smarter than entrepreneurs. ”

Wu also said to current entrepreneurs: "When you are in contact with investors, you must let the investors understand your character and not just the project." And investors said things must be done to cultivate the trust of both sides, the following things are simple, find a strong wind to the place, always is the times to create a hero. ”

Wu reminded the current entrepreneurs: "Money to be in the wind before the get, the entrepreneur must be in the most need not lack of money when the money, because you are short of money is difficult to melt money, investors will always be icing on the cake and will not be timely." ”

Entrepreneurial team

Wu Founded in the United States and Australia, once in the house of some old subordinates choose to follow Wu, in Wu View, he and his entrepreneurial team are very good friends, the reason why there are many old subordinates because we like to work together atmosphere. Wu also said he was a very nostalgic person and, in the same situation, was very willing to enable those old employees.

In the last three startups, most of the Wu entrepreneurial teams are Wu's old men.

Handle the network's core team for St to focus have been following the Wu conquer veterans, in the Wu version of the end of the network, the core of the team have run away, there are outside points may be with the Wu of excessive indulgence of investors.

According to the NetEase technology to a few from the handle net venture to follow the middle of the Wu understand, this is only part of the reason for the large number of people leaving, it is important that these mid-level (and some of the top) do not see the hope of the handle listing; The core entrepreneurial team of the United States and Canada, Wu the hands of some of the close to the network brought out by the local staff recruited; The core entrepreneurial team of the US-Australia home is part of the old Wu in the focus of the real estate network, partly from the United States and Canada.

From the change of the core entrepreneurial team, we can see that Wu has a higher degree of trust in the team in the past, and is willing to give priority to the team in the past when he creates a new project.

Investor comments

Ying Feng Fund investment analyst Luffy

Wu is more optimistic about the latest entrepreneurial projects. The current large number of overseas purchase behavior is the essence of immigration and investment needs, immigration needs to consider a number of issues, not only the immigration policy overnight change, and products can not standardize, the need for professional advisory bodies according to the specific circumstances of the customer to give solutions; If the goal is investment, then the most concerned about the security and value-added of funds, These two are overseas property developers can not guarantee, the need for a large number of professional intermediary agencies, investment management companies to participate.

The future overseas real estate market and the domestic study market, as the Chinese economy is in direct proportion to the need for a large number of small and medium-sized agencies to participate.

Li on joint venture partner

Wu is the best batch of entrepreneurs, handle network Now the dilemma is caused by a very complex problem, not only internal reasons, there are external reasons.

I'm very optimistic about Wu's newest project. The first reason is that capital is very acceptable to the starting point of the project, and the second reason is that Wu individuals have enough experience and accumulation in O2O projects, so that they can get a large amount of financing quickly.

Immigrant study abroad and home purchase will be one of the hottest industries in the next 5-10 years. This is determined by the economic environment, domestic investors in the demand for investment with the economic situation will be more vigorous, while the domestic investment is still very scarce, so overseas fixed assets will be a hot spot for future investment.

The internet industry itself will mainly solve the problem of asymmetric information, the first step of the United States and Australia is also from this point of view, the first on-line information platform and Channel, the latter development is mainly to see the line under the service can keep up, can not let online information and online services combined. To succeed in developing this project, Wu and his team also need to grow in the process.

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