Chen Yizhou Wang Feng over the ten questions: I do not want to fight, but do not want to fight the battle must die!

Chen Yizhou: “I think, not the waist with enough bullets to live than fighting to death, especially to avoid know that there is a certain death battle.”

Talk time: November 16th 21:00~23:30

WeChat: Wang Feng think tank group in community

Dialogue

Chen Yizhou, chairman and CEO of all the company. Everyone was founded before China first generation of social media, 1999 Chinese one of the most visited website ChinaRen.com co-founder, chairman and chief executive officer. Bachelor of University of Delaware, master of Engineering Physics at the Massachusetts Institute of Technology and an MBA from Stanford University.

Wang Feng: Mars financial sponsor, consensus lab founder, help geek venture partner, the blue harbor interactive group chairman.

Wang Feng: Hi, good evening, welcome to Mars “Wang Feng in” the twenty-sixth financial period — a “Friends”. This period “for Wang Feng” adds new gameplay, invited my old friends visit “Wang Feng for”, in the mountains, chatting, very comfortable. The guests today, is everyone’s chairman and CEO Chen Yizhou.

Let us look at the experience of Chen Yizhou:

1987 was admitted to the Department of physics of Wuhan University; Department of mechanical engineering Massachusetts Institute of Technology 1993 years to enter the United States to study, master’s degree was MIT;

1995, enter the United States company (Altec), one head of North Asia affairs;

1997, entered Stanford University to pursue a master’s degree in electrical engineering and double MBA;

1999 Zhou Yunfan, and Stanford University alumni Yang Ning ChinaRen co-founder of the company, chairman and chief executive officer.

ChinaRen 2000 is the Sohu after the acquisition, Chen Yizhou was appointed Vice President of SOHU; 2002 founded Qianxiang interactive group chairman and CEO;

2011 years 5 months 5 days, all the company officially listed on the New York stock exchange.

I’ll shake Chen Yizhou’s material, it is the first batch of people returned home business, then went to Tsinghua University student dormitory to recruit employees in there today Sogou CEO Wang Xiaochuan; beauty group Wang Xing’s first business was sold to Chen Yizhou; renren.com listed the financing of nearly 800 million dollars, a record the single financing records; who was famous alumni and mop.com, is the history of Chen Yizhou’s.

As the saying goes, old friends meet, very happy. I and Yizhou was first met in 2000, to have nearly 20 years. Ten years after the dream of youth. I and a friendship, should be regarded as the two generation of youth. Others very fat, do not know now is not so fat, anyway, long time no see.

Just the day before yesterday, a renren.com is cheap money news, the ship once again pushed to the spotlight. Have tens of billions of dollars market capitalization was $60 million on renren.com, price sold, raised 80, 90 collective of youth, remembrance of the era of web 2. Some people say that in the past few years has been catching up with various air Yizhou, the long forgotten SNS community in mind, don’t care about renren.com. As for many entrepreneurs, and old friends understand each other, I have a special understanding of entrepreneurship differentflavours.

Maybe there’s a knot is, also have endless grievances, as in today’s “Wang Feng in” a Friends in your chest. After all, friends should do anything. Chen Yizhou is now the other side of the United States, six in the morning, tequila sunrise. Here, we begin today’s “Wang Feng in”, as to this beautiful new day begins.

The truth behind the sale of renren.com

Wang Feng: the first question, three months ago you sent an open letter, said the future of renren.com is a young thing. I don’t understand. 3 months later, you really put renren.com social platform business related assets sold to the king of music. Only a short while ago, if not the QQ space, renren.com was SNS, Chinese largest 2011, renren.com listed on the United States, the market value was more than 79 billion dollars, according to the current market value is Chinese ranking calculation, 4 big Internet Co.

Some people say online, Chen Yizhou is doing selling renren.com, double 11 clearance. Some people say that Chen Yizhou is not going to play, and now finally find the disk access man (laugh), ha ha, these people really ah. Many people want to see Chen Yizhou’s jokes, banter, sharp.

Chen Yizhou: actually, I understand all users, the vast majority of everyone is grateful, several companies we invest in CEO are all loyal users who, even the wife are all found.

When the entrepreneur in China, have basic psychological ability to withstand failure. When successful, people will be too flattering you; when you fail, you will see your joke.

Do renren.com, including former ChinaRen, if it is not successful, the pressure even more than general enterprises, because this product is a mass of virtual consumer products, users in a certain period of time the dependence is very strong, it will feel great, your total users the number of groups than you would on their behalf much higher commercial value.

As a metaphor: a tribe of warriors to find a growth over areca in a magical land, have never tired of chewing for several years. Over time, they found and got hooked on a new collective without chewing tobacco, areca. The sale of areca hawker said, for you for a long time not to patronize my areca store, I am ready to withdraw. The soldiers a line that night, we came back.

The results of them a chewing up was very intoxicated with areca, but that is not their taste in memory, they have put areca slag spit on the ground, swearing to leave, or go back to their pumping out.

The soldiers, who are in everyone online, but now resides in WeChat Internet users, areca is all they have been involved with the Internet community, and I was the poor hawkers. Areca is not good, but the customer tastes have changed.

Areca will become a big tobacco stalls? He is a director of the tobacco manufacturers, but also very hard every day to improve your products, a cross-border areca small factory by what what instead.

Wang Feng: as same as many entrepreneurs, I understand all kinds of taste, to tell the truth, I told you to do at the beginning of dialogue in this way, you do not mind? Again, seriously, why did you make this decision? What is the consideration? There is no truth behind the unknown?

Chen Yizhou: we consider is simple: do things to stay the course, out of the areca business is not good, can not blame the customer tastes change, also have their own problems. However, we also found their new tobacco business, it is not possible to concentrate on areca, as the business to a more suitable team to operate. For us, areca is a kind of end of cattle, this is a new beginning. Every seed business, is not the same for different enterprise value. Some people are able to make a seemingly dull business out of this is a full of sound and colour, a very interesting phenomenon. How is such an interesting company.

Wang Feng: some people say that the sale of renren.com social thing, like behind the scenes or you playing the game. You heard that after the completion of the acquisition, but also indirectly held shares of the asset, the asset is so important to you? Is not reluctant to social business? Why do you care so much about today renren.com? Haha, it seems that a lot of 95 after 00 after all don’t know renren.com.

Chen Yizhou: one of the most painful things in life is likely to re learn new skills to make a living, tired! After 20 years of social networking, really miss: miss those people and things, and colleagues had once things. The Internet community is actually a spiritual product, like a magazine, the user’s own submission. This property leads users to the assets of the emotional investment, especially the expected value is very high, an important reason is that I finally can not bear the light. The old bag, on his shoulders, too tired. Some users do not appreciate, scold you every day, though I will not go and thick skinned, regardless of the user, but a long time is tired.

I hope you understand this, do not make money but a lot of good user demanding webmaster is not easy!

About to resell business, you will find your understanding of the people will probably be the most positive, are most likely to get this opportunity. Of course, I can understand them near Wang Le, on the product, can better help them in the process of transformation, which is Wang Le and fancy dishes. They do not take the initiative to help me, I will not take the initiative to go there, completely let go, it can only have the space to completely let go of others.

Tencent beat renren.com, or renren.com beat yourself?

Wang Feng: the second question, know a piece on a main, a suspected all the staff, in the post mentioned in the “I was using a mobile phone to play the small crocodile bath, Joe happened to be met in the elevator, Joe asked, what is this game? The crocodile was talking in the game of sulfuric acid burn. Conclusion: Joe if the crocodile replaced penguins have fun.” Ha ha ha – you have so people hate the penguins? Today, renren.com lost to the Tencent is an indisputable fact, what do you think is the Tencent defeated renren.com, or renren.com defeated themselves?

Chen Yizhou: I used to play in… Tencent was afraid very afraid very afraid, later found or run away run away run away… Now I’m great. Species in the business world is very careful, for they love to drink water feeding places far away.

Wang Feng: just the 2012 year post is issued, when micro-blog has been operating for 5 years, WeChat has also been introduced, then, what do you think of the two competitors?

I noticed that renren.com is 2009 years on the launch of the App, but the genuine social software originator Facebook was about 2011 years before and after the launch of App (I hope I am not mistaken), do you think in the mobile Internet era, renren.com is more powerful, or even decline? We often say, up early to catch a late set, but why do you get up early, even in missed? You don’t hit me.

Chen Yizhou: there’s a terrier mop.com, called one hundred times, one hundred times.. who still remember? Call your 100 times 100 times! Such a serious issue to my serious answer…

We are not the most sensitive to the mobile era, such as Tencent and millet is clearly not so sensitive. But the fact is, I do think of 09 mobile phone, and Sun Zhengyi also will open several times (who was also personally do a mobile phone), 10 established a mobile team with nearly 1000 people, do a similar product called WeChat private letter, including foreign several social products, like you later say, what they got, for many reasons.

First of all, we do not have too much to do the client experience. History is the product page, the team lacks experience. Such as pit filled out, and the lack of infrastructure network layer accumulation, such as when the interconnection of several major operators to take a lot of room, communication products must have very low latency, the Tencent for decades to do communication, these early pit filled up, we go to fill in when not in the short term to provide low latency communication experience. This is also a lot of other do at the same time a common cause of failure of the communication company. At that time, several WeChat and the same period are contained in a variety of communication and the pit, of course, before WeChat Tencent do communication over ten years, the network client. Chinese network conditions not, between several operators interconnection is not good, then to improve the quick service have to take the room.

The reason I say the main reason, there is a network effect in essence. By the side of salmon snowball’s argument, he wrote a book, published in 2014, called the “second feisibuke”, then we went to throw snowballs, but also because he was a man of sense, although the truth is very harsh, but harsh truth as long as the truth is listen.  

The network effect is a difference between Internet companies and other industry’s largest, is a unique internet only have barriers to competition, which leads to the effect of the Internet business as long as the network type, evolution will end only a maximum of 90%, accounted for the entire industry to the value of the big guy. This is why, only a Taobao, a Tencent, but in addition there are several Baidu search engine. From the network effect, the Tencent is N x N communication network, the network effect is the strongest; Taobao M x N market network, the effect is also very strong. The search is basically 1 x N network, NxN is relatively weaker, but compared to other search, especially compared to the traditional industries still have great advantages, so Baidu is also quite valuable. I’ve often said, but not many people really understand. Anyway, we should be able to look at the book of the abbot.

The telephone network interworking, and Internet communications are not interoperable. If the telecom and mobile number can not be exchanged, but the mobile telecommunication is 5 times larger than the last, is not all telecom users are moving? A user in the larger communication network of friends more, have more possibilities, in one of two circumstances, it must be the last choice to join the network.

Go back to the problem. I’m just in 2011 WeChat got very worried. Later we got one or two years overweight mobile, nothing out. See the side of salmon that book, I just glanced at, never knew, and the game Tencent. When the number of users is our listed Tencent 1/10, WeChat launched after the activation of the address book, not previously active QQ users also activates QQ, closure of our new users in the future, WeChat cut us users. Areca shop on the edge, while a sale of chewing gum, while a little tobacco, are free of charge, also paving than you 100 times, are to meet the same requirements, how do the areca business?

“Not on Facebook where flops is a huge waste”

Wang Feng: the three question, the first few years of the rise of the mobile Internet, there is a theory called the “ticket” theory, companies are contemplating their hands have no ticket, the ticket for a few. After the mobile social hot spots are micro-blog and WeChat gradually stepped on, renren.com soon pushed off, therefore, you find a lot of hot spots to break, O2O (glutinous rice), game (all games), Internet Banking (all stages, all live (Finance), all two handcart (Live), happy second-hand car), block chain (People Square), to be honest, you are the toss, toss again, let’s post inventory, you feel in these seven or eight new tracks, which areas you do is win?

Chen Yizhou: This is a good question to answer. Looking back, in addition to the new Internet financial business and second-hand car and renren.com social business completely Never mind, other efforts are in fact is a waste of energy, waste of time and money. In feisibuke place flops is a huge waste, as early withdrawal of the battlefield to more appropriate war forces, we to go elsewhere to find a new battlefield. The problem of whether the war is won or lost, and continue to fight an important.

Wang Feng: there are so many sounds, said his hand after the renren.com a lot of money, but in the process of development, which has not yet been effective breakthrough, but also with your management style. I don’t know what is your management style, but for the criticism, what do you think?

Chen Yizhou: I feel self evaluation, management ability and IQ estimation medium under certain on the same scale of the Internet CEO, but many people do not know is that the effort of my self estimation in 10%. Is this side of salmon said “the second feisibuke”, he did not say a hard work and management is very cattle breaking Dick will die, his statement is still dead, just die slowly. We only sell until now, but we are not too hard? For others would die? Say, what do you say? Logic should be like this?

Wang Feng: Yes ah. In my opinion, Chinese Internet gangster, two with you about the same period debut, Ma Yun grasp the enterprise culture, and hands-on work, Ma Huateng is good at grasping products, their user experience personally. As a business success, with CEO do good management didn’t matter. What’s your opinion?

Chen Yizhou: in the Internet industry, a network effect strong product category management, an important but not the most important. The most important thing is the first rushed to the war inside, quickly became the boss. For example, C2C business, Taobao is the two rushed to the front, as well as ebay. So the beat is not easy, of course, eBay had made a great mistake.  

Tencent is the first rushed to the instant communication inside the PC era on mobile, just out is right out of the three internal team of WeChat. This is the courage and fighting capacity, management ability more important than. Once the end of the war, the rest of the time is to clean up the battlefield, the amount of money. In times of peace and war itself, the management is easy too much.  

We found that WeChat can not catch up in time at the end of 2011, ready to buy a Talkbox, because the first grand cast, very tangled not tanlong. 2012/13 we are even ready to cast SnapChat and Whatsapp, you believe that? Each company has its own circle of competence, but the reason is the network effect. Don’t forget the network effect. Mobile instant messaging opportunities we see very early and very clear, is not grasp, this is not our food, we in the inside of the road is not deep enough.

Wang Feng: what do you think you are good at? In your opinion, do a business CEO, should have what kind of power?

Chen Yizhou CEO: the most important task is to find the right company, the right team, in the capacity of the circle. Most of the world, there is not enough competition barriers, can not support Nobunaga’s ambition. If the goal of CEO is to engage in a big company, can also require long period of stability that will, good luck enough to find it. Sometimes found a great thing, but it is not your food, for example, we have mobile communication, it is not our food. M chat, easy letters, contacts, their owners all than our cattle, did not become? Communication is the Tencent dish, who also don’t want to touch. Not necessarily find the weakest, because it doesn’t win much money. To find a large body but weak industries and competitors.

Why not what people on them? Winner takes all. Someone is a rewarding way to do something for the main Tencent Tim a disorderly, not indifferent. While communication is the main track we lost, scolded is normal. However, next time when someone scold, please think about communication in this matter, Ding Lei and Lei have seen their Ma Yun, also do, but never do anything Ma Huateng. From the results, the conclusion is logical reasoning can only prove that Chen Yizhou did not Jack Ma communication than Ding Lei Lei, you cannot even prove my weak communication than they do, because they have not made the subversion of WeChat products, their resources much more than I do, only that a Tencent is defeated in communication cannot sort, lost between.

If someone called me communication do not understand management. These work is broken, please find a man not only engage in investment, service business, first-class management, better than Lei Ding Lei Ma Yun more people come? Found, all the people agreed, I will take everyone to buy back, you and you find the master sat high I rented a time machine back to 2011, when you let the master CEO, when the horses, you do together to fight all communications and Tencent. This may be a science fiction to estimate the abbot laughed: not disclose the secret, second feisibuke.

The competitors will hate me, if I would hate him “

Wang Feng: the four asked, after you sell the renren.com, there are a lot of media and your business story moved out, in order to meet the spectators voyeurism, for example, I saw you before and Zhang Zhaoyang, Wang Xing, Lei et al. The story moved out, there are people in with you and Liu Ren the story of Cheng Binghao. Many people have realized that you are a true story of a veteran of Internet start-ups, experienced innumerable twists and turns can make a movie. Ha ha, Zhang Zhaoyang is your former boss, the number of out of business, but now he is still in the running, do live, fighting in the first line. What do you think of Zhang Zhaoyang today?

Chen Yizhou: the story of a small town… Now Zhang Zhaoyang state: he looks good and long distance swimming beauty fitness coach with the body, are better than most of the young Comrades, I think he lived his life quality, very high. Envy! At this age, the feisty heart is not to be more weak? What a happy life? People always have a death for those successful people, their offspring can hold up once the business? Can a few generations? Most can not hold the three generation, a generation of good support. Can hold up again? Does it have more happiness than others? These are the problem, good question, these problems over the past few years I have roughly figured out.

Wang Feng: Wang Xingne, he founded the school you acquisition is on the verge of collapse under the condition of Japan again after Fanfou (founded by the government, until off) in the United States Group Dacheng, after years of efforts the U.S. Group reviews extremely hard and bitter, listed in September this year, the date of issue worth more than $50 billion, initially, you whether the original thought of Wang Xing students will have the achievement of today?

Chen Yizhou: I knew that the student is a powerful character. In 2005 when the 5Q campus network and his campus network competition, he pushed the team will come to our school to tear in the net inside school strong leaflets, I can feel his competitive pressure. Then I saw the tear I’m thinking, but he just bought it.

In recent years, Wang often mixed together, he found love reading and say hello, far more than I know many other CEO, this is very rare. You see me around the net is more powerful, Lei Jun Zhou Hongyi this is just my generation. There are times in a CEO class, together with Wang Xing, Zhou Yahui, Wang Xiaochuan. On the day of Sogou ready market news came out, we all congratulate Ogawa, we suddenly found a great relationship between me and these people: they have helped me to do things, now are greater than my dishes, now is the students, discuss various interesting questions. I think the opportunity is very wonderful, really happy for them, and they continue to associate with honor. Veterans more Niubi recruits and mixed, so get the lead out, good to eat leftovers.  

Wang Feng: 5Q campus network, you don’t mention that we almost forgot, ha ha. Another classmate. Do you still want to mention Cheng Binghao, a genuine happy net battle, let you have the court, two years ago, Cheng Binghao has left he founded a happy net, walk away, many people feel sorry for Cheng binghao. When to launch the battle for him, you take the fake happy net infamy, many years later, you think that zujizhan played value? In fact, you are blocking the popular happy moment in the white-collar market, but they failed to. I want to say is, if Cheng Binghao is not your check, when Cheng Binghao had the chance to grow up happy net for the Internet market on a tree?

Chen Yizhou: what is your lifestyles! One can prove the fact that happy net is QQ farm blocking success. QQ farm put everyone on the open platform of happy farm source code to buy their operations, in the past, the Qzone user guide most of the past. You can see the Alexa curve was QQ, after the launch of Qzone rapid growth, the farm, and everyone (then called school) and happy net growth curve flat down immediately. The farm to steal food is a Chinese initiative of the Internet, is also an important reason for the rise of national social network. But you see the invention to steal food Shanghai five minutes, did not seem. Business competition is brutal, of course, Cheng Binghao will hate me. If I care, I will hate him.

If there is no QQ farm, renren.com will live a little better, happy net will be listed. However, if the Tencent finally resorted to WeChat, the second youngest is feisibuke. The only possibility is that everyone and happy with the students and white-collar users (up until now, these two groups are isolated), then it must be a miracle or get out a kind of WeChat products or purchase a WeChat product than a small dragon WeChat launch early and hard promotion.

“Not the waist with enough bullets to fight to live, than death”

Wang Feng: 5 ask square pass, you are the real master of investment, investment gains in the secondary market, more voice, you have stocks to make money to pay the staff, I heard that you are in fintech, transportation and logistics sector investment to many good companies, such as SoFi, snowball, Luo logistics plan. Some people say, do not do Chen Yizhou products company Taihang, but investment is first-class, world wide Kunlun Zhou Yahui, he was a former employee renren.com, he also called you “teacher”, I ask everyone, isn’t it?

Judge a person is good at doing good business or investment, the best way is to make a comparison of figures. Okay, you answer me, in this century has been in the past 18 years, you earn in investment than money is not earned in the company’s business?

Chen Yizhou: This is a bit flattering. But I do love investment, including two market investment. My personal record of angel investment is also very good, everyone should help companies to invest more than record. I had a rough count the years that we fight to defend in renren.com and Tencent, the acquisition of 56 and later in rice network, the cumulative burned hundreds of millions of dollars. At the same time, our company stock repurchase all spent hundreds of millions of dollars (remember not to repurchase its own shares, because when their stock is undervalued outside there are more undervalued stocks, really want to buy than to buy other stocks). A few months before the split and spent more than 100000000 cash, we spent a lot of cash, if there is no hematopoietic mechanism, company died. However, the company including the spin off part of net assets of more than just listed have basically not changed, why? Investment, we light on the net profit of US $200 million investment in 360.

Well, investment is not weakness? For shareholders, is not all the money war burned more glorious? Originally a second feisibuke Lai alive, how should do? Is not a bad child? Or a future boss? I think, not the waist with enough bullets to live than fighting to death, especially to avoid know that there is a certain death battle.

I do not want to fight, I played and won, I don’t want to play will die hard, this is a general public especially do not understand. To a huge market when a feisibuke.

When all the fire we have tens of millions of student users, steal food every day in everyone, a lot of people, they in until now, people think that all the people in this wave of their Internet is China. They don’t know when they were stealing food in their spare time, the number of ten times their aunt and uncle, aunt and uncle, younger sister, migrant workers and civil servants, but also more immersed in QQ on the farm to steal food, even stealing at dead of night. The network effect of QQ is 100 times the 10X10 equivalent of the renren.com. These students after graduation to find work, to expand the business, university students are not so important, WeChat ran up, do not go to the areca chewing tobacco, the sale of areca small traders can only express the incapable of action. Who wants a small ten times communication network to defeat a large ten times communication network, please raise 100 billion ocean highway, brother do good?

“Renren.com and block chain idea, I just had an idea”

Wang Feng: the sixth question, do a lot of people want to know the blockchain, renren.com plans to do social projects to send money chain blocks at the end of 2017, called “everyone square”, plans to send 1 billion CNY, I heard a coin ring 90 advise you to do, but soon be regulatory halt. Everyone square this project, you are expected at that time? Who was to help you write the paper?

Chen Yizhou: at the time of the block chain of interest, because our overseas business Trucker Path was really considering this thing. And renren.com and block chain idea, we just had an idea, even the toes did not move. But when the boom blockchain you know, a little like kind of Internet Co is to put a fart, a fart smell will be like the blockchain, then all kinds of magical things happened.

Wang Feng: still continue to be optimistic about the block chain? Some time ago, you 20 years ago, Yang Ning venture partners, has become a hot spot, the block chain circle at the beginning of the year, he entered the high-profile block chain, said All In, the CDC project, at the end of the year before, and a high-profile exit, caused an uproar money ring. Yang said the Internet into the coin circle, but get young, cut out “. However, the coin ring rallied, “he finally cut a DCC holder to leave, but also to others the dirty water”. This time, you will feel more that initially did not send money?

Chen Yizhou: ha ha, Yang Ning is my former venture brothers I don’t dislike him. But according to my circle of money limited observation, the Chinese people have the world after the Jewish spiritual wealth, the new trend of any technology, will with great efforts and enthusiasm to pursuit. In this process, there must be a bubble, but also is likely to be the biggest in the world: for example, then swept the Holland tulip.

Wang Feng: Although you did not play with Yang Ning block chain, but I see you block chain technology investment this year several of the United States and Japan, using technology to change the block chain rental housing, transportation and logistics. And we can prospect the blockchain next? You have studied recently more and more hot STO?

Block chain we see very early but not vote. 6 years ago, we have seen a chip company in Israel for mining in Iceland, didn’t vote. Last year, there are too many chiefs in itself how many bitcoins, feel somewhat outdated, personally spend the equivalent of more than a dozen bitcoin (gambling) money a Russian mining company’s stock, when their cost price is 6000 dollars to dig a bitcoin, while the city price was fourteen thousand. I even wrote a short fiction blockchain, think the novelty is not enough, not published.

Some block chain applications there is a certain reason, for example, each list is relatively large (the list is too small accounting cost uneconomical) transportation logistics platform, we like Trucker’s Path, but we didn’t. Listed companies, strict supervision, or left behind, and other rules.

“The old do not, the new do not come!”

Question 7: Wang Feng, a few years ago, known as the three Hubei people on the Internet, Zhou Hongyi said “you are the first smart, Lei No. two, he ranked three.” Lei Jun said privately admire the most is you. In turn, how do you see this two person? If each find a word or a sentence for you to evaluate the two villagers, how to say? Do you think people in my life to make a big thing, the most important is to rely on smart?

Chen Yizhou: foreign concept is indeed new, but over the past 20 years, the difference between China and the United States have almost no idea. Zhou Hongyi said this may be because when I was in 360 after the listing of the stock of the downturn to cast his two grade market, earn money. In fact, he is my work smarter than me. Lei Jun is my example, I just returned when out of the Internet to visit his hill, he more cattle than I. I have ChinaRen network early, he and I talk about Internet, then do the excellence, also found the net. I admire the most is his jump out from Jinshan Jinshan listed after two years, do angel investment, find their track jump out of millet. This operation is too cattle breaking. First of all from the Jinshan resolutely jumped, not every founder has such courage. This action determines everything later. In fact, Wang Feng you jump out from the listed company, is all-in?

Wang Feng: I’m going to the future Mars financial acquisition of blue harbor interactive. (joke) blue is my life, Mars is my dream.

Chen Yizhou! This! The conclusion is that if an old business is not so exciting, jumped out. The old do not, the new do not come!

Block chain is a new era of religion, if success is really valuable”

Wang Feng: the eighth question, this year, including millet, the U.S. group, to fight a lot, reflecting off such a large number of Internet Co have been listed, this year the number of listed Internet Co may exceed the past 3 years, some people say that 2018 is the Internet bonus last wave harvest, all blood listed, while you are able to harvest harvest. As a so many entrepreneurs and investors, do you think the Internet is not really into the bottleneck? Dividends disappear, entrepreneurial opportunities are slim, VC loss of vitality. As a veteran of the internet live in a hail of bullets, where do you think the Internet in the next growth point?

Next, let’s make a choice:

A (Artificial Intelligence)

B (Qu Kuailian)

C (Cloud Computing)

D (big data)

Which do you like? (a selection can ah.) Above, which do you think is your chance?

Chen Yizhou: I choose artificial intelligence. The demographic dividend has ended, the future is negative. Rely on every year continue to emerge the young people of the Internet Co, sorry, now fewer babies born each year. The technology of the future growth of artificial intelligence. Big data cloud computing is the past trend will continue, but it is not new. The coin circle of students may not want to hear, I think the overall value of smaller block chain, and artificial intelligence trends cannot be mention in the same breath.

Why is the artificial intelligence, is what I see. There are three technological revolutions in human history: the first is the agricultural technology revolution, to solve the problem of population growth, farmland area per square can support more people. As labor, there are mainly two own production tools: muscle and brain. The second time is several hundred years before the industrial revolution, let fuel internal combustion engine, and replace the sharply magnified human muscle power, at the same time, improve the health and living conditions, accelerated population explosion. Third times, is now a revolution of artificial intelligence, machine is to replace the human brain. This revolution than the industrial revolution value is larger, it can be really into some form of communism, but it depends on the per capita one hundred robots. The power of artificial intelligence is big, that I fear.

In a sense, the block chain is a kind of religion, as long as we all trust, value. This is happy? AI is not a religion, productivity. Block chain is a new era of religion, if success is really valuable. Such a metaphor, intelligent mobile phone AI is equivalent to the international market was equivalent to the Chinese consumer Internet, I want to learn Lei, he jumped out of the Jinshan, I put the renren.com entrusted to the two often turn bad into good and capable little brother, I go out to find my millet, say so understand?

“You can go to the pursuit of success, but not required for success”

Wang Feng: 9, I see you in an interview, said he was very optimistic about the development of the Internet industry, and have been in the work for 3 years, is the main direction of transportation, real estate, how these business development? You may wish to introduce the current progress.

This is the Internet industry market development is not to remove the SNS business after all the company’s future? The two industry prospects are very broad, I understand this huge market. But it seems like I told you in the past business association is not great, you decide to enter the two industries, where is your faith? I mean if ah, if this time miss, bullets are finished?

Chen Yizhou: industry market development without the consumer market is not so fast, the winner of the law. Later have the opportunity, but the opportunity and speed of development of Taobao and WeChat, this product is not mentioned in the same breath may. Recently, the U.S. state of Utah SaaS company, for 7 years to sell 8 billion dollars. Our headquarters is in the next door, the success of a little closer.

Here again, you can go to the pursuit of success but not required for success, even if you have been in a moment like success. This is the law of the world, not to find excuses to violate it, otherwise you will be more likely to fail, but never too happy. An entrepreneur, the struggle is to live a good life, you in the pursuit of fame and fortune, too bitter, may die before is not happy, just for the sake of some very simple but not clear violation of human self reason, this is not stupid?

The network effect, network effect, network effect, the important thing to say three times!

Wang Feng: the questions, not long ago, Ma Huateng in the know on the question: “the next ten years which will affect the basic scientific breakthrough of Internet technology industry? The Internet industry and consumer Internet integration and innovation, which will bring change?” I saw a lot of people to make suggestions, pointing Jiangshan, for this problem, there is an answer to your heart?

Chen Yizhou: Internet consumption reduces the cost of new technologies, such as Apple products, just out of expensive, enterprises can not afford. But with the extensive use of consumers, it costs down, and cultivate the habit of users, Apple’s products are now beginning to flourish in the enterprise. I think this is a kind of relationship between the strongest consumer technology market and industry market of science and technology, the basic relationship with one-way main force can be divided into two vertical direction: product price and user habits. A nail is an example: WeChat user habits to cultivate, the Alibaba used in the industry, the price is also free to play out of the WeChat mode. For me this to think about the future for the fun of the people, these are not problems…

Wang Feng: you have repeatedly said that social product has to be handed over to the youth. In my impression, you have been quite confident. When companies do cattle breaking pretty confident, not awesome, also very confident, in my eyes you are a confident person from inside. Can you thought, Chen Yizhou students will have the day the return of the king?

Chen Yizhou: Well, you gave me a social product… Is of course to give hormone, hormone with high content of young people. This is not in violation of law, unless I want to play every day, the male hormone. Let’s say you know two years from Kingsoft Lei Jun, I know, he put two good projects, one is Ucweb, which is a few things YY. everyone now toss, I can’t guarantee that everyone is YY, but you can guarantee, probably at least one YY, no – two.

But at the same time, I can assure you that I haven’t found my own millet. It takes time to opportunity, need high winds. I know about where the wind will wind, around which. Within two years, good luck I could find. If bad luck, did not find, as you say, miss, is normal. Five years later, did not find the company now business basically should mature, buddy ready to retire to the business with reliable brothers, to concentrate on early investment and market investment two.

Work 5 hours a day, three hours, chat and at least an interesting person, Zhang Zhaoyang exercise (now), walk the world (now I actually have a lot to go), spend more time with his wife and children (this should fill), feel should be better than the traditional “king the return of the poor experience. Personally surgeon doing all kinds of business, even failure, also can not easily learn the valuable experience in investment. In turn, the investment experience, to find the right outlet should be of great help. If I can not find my investment chance Chen Yizhou millet should almost zero. If my investment ability is OK, this probability should be N times.

Wang Feng: predictions about five years later, now the Internet Co who live, who will die? Five years later, who is the top five of the Internet?

Chen Yizhou: most will be in, but the value will be more concentrated in the head. Five years after the Internet before five, this is more difficult to answer. According to the laws of physics, the market network effect, communication and electricity supplier, will not have a big change, they will continue to attract other traditional industry markets, such as financial market; small network effect, people will come forth in large numbers, but it should be very difficult to go beyond the Tencent and Ali: low barriers to things not too long big. The network effect, network effect, network effect, the important thing to say three times!

Do the hard work of the company, such as millet and group work, is also a kind of barriers, their business model also has a network effect, the overall size of the surrounding traditional format greatly, they will be sucked in, also estimated at least not slow climb down. Of course, their friends are very powerful, is not ambiguous, it is that they never relaxed.

AI, personal feeling of Baidu’s current reserve capacity should be the strongest (Different people, different views. many people do not agree with this), they should do chip. All the big guys do chip, big cloud computing will, cloud computing to the IT value chain to pat down. But the AI field is large, innumerable novice and the direction of development, the VC funds will form a melee, ash, 000 regiments. The design principle of AI chip is not difficult, is a graphics card (in block chain students clearly), low energy consumption and the speed of the main fight. With private, recently voted the one chip design software company, a super powerful algorithm and electromagnetic field calculation principle as the foundation, can solve these problems. The bullet in the duck, could not run away!

There is a planet in the solar system, there is a snowball Earth, learn to live in a ball on that side of salmon, the abbot, also called “the masses know the truth”. A few years ago, he had a book called “the second feisibuke”. I did not see this book, read will be sad. Ready to do social or communication students in future, please carefully read this book before the start, then please abbot of fortune.

Wang Feng: the time in a hurry, and every time a chat, feel enough, benefit. As a good friend, very pleased to a common heart, and the heart to look at renren.com past present and future. There is a saying I appreciate, and finally a voice: as long as there is a little press the eternal flame in the heart, can be unscrupulous to weave a and a beautiful dream.

As the boat a few months ago in the “renren.com tomorrow, you decide!” “Said, the reality is cruel, the past is beautiful, the youth is always beautiful, regret should be…… Our concern is how to do the best in the future…… Bye。

Thanks to Wang Feng for the support of the following media.

 Chen Yizhou Wang Feng over the ten questions: I do not want to fight, but do not want to fight the battle must die!

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