As high flyers, a computer major at Wuhan University, Lei Jun realized "freedom of spending money" by programming Electronic Street Company in his sophomore year. Since then, he has been catching up with the rising tide of domestic software, and entered Jinshan Software, the highest enterprise in China software industry, until he became the general manager. From 65438 to 0999, Lei Jun acquired Joyo.com through acquisition. In 2000, Joyo.com was transformed into one of the earliest e-commerce websites in China, and in 2004, it was sold to Amazon for 75 million dollars. ?
As an angel investor, Lei Jun has also successfully invested in UC browser, YY voice, Thunder, Zhihu and many other gold-absorbing projects. According to incomplete statistics (as of 20 18, 1 month), Lei Jun has 33 individual investment enterprises and 157 foreign investment enterprises through Xiaomi Technology; There are 270 enterprises that invest abroad through Shunwei Investment. In other words, Lei Jun has 460 overseas investment projects, covering half of the Internet.
Wang Xing is a teenager chasing the wind in the Internet age. ? As high flyers, a computer major in Tsinghua University, Wang Xing founded Facebook, an "intranet" in China, and later ——Twitter, a "rice no" in China. In the end, Wang Xing chose to do GroupOn in China and founded Meituan, a group buying website.
Second, borderless expansion?
Wang Xing, who founded the Meituan, began to have a philosopher's demeanor through hard work, such as inventing the "second half of the Internet", and the bigger invention was "borderless expansion". Boundless Meituan started from group buying, imitated "Hungry", made a takeaway for Meituan, merged with public comment network, hatched "Cat's Eye Movie", settled in hotel OTA, hatched "Hazelnut B&B", acquired mobike and made an appointment to go to the market. Recently, it is rumored that Lei Jun, who founded Xiaomi, has long invented "Internet thinking", and the bigger invention is "taking advantage of the trend". Xiaomi also expands without borders. First the mobile phone, then the bracelet, then the TV, and the air purifier swept the rivers and lakes. From then on, it ranged from refrigerator air conditioners to patch panel batteries. People no longer kill people, and God no longer kills people ... Xiaomi and Meituan once again proved the best business model in the world: running the same group of users and selling things to them repeatedly.
Third, is it a real platform or a fake platform?
It is not the API interface that makes the product function open; ? Not investing in many different business types is called ecology; ? So? Whether a business has formed a platform depends on whether its income model is "commission extraction". Only the platform of "extracting commission" is the real platform-for example, Ali, JD.COM and Pinduoduo, the top three e-commerce, and 58, Pig and Car, the information intermediary. ? Like iqiyi, youku, Tencent video, spending money to buy programs and then giving them to users for free, not for public welfare or brain water. In commission mode, users need to trade repeatedly. It doesn't matter if they just need it, high frequency is the key. For example, it is also looking for a job. Do you think this is just needed? However, recruitment websites such as Hunting, Lagou and Zhilian are not as comfortable as 58 recruitment-because white-collar workers are too slow to change jobs, far less frequent than blue-collar workers.
The boundlessness expansion of Meituan is replicated in "high frequency" fields, such as eating, watching movies, staying in hotels, and even riding a bicycle or renting a car or charging a treasure online. There is even a "steamed bread recruitment" that has just tested the water online. To win a place in the blue-collar recruitment of 58-chefs and waiters basically change jobs every three months. Xiaomi's borderless expansion chooses "low-frequency" products, and the repurchase rate may be high, but the repurchase iteration cycle is very long. Even if the iteration of mobile phones is fast, once a year, it will take several years to buy in other fields. Fortunately, Xiaomi mobile phone is not a Gree mobile phone. Otherwise, according to Miss Dong's thinking, it is enough to buy a mobile phone for a lifetime.
In Xiaomi mode, the GMV generated by the same number of users seems to be a lot, but there is no room for amortization; ? The low gross profit margin of hardware products is even more annoying. After all, Xiaomi mobile phone promises that the profit rate will not exceed 5%. Under the Meituan model, ant soldiers pursue a better life by losing the efficiency of their families, and even Meituan has just launched a loan consumption model to arrange the lifestyle of the poor. This is the situation in the whole country, and there are many poor people. However, the US group's takeaway attracted 22% of the merchants-not too high. Anyway, most of the catering industry will only live for half a year at most, and the next leek will be cut again. ? Meituan comments are the real platform. Therefore, the valuation of Meituan Review is based on the benchmarking calculation of platform enterprises such as Ali and Tencent.