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Nowadays, many investors and entrepreneurs are looking for opportunities for the next structural change. One of the reasons is that many people think that the opportunities for mobile Internet have disappeared. In Mr. Shen's opinion, the mobile Internet dividend Quite a long time. Artificial intelligence, which has been widely discussed in the last two years, has not made a huge technological breakthrough and its development will be a long-distance race in the future. It is worth pondering over how we should look for opportunities and how to adjust entrepreneurship in this special period And investment strategy. Today, Xiaomeng start to recommend this article for everyone to share with Mr. Shen Nanpeng, the global executive partner of Sequoia Capital, on the current outlet, investment and some advice to the entrepreneurs, I hope everyone can benefit from it.  1 on the mobile Internet opportunities Many people think there are not too many investment opportunities in China's mobile Internet field. My opinion is that the mobile Internet in China, there is still a long period of the bonus period. Of course, the dividend opportunity is shared by two parts: Part of the future growth of a number of businesses, including companies not established today; The other part of the bonuses will actually be shared by companies that have taken the lead in the market today. In other words, the stronger the stronger today, BAT, Didi, the United States Mission these companies will also be among the mobile Internet to continue to share its dividend, which we do not forget. This year we look at the two leading mobile Internet companies, Alibaba.com and Tencent, whose share prices have all risen sharply. What are the reasons? Because they continue to enjoy the dividends brought about by the rapid development of China's Internet today. Therefore, from a commercial point of view, the Internet has been developed to 20 years today. Before and after 1998, Sina, Sohu and NetEase were established. At that time, every area of the Internet had the opportunity and the gold was everywhere. There are indeed large companies in many fields nowadays, so it is impossible to have several or so-so giant companies in a single year. This is really difficult. However, I think it is too early to say the word "monopoly." It should be particularly surprising that these companies are still growing rapidly. Why? A nearly $ 500 billion company such as Tencent is still growing rapidly , Which illustrates the great potential of China's Internet. On the other hand, young businesses are still growing.Mobile Internet dividend is not coming to an end, there are still new products continue to subvert our imagination. In the case of Mobike and ofo, a year ago, no one thought that the two companies would each have 30 million daily bills. I believe the development of shared cycle cars has surprised many investors. Then we also saw that in the vertical field, such as education and healthcare, small businesses have become big players in the industry in a very short period of time, so I feel the dividend for the entire market is far from being released. In many areas, the bulk and success of the Internet business models and companies can still emerge, but we sometimes have a little less patience to produce economic effects. In the case of the shared economy, the economic effects of many areas Not very large scale, so no way to succeed. But we look at one of the most successful examples in the world, Airbnb, which has successfully demonstrated that sharing patterns are viable in the area of hotel accommodation. In addition, the role of capital in this is still great, because these business models are not very different technically, and they rely on execution and reach a certain commercial scale on the market level, so as to create economies of scale. This requires patience . Outside of BATJ and TMD, a group of companies have distinguished themselves in their field and have shaped the platform in their vertical areas. Today BATJ is 18-19 years old and TMD 6-7 The new batch of companies has only 3-4 years of history and needs to be given some time. Today's mobile internet in the United States has grown to a lot of places where the ceiling actually hit the ground.A lot of the features in the U.S. market are weaker than those in China, such as the relatively developed offline environment, and there are not so many opportunities for e-commerce. Another example is the local service, because of the geographical and demographic characteristics of the United States, so it is impossible to have such companies as the Chinese drop, the United States Mission, such companies in the United States is no climate. So if there is a bright spot in the world today for the growth of the Internet, then China will definitely be among them. 2 talk about artificial intelligence Artificial intelligence is always an important topic, at least in the next 5 to 20 years because artificial intelligence technology has not yet made a major breakthrough, so we have a lot of expectations.At the same time due to the possibility of big data brought by China's mobile Internet, The use of artificial intelligence has been a huge imagination. When "artificial intelligence" has become a big hot word, there really is a little bit of a bubble in terms of capital and entrepreneurial craze, but I think artificial intelligence is a long-term affair, and a lot of artificial intelligence is in the run-off What happened in the silent process. Today, we see a lot of good companies, such as leading enterprises in e-commerce, including Alibaba and Jingdong, all behind big data and artificial intelligence to better serve their customers. Many people may have forgotten that these are actually artificial A manifestation of intelligence. Everyone is chasing the so-called sheer artificial intelligence company, in fact, artificial intelligence should be every company, or at least every Internet company must have a capability and tools. Of course, the development of artificial intelligence technology is also important, including voice technology, cloud technology and so on. At present, the artificial intelligence form we are seeing still belongs to the application of algorithms and technical means in the big data scenario. The Height of Human Wisdom Although many data scientists and brain scientists are studying, we are still far from being super-artificial intelligence. If we look at the past 24 months, there is not a big breakthrough in the world of artificial intelligence in the field of technology. But why is this wave of artificial intelligence hot? Because artificial intelligence with the mobile Internet generated big data, Produced a lot of the actual scene of the application. The development of artificial intelligence is related to the expansion of application scenarios. The application of more scenarios deepens people's understanding of artificial intelligence, but the real breakthrough in artificial intelligence technology depends on the breakthrough improvement in algorithms. Last year, I said that the outlet is artificial intelligence.In the post-smart phone era, everyone is looking for a new platform, but in fact there is no answer in the coming years, I think it will be a transitional period. Some people say that smart-wearing devices will not be the next platform, but these are all speculation that until it appears in front of you, you will know that it is not a platform to replace smart phones. But among them, artificial intelligence is a long-term driving force for information technology. It is not a technological breakthrough, but a series of applications in various scenarios. So if we say that artificial intelligence was The most important next step, in my opinion today, artificial intelligence is still the most important.  3 talk about investing I am very optimistic about the development of China's mobile Internet.China today in the field of mobile Internet, to provide better services, the foundation behind which we have a huge market, China's Internet companies not in five years, ten years later than the United States, But many Internet companies in China have surpassed the United States today. There is a very important point here, the data can only be played out of the scene, the United States, unfortunately, it does not have a lot of data scenarios, then of course, of course, Chinese companies will come out first. China has been driven by the new economy for the past 10 years and I believe it will still be the next 10 years. However, I see a very gratifying phenomenon. Today, Chinese enterprises are increasingly emphasizing internationalization because China is now in an information technology Leading, our business has more courage and strength to go abroad, our business model can be transmitted out of the traditional business and information technology companies can go to sea. In e-commerce, not only do local businesses like China's Ali and Jingdong serve China well, but I believe that in many parts of the world, e-commerce service providers should all be Chinese companies. We have accumulated a great deal of experience in the Internet over the past 15 years. The United States lags behind us in its understanding of many overseas markets and markets. China is the world's most-penetrated e-commerce market and also a penetration rate of its local service e-commerce At the highest level, there is no reason not for Chinese companies to take a leading position in these overseas markets, which investors should be concerned about. A good capital or investor should have an international perspective and must be an international investor so that the company can be internationalized. Today's mobile Internet has brought a lot of opportunities for the innovation of business model, and the success of business model innovation enterprises lies in the implementation of - to get customers, to win the customer's mind to become the focus of the Internet business. In this process, the pursuit of short-term profitability is clearly not the main complaint of Internet companies, product differentiation, more is to win in the implementation, so venture capital plays an important role. Outstanding investors choose the top founders, founders also choose the best investors, the two-way interaction, the common achievement is the emergence of many companies appear in the process of development.Changes in business model innovation for a long time is needed Capital-driven, so as to make the industry leader stand out, and achieve the survival of the fittest in the market. In addition, many new fields of technology, in the smart era, the development cycle is often longer than the Internet era, the need for software and hardware integration, such as autopilot.In the long cycle, venture capital has a long-term perspective, while there are enough Strategic resources play an important role in helping entrepreneurs to transform their products and help entrepreneurs to fulfill their entrepreneurial dreams. Therefore, venture capital must look at the enterprise "Think Long Term" from a long-term perspective and have a long-term perspective on the development of the enterprise. In the smart era, good capital is definitely not a pure financial investor, but a strategic investor , The best investors should be to understand the industry's investors. 4 to the entrepreneur's advice Last summer I was in New York to watch the recent hit Hamilton, which tells the story of Alexander Hamilton, the founding fathers of the United States, and I read ahead of time about this history in more detail. In fact, those rules which are still generally accepted now are full of chance and controversy. If you look under the microscope today, I am afraid there will still be many question marks. Therefore, we should not be overly superstitious about any of the rules. Any success There are many contingencies behind the business system, which reminds us that we should cultivate the spirit of thinking and debate and form the ability to make independent judgments. As a leader, you have to think more deeply than your competitors. Can you make a long-term strategy in the same market changes that you can deal with more effectively than your opponents? Thinking skills can play an important role. If an enterprise wants to cultivate the ability to think, you need to have the appropriate organizational structure to support, as flat as possible may be a suitable framework for start-up companies in 20 or more individuals, the decision-making is relatively easy to make.But the development To three or four hundred people, how to reflect the views of grassroots employees up top management? This requires advocating a flat culture, in order to allow speculative thinking to play a role, it is possible to challenge some of the curing thinking or just "Looks correct" idea. From a methodology point of view, how to establish a thinking of thinking? Just recently I read Hao Jingfang's new book "the other side of the people", an article on her book on some of her understanding of artificial intelligence, I am very resonant, human and artificial The most significant difference in intelligence is precisely one of the two most important capabilities in thinking: First, common sense and the world view above it.Commercial does have some unique common sense, if the rise to the macro level is the world outlook and pattern, according to the common sense of the industry to make a lot of corresponding judgments. The second is creativity, and I think today's business requires creativity more than business 50 years and 100 years ago, so everyone should become not only a CEO with meticulous management skills but also a little artist-like creativity . And as a leader, one more point I think is important - to be a model for the team. The word rate sounds like an empty word, but the real effect is tangible. We have a lot of rules in the business and when you set up these When the rules, should put ourselves in place to think - if you are not a leader, do you think this rule is reasonable? As a leader, if you can take the lead in setting the example, the entire company culture will change, which is often the test of the ability to unite the team, lead the team, the impact of the team an important factor.Real power is not by preaching, but by example, to win the team Trust. In addition, to reflect on the matter, no matter how smoothly the company's business is, or to think carefully about the mistakes made. Even if you can not completely correct them, the process of reflection is necessary and must be repeated.
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