Sina Technology News, on the morning of January 12, Miracle Forum recently held its first large-scale event after independent operation. Lu Qi, founder and CEO of Miracle Innovation Forum, delivered a speech on the theme of “Digital Wave and Opportunities for Entrepreneurship and Innovation”.

Lu Qi believes that there are still many business opportunities in China because China has first-class talents, technology, capital, and market capabilities, and China's diversified economy, urbanization, consumption upgrading, and population aging are all important driving forces.

In his opinion, starting a business must find an outlet, and it is necessary to think through five questions clearly:

The first is to think clearly about what you do, not just the product, because the definition of a product is an experience or ability to enter the market. The product is related to the market. It's either I say that there is something or a product; it's important to think clearly about what you do.

Second, figure out why what you do is of high commercial and social value.

Third, think thoroughly about why now is the time to enter the market; timing is the biggest success factor. It's not OK to do it early or late.

Fourth, think clearly about why we can do this as a team.

Fifth, there are special barriers to how we do things and how we do things. Capable of generating and maintaining value over time.

Regarding what to do, Lu Qi shared what he believes to be important long-term observations.

The first is entertainment. The demand for this is always there, and it is constantly increasing. Lu Qi said that he is very optimistic about content and games. Furthermore, there is the communications industry. Communication is a very low-level skill in human society, and communication products have a lot of room for development. In addition, Lu Qi mentioned consumption, education, medical care, etc.

From a regional perspective, Lu Qi mentioned that it is possible to go to Southeast Asia, etc., and we should pay attention to the international environment and policies. In terms of technology, Lu Qi mentioned energy, materials, artificial intelligence, 5G, IOT, etc.

Regarding the business model, Lu Qi pointed out that selling software is not appropriate in this era; it is necessary to sell equipment, combine software and hardware, and sell services.

In terms of how to judge whether a business is of high value, Lu Qi said that the first thing to analyze is which type of business it enters. Its scale and growth rate are very important. Second, we need to analyze the ceiling. This last point is important; it is important to analyze the possibility of gaining value.

Lu Qi believes that starting a business must find an outlet; without a buzz, it is almost impossible to succeed. “There used to be a saying, Lei Jun said that if you find the right outlet, pigs will fly. This is true. You know you're a pig, and once you've flown up, all you have to do is quickly grow wings, because the wind will stop soon, and there's no way there will be an eternal wind.”

Lu Qi believes that starting a business requires a unique point of view: the core of our large-scale creation is that you see that the future is not the same as others; if you see everything the same, everyone is the Red Sea. Look far away, you're right, you're invincible; you see, no one sees.

Entrepreneurship also requires a long-term drive for goals. Lu Qi said that it is possible to make money; it is not a long-term driving force. “We have seen a lot of big data analysis in the US. Teams that actually go far have internal factors. They are not money, not reputation or inferiority, but their own pursuit and personal passion. This is very important.”

Lu Qi concluded that only two things are important to a business in the long run: the way you do things, and your brand.

”applesIt's the best example. Apple's way of doing things determines that Apple will make a refrigerator tomorrow. It must be the most beautiful refrigerator. The way he does things determines what he does best. Apple's brand, if I put the Apple label on anything, I can sell 30% more. What you can do in society is ability and reputation, and the company is exactly the same. You have to think clearly about the way your company does things.”

Lu Qi concluded by pointing out that in the early days, the most important method of doing things was iteration. Products and sales had to find good entry points, which was very important. Also, the early core ability was the ability to finance, and the ability to raise funds was the ability to think clearly. You can only explain clearly if you think clearly. Only then can hematopoiesis be formed, so they can live a long time. (Li Nan)

The following is the full text of Lu Qi's speech:

Lu Qi: I am very happy today. We had the opportunity to meet and share with many entrepreneurs in Shanghai. This conference can be successfully held. First of all, we would like to thank the Advanced School of Finance of Shanghai Jiao Tong University for their strong support, not only in preparing the venue, but also for their support and the many opportunities for interaction and cooperation.

We are very happy that President Zhang of Jiaotong University Gao Jin is also present in person today. First, we welcome Dean Zhang.

Zhang Chun: Thank you, Dr. Lu. First of all, I am very happy. Welcome Dr. Lu to host the first event in 2020 at Shanghai Jiao Tong University. As our partner, Gao Jin of Shanghai Jiao Tong University, we are looking forward to further cooperation with Dr. Lu's platform to inject more elements of finance and technology.

Shanghai Jiaotong University Gao Jin may not be familiar to some of you. We are also a young college, only ten years old. It is a product of innovation and entrepreneurship. How do you call it innovation? We are an emerging international financial school, and this is also an innovation in the Chinese education system. Because of this innovation in terms of system and model, we are also entrepreneurs. We went to the Shanghai Municipal Government to finance twice, and they gave us two rounds of support. Each phase of our plan was written by ourselves, and we enrolled students ourselves, such as the financial MBA and EMBA, which were the first of its kind. Our previous MBA and EMBA were in management; we were in finance. Over the past ten years, I have also experienced a lot. Although I am quite old, I have innovated and started a business in the past ten years. I am very happy that everyone has come to Jiaotong University to share their experiences. I also hope that more of you will come to Jiaotong University and Shanghai to create an atmosphere of innovation and entrepreneurship in Shanghai. Thank you all for the continued development of China's innovation-driven economy in the future.

Lu Qi: Let's begin. I would also like to thank all supporters and media in particular, to all the volunteers present, including the volunteers outside the door. Without their efforts, we would not have had the opportunity to host such an event today. We would like to thank all the supporters and volunteers.

Next, I will begin the main content of our event today. First, my theme is to share the opportunities for innovation and entrepreneurship under the digital wave. Specifically, there will be such an agenda. First, I will talk about why entrepreneurship is a historical trend. The people here today, all of you have chosen the right one. There is an essential reason why starting a new business is a historical trend.

Innovation and entrepreneurship are very difficult. It is often the end of one's life. The opportunities are huge, and there are many challenges. How can we embrace opportunities and face challenges?

At the same time, what is more important is how we work together. In particular, I will introduce you to our amazing achievements, how we interact with each other, and how to help every entrepreneurial team have a higher chance of success and better advance their innovation process.

Leave time aside for some live Q&A and interaction.

Finally, we will leave about an hour for a live interaction. We will use random methods to invite some entrepreneurs present on site to the stage, and we will have a direct interaction. Our format is part of the activities of our startup camp, which is group interaction. We let everyone experience how we interact in the Miracle Creation Forum to help every entrepreneur control their entrepreneurial opportunities. Today's overall content is this kind of process.

First, I'd like to talk about the first chapter, why is innovation and entrepreneurship a historical trend? What's the core? We need to look at the underlying real drivers and the structural factors of world progress.

First, innovation drives progress in the world. Second, technological progress will always be the most enduring, most important, and most powerful driving force for innovation.

This picture is an overview of the written history of humans. The progress of human history has always been driven by general technological capabilities. What is listed at the bottom is the ability of general technology that is important in human history. For example, around 1000 AD, what did we invent? There may be a slight error in this time. Domestication of animals, domestication of plants, and ore smelting have begun agriculture. In the past, it was an industry, but the last 60 years have been a new era. Its core driving force, core technology is very important. The core driving force is energy and information. The ultimate core structure of any complex system in the universe is energy and systems. In human history, there are only three wealth creation and economic development systems, all of which are technology-driven.

The first is the agricultural system. We have one free energy source, solar energy, so it doesn't cost money. But you need land and plenty of opportunities to see the sun. In the agricultural era, the S curve is very flat. There are not many things people need to do; simple tools and labor are fine.

Second, it is the industrial age, which has a history of more than 300 years. The core of the industrial age is fossil energy, coal, and crude oil, in the form of electricity. In the industrial age, people need to do more, and people need skills. Universities such as Shanghai Jiaotong University are essentially products of the industrial age. The mission of universities is to generate skills on a large scale, engineers, designers, tailors, chefs, etc. on a large scale. Through collaborative division of labor, use of equipment and factories to create social value, the S curve of the industrial age has risen more rapidly. Over the past 60 years, we have become a more exciting era, an age of information knowledge. The core is to extract information that we humans want to solve problems through digitalization, use computational methods to quickly invent new technical capabilities, quickly reorganize resources, and have a new development in the energy structure. We have not decided what our current energy structure is definitely not fossil energy. What is more important is information and digitalization. The core of this is the rapid acquisition of knowledge. In this day and age, what people need to do is innovate and not have enough skills. What is this essentially? Dean Zhang just mentioned why every university should introduce innovative mechanisms? We are happy to hear that Shanghai Gaojin has also provided financing. Only by participating directly in innovation can we learn about innovation. This is the third curve we have seen. This is why entrepreneurship has become the mainstream of history.

In any era, using different technologies to drive economic development, people can choose which industry to work in. This industry has the most ability to create value and obtain wealth. In simple and crude terms, which industry can be rich and profitable. The first was hunting, then breeding. One stage is that warriors can fight, and the monarch will hire you. Then there were the craftsmen, the seafarers, who found new lands. Let's mention that our society has essentially entered the era of a new generation of navigators. It's about exploring the universe, going to Mars, going to other places, and always having a new voyage. Merchants have enough surpluses to trade most profitably. Build machines to generate value on a large scale. At a certain stage, starting a company is the most profitable. Thanks to the discovery of new energy sources, drilling oil fields is the most profitable. There was a time when executives made the most money. In the third and fourth decades of the last century, it was the most profitable for us to buy companies on Wall Street and sell companies. Over the past 20 years, participating in entrepreneurship has been one of the most profitable industries. This has structured drivers, rapid combination of information and knowledge, and resources to create social value.

For every student here today, we have found the right industry in the window of history.

So, for innovation opportunities in China, I think this era is even more special; we are more fortunate to participate in a new era. Why? First, technology drives innovation. Over the past 60 years, judging from this curve, the past 60 years have basically been dominated by the US, in terms of high-tech industries. weMicrosoftThe board of directors meeting said that the high-tech industry is dominated by the US, and that the rise of China has changed this situation. We entrepreneurs should pay attention to this blue curve. Your business is not driven by information knowledge, and your value is not very high. Let's take a look at the market value of stock exchanges around the world today. For the past 20 years, oil companies and automobile companies have been around. Now they are all high-tech companies, and they are moving in this direction even more. We are at a place where the blue curve has not climbed above, so the speed will definitely speed up.

Let's talk about China. We have all the core factors in China's technological innovation; we have talent, technology, capital, markets, etc.

Second, China's economy has more macro-drivers than any other economy in the world. What are America's macro-drivers as a country? Technological innovation, in one sense, is immigration. The factor of immigration is that they themselves destroy their strengths.

Looking at the macro-driving factors in China, the first is consumption upgrading, and the second is China's urbanization. There are still decades left, and there are plenty of opportunities.

Third, China's population is still aging, and so is population growth.

Fourthly, the overall integrity and richness of China's physical industry, so if you look at any region, China has the most macro drivers.

The diversification of China's economy has also brought very special opportunities to every entrepreneur. I have not experienced it since I worked in the US for more than 30 years; I have only experienced it after working in China for 3 years. China is an amazing combination. It has first-class development capabilities and innovation capabilities, but China's economy is stepped. The first tier is about the same as the US, and the second to fourth echelons have more opportunities to improve with technology. The US cannot grow in Meituan.Pinduoduo, because it's structured. When Pinduoduo and Meituan come out, they can go to Latin America, the Middle East, and Africa in the future. Their geographical structure is the same as ours, and China is structurally superior in terms of innovation goals.

The opportunity for internationalization is that we are facing a very special situation in China's entrepreneurial ecosystem. Relatively speaking, the US is still one of the biggest innovation markets. Our view is that there are only two major markets in the world. The US is the main, the radiation is North America plus Europe, and the other is China, which naturally radiates Southeast Asia, Latin America, the Middle East for a long time, etc. The overall technology of the United States is quite good at the top. It is leading, and the distance between China and them is getting less and less. Other regions are also opportunities for our China. We have talked with entrepreneurs in Israel. They are highly capable. Their innovation target will always be the US. China has become their new target country for innovation, and China can have more foreign innovation resources because China is a superior target market.

Finally, I have experienced a lot over the past year. That is, the opportunities for entrepreneurs in China to learn and grow are superior to those in other regions, because the information we read every day, and there is a lot of information flow. A good article, company, and success story in the US is basically available in Chinese in less than 24 hours. We have seen it in less than 24 hours. We have seen it in the good US, and so can we. You are an American innovator. You only see American innovators; they cannot see Chinese innovation. We have the most complete vision and the most opportunities to learn and grow. Seizing a particularly good moment to innovate is truly a very, very special point in time.

How can we embrace the opportunities we face? Also facing up to the challenges brought about by innovation and entrepreneurship? Starting a business is very difficult; I think there are a few difficulties.

The first is cyclical; for example, a cold winter for capital.

The second is environmental. The entrepreneurial environment is not the same. How can artificial intelligence be commercialized and implemented.

Third, it is structural. This is what we pay the most attention to in the field of miraculous achievements. It is related to the essence of entrepreneurship, such as how to quickly find product market matches.

Let me share some of our views one by one. The first is cyclical challenges. We all know that the capital market is cyclical when studying finance. When credit is excessive to a certain extent, it is tightened. In particular, I have also experienced it in my own investment business. When I finance, I understand the return requirements of every different source of capital. Currently, they are cyclical, and after letting go, they will be tightened, often overdoing things, and excessive amounts of rushing and collection. We are currently in a cyclical environment. But what everyone needs to know is that capital will always find the best return, and he will always keep looking for which place has the best return. As a category, venture capital has been growing for a long time. No matter what kind of capital it is, the long-term trend of putting money into entrepreneurial risk has been increasing. One simple conclusion here is that after winter it must be spring; this is a cyclical issue.

At the same time, we must also be pragmatic; this is a reality. We must face the reality of today's tight capital. The first thing entrepreneurs need to do is try to keep themselves alive and spend more energy on financing. When financing is particularly difficult, find ways to make their own hematopoietic, or obtain other resources, government subsidies, etc., so that their ability to survive can be enhanced in this severe winter situation. First, they must survive.

Second, you must have principles. When you see an opportunity, you have to enter the market decisively. You have to rush because the opportunity to start a business won't change because of the capital cycle. If you have the chance to become the next oneAlibabaIf you have the chance to become the next Meituan and the chance to become the next Pinduoduo, you must have the courage to seize it. There must be good control between the two.

Second, environmental challenges. I really admire the entrepreneurs here. You have to work hard and have the courage to do this because the overall environment is quite challenging. Compared to the US, China's capital ecosystem is not mature enough, capital is not patient enough, and investment conditions are often very demanding. We have seen many cases. It is too difficult for entrepreneurs; this requires long-term effort to change.

Third, the exit mechanism is not complete enough.

The second point is the industrial ecology, which also challenges entrepreneurs. If it is the B-side, the willingness of Chinese companies to pay is relatively low, and the threshold is relatively high. C-side. The C-side in China is very difficult to acquire customers, and the cost is very high. The competitive environment is intense competition. Once the Chinese market is established, your ability to go to other markets is almost invincible. You polish very well in this environment.

Also, the environment has changed. In the past, it was the Internet, mobile Internet, rapid software iteration, etc., but now it is artificial intelligence. If it is to be implemented, it must be segmented into industries. It is very deep. The team's choice is unlikely to be a few college students. BAT has been in business for a few years, so you need to find the most important sales and BD talents in this industry.

Channel resources are very central. In an environment of artificial intelligence entrepreneurship, it is impossible to do without channel resources.

In addition, more and more hard technology is being developed. It has a long investment cycle and a long iteration cycle. All of these are challenges posed by the environment.

Environmental challenges. I'll talk about environmental challenges in a moment. How to work together through ecological collaboration so that every entrepreneur can better cope with the challenges posed by the environment. Next, I'll talk about structural challenges.

Early entrepreneurs faced a structural challenge: how to quickly find product and market matches. This is a difficult threshold. Let me explain why this is a structural problem? With the development of technology, the spread of education, and the improvement of abilities, there are more and more possibilities for innovation. The innovation cycle generally begins with an idea, an idea for a new product or business. Invent a product, invent a technology, develop a product, and enter the market after all of this. What's the trend? There are more and more good ideas that can come up, technology development cycles are getting shorter, product development is getting faster, and more and more can enter the market, but every customer in the market is only 24 hours a day, so it is impossible to continuously adopt new products. This has become a major bottleneck; this bottleneck is getting more and more crowded. This is a structural challenge. The only thing that can be done is rapid iteration. The core is shown by this curve. Every thing moves to the market, you have new ideas, new technology, and use the shortest time and the lowest cost to find market feedback. If anything moves forward, whoever tries and mistakes costs less and has a higher probability of success. This is the core thing we do in the field of miraculous achievement. It is to help every entrepreneurial team to better overcome this core structural challenge, iterate quickly, and find product and market matches. This is a structural challenge.

Another structural challenge is related to the essence of entrepreneurship and cannot be changed. That is, the income curve. Any company has achieved sufficient success. Its revenue curve is like this. The early customers were innovators who used your products, and later, some people who caught the early wave used your products. The actual product will take several years to launch. At this stage, it is impossible to support yourself. The only thing you can support yourself is financing, the ability to finance, the ability to stay alive. The ability to live longer and better is very important. This is the second thing we have done in the field of miracles; we only do these two things. Starting a business in the early stages is about these two things. Iterate quickly to find product market matches. The longer you stay active, the better. This is another structural challenge.

The third structural challenge, which is related to the previous two, must be faced by every entrepreneur, especially entrepreneurs in the 2B field. Let me explain this chart. This is a structured problem. This chart shows all the technology-driven new products and new businesses in history. It has been adopted by the social market, and it has gone through this time cycle forever. Why is it a structured factor? It is related to the age, income, and geographical distribution of the social population. Because when people are young, they are always willing to adopt new things. Until the age is conservative, there is such a distribution of people's income, and the economic situation has such a distribution. Any new product that comes out will go through such a cycle. In the early days, the blue part was the earliest innovator user group. These people are very interested in innovation. As long as it's new, no matter how bad it is, there's no point in trying it out. Keep this in mind. No matter how bad the product is, no matter how useless it is, someone will try it because it's a new product. Some of your early users don't mean you're doing something right because they'll try it.

The second group of people had this color. They are generally young executives in the enterprise, or entrepreneurs, or technology developers. They have a vision for the future, and they are looking for new technologies to help them achieve the vision they want. The second wave of people entered the field and used these.

Next is the divide, which is often insurmountable. Most products in history died here. Why is this divide formed? Because the next wave of adoption is early adopters, they are all willing to use new technology and new products. They are very pragmatic. They look at actual results. The core point of their adoption is whether my competitors do not use it, my colleagues and neighbors do not use it, they skip past it, you don't use it, you don't use it, you use it, and I use it too. This is a gap, not a thing of the past one by one. Most tech startups in history have died here. How can we overcome the divide? This is a very central issue, especially for 2B. This is to help every entrepreneur we work with in the Miracle Creation Forum to better cross the divide. It contains a series of methods and practices that make us more likely to succeed. This is also a structured challenge that every entrepreneur should skip.

New technology-driven innovation. The growth curve for each product is getting steeper. This is due to structuring. The reason for this steeper steepness is standardization, scale, information channel circulation, and logistics channel circulation, making it grow faster and faster. Much research has been done on this at the Massachusetts Institute of Technology. This trend is getting worse.

What does it prove? Even if you already have a product and got here, if you don't maintain a high speed sprint, if you don't advance, you will retreat because your competitor will go, or another category will replace you. In the end, it's a race against time on the C side. Driven by technology, especially the C-end, the speed of sprinting and the speed of rushing upward is very important. Once the market value is huge, if it doesn't go up, it won't go up. The experience we have made is not about going all the way; we have to jump. Now on this track, you have put all of your energy, products, markets, channels, marketing, etc. to the next one.

There is another point I just forgot to mention here. True product market matching, we mentioned that product market matching is not a single point; it's not found here; it's not found there; it's a process. True product market match. A well-known investor in the US. He is the earliest Internet launcher, and he is an excellent investor. What is product-market matching? Basically, it's here. The definition of true product market matching is that the first is a good market where you can make money. Second, supply is beginning to be in short supply. Third, competitors have come in. This is a real product market match. At that time, you are facing a very steep curve. You must jump. The sprint speed is very, very fast. This is an important point where we work with every entrepreneur to help them have the highest probability of success.

Just now, we talked about how there are so many opportunities and so many challenges in starting a business. The core of how to seize such opportunities is to think clearly about these five questions. The first is to think clearly about what exactly you do, not just the product, because the definition of a product is an experience or ability to enter the market. The product is related to the market. Whether I say there is something or a product, it's important to think clearly about what you do.

The second is to figure out why what you are doing has high commercial and social value.

Third, think thoroughly about why now is the time to enter the market; timing is the biggest success factor. It's not OK to do it early or late.

Fourth, think clearly about why we can do this as a team.

Fifth, there are special barriers to how we do things and how we do things. Capable of generating and maintaining value over time.

Thoroughly thinking through these five issues and thoroughly controlling them is a major factor in grasping the historical trend of entrepreneurship and overcoming entrepreneurial challenges. This is one of the core parts of the interaction between our Miracle Creation Team and entrepreneurs. It is a process of working together to thoroughly understand these five issues. A clear understanding of these issues requires continuous capacity improvement.

I'll share these questions one by one next.

What do we do first? First, you have to choose the direction, how do you choose the direction? The way of thinking, or way of thinking, for choosing a direction is to look at these three circles. Make a judgment on these three circles, and make a judgment on products, users, customers, and market needs. There is a judgment on market trends, and there is a judgment on technology trends. The true value of a good entrepreneur is the communication in these three circles.

Next, I'll spend some time sharing that there are basically two components. One part is to provide you with some ways to think, and the other part is my personal summary and experience. As content, more importantly, you want to be inspired by the way of thinking I have shared and the content I have experienced. The most important thing is to improve your abilities. This is the first thing you need to do and judge the direction.

It should be emphasized here that everyone's abilities are limited. Some people start by being very observant of user needs; this is OK. Some people have business models and are very sensitive to market insight; this is fine too.

Also, deciding what to do is not a one-point process. Deciding what to do is a continuous dynamic process; it is a process of constantly thinking clearly and continuously improving one's abilities. Looking at entrepreneurs who have done a really good job in history, what they did at the beginning is very different from what they did at the end. Deciding what to do is a process of not only improving themselves. The core of this is a few points. The first is to start a business, set up a company, and find a few people. The destination you want to go to is to make a new C-side platform, 2B trading market, whatever it is, you have to reach that destination, then start iterating, and then start iterating and using product methods.

I also mentioned earlier that the speed of iteration is very important. Here we have a simple idea. We often communicate with entrepreneurs. You start here. This is where you are now, and you want to get here. What if I follow this path? God doesn't know either. No one knows; the only one who knows is the one who iterates fast. The speed of iteration is the deciding factor in everything, and God doesn't know which path to take.

Also, you need to change direction at important points. This is what YC in the US did for our miraculous career. Sometimes it doesn't work, you have to have the courage to say that this goal doesn't seem very good, that goal is better. I went that way. Many companies that have gone through many changes in direction to large enterprises have gone through many changes in direction, and when they don't work, they can go in a different direction when they don't work. When it's time to change, you should have the courage to change, but you should also avoid changing frequently. Each change costs a lot of time; the last thing you can do is waste your time. The core of this is the entrepreneur's time. The cost of time must be optimized. Nothing else matters; the only thing you can't waste is your time. Deciding what to do is such a dynamic process. Entrepreneurs who go far and become big entrepreneurs have a continuous process of improvement.

Next, let's talk about the three circles we see: demand, market, and technology. When it comes to demand, how do we judge it? Let me share. Here is more of my personal observation and my own experience. Market demand is simply the C side and the B side, and there are some structures and long-term principles on the C side. Simply put, a principle is the hierarchy of human needs. Everyone knows a Maslow demand theory. My personal suggestion is that this is not a book; one is a short essay. It's ten pages. You can read it. You can read about it. At least, there are many people who have iterated on this aspect throughout history, but there is this level. The bottom layer needs to be fed. After having this, you need to be recognized by society, you need love, and finally, personal sublimation, etc. This is how people's needs go up one level at a time.

Also, this is a principle that has been very inspiring to me personally. That isAmazonsThe founder, more than two years ago or a year ago, wrote to his shareholders on a regular basis. He wrote a letter saying that users are never satisfied. He was right. In the past, entrepreneurship theory and business theory said I found a demand. I used a product to meet this demand and do business well. He said wrong; users are never satisfied.

Let me give you an example. Everyone knows an example of a successful Chinese business, Yuan Zhen (voice), made a video. They and I have also been good friends for a long time. He said he already has a lot of stuff, why are you doing this? Have you taken a close look at whether this demand is being met? At least in the US, we looked at market analysis. A video conference has an average delay of 14 minutes. Due to various technical factors, each meeting wastes 14 minutes. This demand is not well met. They are now companies with a good market capitalization. They carefully observe the level of demand and master this principle. Users and customers are never satisfied. Among Chinese entrepreneurs, the rapid number of entrepreneurs is deeply concerned.

What do we think the needs of users are not being satisfied? This is a bit simple and crude; that is, the population, the market. Divide it into groups of people, such as young people, the elderly, men, women, etc., how they spend 24 hours, depending on their needs. Based on this, I would like to personally share my observations that I think are important in the long term, so please pay attention to them.

The first is entertainment. The demand for this is always there, and it is constantly increasing. Don't underestimate the entertainment industry. It includes the content industry. Another major category is games. It's mainly used to kill time; my own thoughts may not be right. Many of the products we made in the past saved time, saved time. Why did we save time? You still have to live these 24 hours, and you also need to kill this saved time. Killing must be meaningful and valuable. My personal judgment is that killing time is just what we need forever, because as society advances and technology advances, we are saving more and more time. From now on, we will only work three days a week and only work 4 hours a day. How can we kill the rest of the time?

I'm personally very optimistic about the content and games. First, let's talk about games. Whether it's a game or a live game, my personal judgment is that it is a sublimation of the essential survival needs of humans. Everyone knows that there are two major instincts in this theory. The first instinct is survival. We had to steal food from many animals in the early days. After we defeated the animals, people grabbed food and fought wars between people. Now that people have reached the stage where people don't steal food, what do we have left to steal? We want a sense of accomplishment. I'm number one, you're number two, I've done this thing, and you haven't done it before.

As an example, when I first arrived in the US, it was '88. I remember very clearly. At that time, an ESPN station in the US had just come out, 24-hour sports news. At that time, many people said that who wanted 24-hour sports news, it was enough to talk about it for 5 minutes a day. Currently, ESPN has not only all kinds of sports, but also college and high school games on a US platform. A high school student doesn't do anything, only plays games, and has an annual income of 6 figures. This trend will continue, because this is a sublimation of people's essential needs. I want to achieve something, I want to reach this score, I've done this thing, and I'm better than a few others. When I was on Yahoo, I didn't have the ability to play rugby; we could play virtually. This demand is achievement; this is a long-term trend.

In addition, there is content. Another instinct of human beings is to pass on their genes to others. By having children in the early stages, we should not have children now. It's not that we don't need to have many, many children. We can spread our thoughts to others, write articles, write poems, and compose songs. If we don't have the ability, we can use two dimensions; two dimensions instead of two dimensions, we can spread our thoughts and actions to others. Spreading the results of the information to others is also a long-term immediate need. I think the entertainment industry is a strong driver.

The other one is the communications industry. Communication is a very low-level skill in human society. I am particularly optimistic about SMS-based things like WeChat. Why? It is real-time and asynchronous communication. Before text messages appeared, humans used to write letters, use horse-drawn carriages, and send them to another location five days later. The Internet has become e-mail, but it is essentially an asynchronous one, useful for more serious communication.

Also, telephony and telecommunications, including online ones, were invented, but it was in real time. I brought a team before and made a mistake. At that time, they used phone numbers, no free ID, and forgot that they had to make an appointment in advance to make online calls, and the cost of collaboration was very high. The biggest problem with real-time communication is collaboration. SMS can be real-time or asynchronous, I can send it to you, you can leave it to you, you can not answer, you answer, I know you are online, and we can interact back and forth. Most importantly, it is a carrier that can carry more and more wealth. I can send you money, send you a song, and send you bills. There is no such communication tool in human history. This is a communication product, and there is a lot of room for development.

Social networking. Let's talk about people. A social product has been in it for two generations, and young people will go to another place with different tools, groups, and carriers. In the past, social networking was basically text and images as content carriers. Like short videos, watch Douyin. Why did Douyin start? We used to talk about defeatFacebookA product that won't last as long as Facebook. What kind of product will beat Facebook? I think it's possible because it's a new product, video.

Consumer categories, let's not talk too much about retail, services. Travel, transportation, travel.

Education used to be about learning knowledge. There are more and more learning abilities, including English, etc., and more importantly, innovation. Let me briefly talk about my personal experience and opinions. Innovation is learning how to make products. In the classroom, I can learn some basic knowledge. Essentially, it is limited. My own experience is that I can only make my own products; I can only make my own products; I can only really learn to start my own business; I can only start my own business; it must be put into practice. I think there has been a major reform in education, because today's universities still focus on skills, and most of the teachers are no longer starting businesses; what we need are real entrepreneurs. You can only really learn when you actually come to the field to learn.

Health care is a huge opportunity. Demand now exceeds supply. There are many diseases that we cannot treat, such as Alzheimer's. There is a lot of room for technological innovation.

B-side, the long-term structure is to reduce costs and increase output. It includes requirements on the production side, client side, capital side, and employee side.

Historically, big B and small B are not the same as big B. Big B requires office efficiency and enterprise process management. Currently, the growth trend is the highest. The opportunities brought by the mobile Internet are the customer's entire journey. Now customers know the whole process, from interest in their products to the final service.

Little B, the biggest need is customer acquisition, and the second is wealth management. There are also capital requirements and business process requirements, but historically it has been difficult to meet.

In addition, there is circulation, the industrial Internet, the industrial Internet, etc., to connect information. This is a judgment on trends in terms of demand. These are long-term trends.

As far as the market is concerned, it is also necessary to make some judgments. Some are long-term trends, while others are cyclical. One demand in China is the upgrading of consumption. In terms of circulation, China's logistics and flow of people must be leading the way. The flow of information is also pretty good. Population ageing is a big driver. Capital has cyclical factors. In the long run, we need to resolve the exit mechanism and dollar supply issues.

The threshold for innovation is constantly being lowered. In the future, we need to become a new service enterprise. Logistics is basically for you like a cloud. The threshold for innovation in China is lower than that for innovation in other fields.

Also, there is region. As we mentioned earlier, you can go to Southeast Asia, etc., so we should pay attention to the international environment and policies.

Next, the most important thing is technology. There are two categories of technology. Basic technology, the core focus is on energy. Energy is particularly important.

Synthetic biology is a very important ability; we have the ability to engineer it. Life sciences, including genes, etc.

Materials, manufacturing, 3D printing, aerospace, agricultural and animal husbandry technology, etc. There is also information technology. Currently, we are facing artificial intelligence, 5G, IOT, quantum computing, AR, VR, etc. In particular, the main application fields of information technology. The driving trends that can have large-scale commercial value are autonomous driving, robotics, etc.

Most importantly, let me talk about digitalization. The biggest driving factor is digitalization. I'll give you a framework and share my views. This framework is information technology. The digitization process has its own structure. I think it is obvious; it is more of my own observations and personal summaries. Over the past 60 years, there has been a new platform every 10 years or so. It has a technical structure, and is closely linked to technology, ecology, and commerce.

First of all, the computing platform is the core. Platform customization is a complete experience that can be extended. The full capabilities that can be extended are composed of front and back ends. The front-end is interaction. Improving interaction is the most important opportunity to unleash new innovative capabilities. At Microsoft, our management is most concerned about the ability to interact. Also, there is the back end. The back end is the integration and coverage of computing resources. There is a large amount of information that can be covered in many regions, including communication.

The ecosystem where the structure of the computing platform extends is very important. The first thing in this ecosystem is that you must have a defining experience that defines this ecosystem at the beginning. The defining experience of the machine ecosystem is like some Microsoft products. Opening the box is a complete left-hand side. Another one is Apple, which defines a new era of smartphones. I myself am quite lucky. I was also one of the first users to buy an Apple phone. At the time, it was a very poor phone call. Apple phones didn't work at first. The main thing is that Jobs wanted subsidies when he promoted the market; only AT gave him subsidies. People who have used Apple phones know that we have begun a new era.

why? For the first time in history, I can work my fingers. That's amazing. Once the fingers are working, our device can be put in the pocket, be with me 24 hours a day, and have the ability to develop. The first Apple phone did not have an app ecosystem, only 6 fixed apps, 2GoogleTwo Yahoos, two Apple's own. I was on Yahoo at the time, and Jobs came here a lot. I watched him launch a new mobile era.

Another good ecosystem needs to support a broad range of application scenarios. Office, e-commerce, search, etc., and there must be a business model that can make money for a long time. Technology and business models will always be closely linked. Its core driving force is the breadth and depth of digitalization. Once digitized, any scenario industry that humans are concerned about, once digitized, its value continues to rise and rise rapidly. Through rapid iteration of computation, we can find the problems we humans need to solve. Digitization begins with a digital desktop, and the era of artificial intelligence integrates the digital world and the physical world into All in all, this is a core structure and trend.

Due to time constraints, I'll pass by quickly. Front and back end, input and output, graphics, the chip structure was initially X86, killer application, operating mode, ecology.

A few points are emphasized here. Let's go back to the market and look at the PC and Internet era. What technology development has established a long-term trend? The first is the degree of digitalization. All the information in an enterprise that needs to be used at the desk has been digitized. Every organization in an enterprise has civilian officers and military officers. All civil servants are digitized, and military officers must be gradually digitized. This is one aspect.

Also, graphic displays, including those on mobile phones, are a long-term capability. I'm talking to you about two people in 1968 who both received the Turing Award. The interactive experience they defined is what we use today. This uses text images to describe a space of thought. It uses text images to describe a space of thought. It uses clicks, swipes up and down, etc. to interact. This is the core of interaction, and it will continue.

Distributed relational databases have been used in enterprises for a long time because all enterprises need to keep accounts. The transformation of software into language made software development a major industry for humans began in this era, and this industry will continue. Who is good at developing software today is also a great career.

Additionally, long-term general competencies are microprocessors, software development, and chips. I want to emphasize that chips and ecology complement each other. Chips and underlying software are not technical issues; they are application ecosystem issues. Especially in the case of today's relationship between China and the US, to develop our own separate chip technology, it must have a complete application ecosystem, underlying software, operating systems, device applications, etc. Historically, we should pay attention to this. This is not a purely technical issue; it is a complete ecological issue.

Also, changes in business models are very important. For entrepreneurs, large companies are just as important. The beginning of this era is when writing software becomes a new career, software needs to be sold, and business models need to change.

Microsoft is a company of this era. Before Microsoft, no one thought that software could be sold; it could only sell devices. Now it's a fact. But inertial thinkingIBMAt that time, it was thought that software could not become a business. IBM spent a lot of energy making PCs. Software was not important, and gave the most drivers to others. The core is inertial thinking. This is something that every entrepreneur and enterprise should pay attention to. The work model of the previous era is not necessarily what the next era needs; you need to explore. This is something you need to summarize in the PC era.

In the Internet age, what has been digitized? What is core digitalization? Some students may not necessarily be thinking along this line of thought. The first is digitizing public information recorded in words and images. What else have we digitized? It's people's interests, people's intentions. I read this article to know that I'm interested in this, especially as a search engine. We know that search engines are amazing. Every day, tens of millions of people search for things. He tells you what he thinks. We said that there is a phenomenon where everyone has a secret, and you wouldn't tell anyone close to you, but you'll tell search engines that we've digitized people's interests. This is very important.

Furthermore, we are connecting time, space, and global knowledge. Because of this, the Earth is flat, and the current development of the world has started with PCs and the Internet. Because of the supply chain and e-commerce, the digital connection of people also began at this time, which has had a great impact on society. Let's take a look at Facebook's influence on American selection.TwitterImpact on the global international situation. Human relationships are digitized.

At this time, the technical foundation was fiber-optic communication, the global wired Internet. We were developing technology at the time, and it wasn't good when the entire global bubble burst. Historically, a bubble was a necessity. This is to lay the foundation. This foundation is a wired network. Anything we can get to the other end of the Earth. This was established at that time. An Internet operating system based on open standards. Today, everyone who develops programs knows that you have a standard, and applications can be iterated quickly. Everyone uses this stuff. Machine learning has become the mainstream of next-generation development, mainly companies at the same level as Google, Google, and Microsoft. They have turned machine learning into the mainstream.

Big data is an era. I am personally very lucky. My team at Yahoo made something that has become a big ecosystem.

Search engines have become a basic facility for modern informatization. Without search engines, you cannot find information, you cannot find information specific to your interests. With search engines, which improve the benefits of society on a large scale through algorithms, search engines bring about a social foundation.

Open source software, developed at that time, reduced the cost for every developer and entrepreneur.

Technology-driven business models, just a few words. Internet, PC Internet, based on services, advertising, e-commerce, and games have become mainstream. why? After the review, I thought it was very easy. We didn't know what the business model was at Yahoo. We worked hard every day. Every day we felt that this company could not survive in the next quarter. Our intuition was that we made history because we had more and more users and traffic, and we didn't know what the business model was. After reviewing the advertisement today, it was only natural that we had digitized information, digitized people's interests, and what kind of things people wanted to buy. Some of the information is a product. It's just an advertisement. E-commerce is also quite natural. E-commerce requires you to give the information and then pay online. Get your products offline.

The same goes for games, especially paid games, which are purely digital.TencentYes, the most outstanding company. This business model will continue. The mainstream is this kind of business model. This is related to its essence.

Let's talk about many technical issues in the era of mobile Internet and cloud. I won't talk about many technical issues. The scope of digitalization has been greatly expanded. We have mobile phones, and we can use them anytime, anywhere, including social networking, payment, travel, logistics, etc. The digitalization of enterprises is sinking. The powerful digital capabilities of mobile devices, just mentioned touch, are even more important: they can be positioned and have cameras. Cameras are particularly important. I think everyone needs to pay attention to it. There are Douyin and Kuaishou in China. This is where cameras are used as the main interaction. We have essentially gone from a space of thought. Indirect interaction based on text and images just mentioned has changed to direct interaction. Breakthroughs in interaction are the starting point for large-scale commercial value creation, so we must focus on this opportunity.

If there is no location, a driver doesn't know where the customer is, and a person who wants to ride doesn't know how many cars are nearby. Now we can know through location.

Wireless communication, like 3G, 4G.

I personally have done a lot of work in this area. I think Apple's ecosystem is flawed, and Android also has its problems. Essentially, the app ecosystem is reasonable for big apps. Downloading one thing is not reasonable for occasional use. I use one thing twice a year, so why download it? The WeChat Mini Program is more reasonable. If the applet is to do well, it is necessary to keep the business alive and make money. This is a lot of work to do. This is something everyone should pay attention to.

Also, there is a new digital infrastructure, China's mobile Internet, such as the flow of information from Meituan and Pinduoduo.

The business model is not good for selling software. It is inappropriate in this era. It is necessary to sell equipment, combine software and hardware, and sell services.

Finally, let's talk about the era of artificial intelligence. At the beginning, there are many technologies in the era of artificial intelligence. The core technology that completely broke the game is a new computational power. We call it deep learning, which uses overlapping phases to extract features for modeling.

Input and output, all opportunities open up. We use sensors and controllers. Voice, face recognition, and all kinds of interaction methods are OK.

The scope of digitalization is essentially the integration of the physical world and the digital world. Scenes of value for humans will be completely digitized. This is the beginning of artificial intelligence.

In terms of entrepreneurial opportunities, if everyone does IT technology, the entire IT technology will be rebuilt. Chips, underlying software, and operating systems will all have to be rebuilt. There are many opportunities to start a business.

It may take 3 to 40 years for the new pillar enterprises to come out. The new logistics and flow of people, starting with driverless cars, began with robots. There is huge space, one of the largest industries in the world. Also, all places will be made intelligent. Today's places are where lights come in, wires come in, and sensors and controllers later. Every traditional industry, entertainment, finance, healthcare, etc., can be upgraded because it has the ability to digitize. Every human career, be it a lawyer, a doctor, a teacher, or an analyst, can essentially improve their abilities.

The new innovation ecosystem, especially like finance, must change in financial capital, take a long time, and be large in scale. Investments in the Internet age are no longer suitable.

The development of human capital was discussed earlier.

Furthermore, the core is data. In the era of artificial intelligence, data is the core production capacity and core capital. My personal intuition is that in the era of artificial intelligence, we are still early, and the business model is not very clear. My instinct is that it has to do with data. Who can capitalize data, who can find a mainstream business model, and nothing can be done without data. I used to say one example, if you want to do voice recognition, I'll give you all of your engineers, you can't do anything without 20,000 hours of labeling data. Some people don't have any use, only data is useful. This is an opportunity brought about by the era of artificial intelligence, and everyone should pay attention to its core.

Next, let me quickly address the question of time.

As mentioned earlier, everything is about deciding what to do and judging the future. How can we judge that what we do is of high value? My suggestion to you is this simple method.

The first thing you need to analyze is which type of business you are entering. Its scale and growth rate are very important. What is particularly important is the growth rate. In the high-tech category and e-commerce category, let's take a look at the growth rate. You know whether you are a high-value enterprise depends on whether your category is large and growing fast.

Second, we need to analyze the ceiling. There is a simple method. T is the amount of usage, and how many people use the product you made. How is Q calculated? Use value, use value is very important, how to calculate it? What's the difference between using my product and not using my product? What is the value of my product is the difference between using it and not using it. Or rather, what's the difference between using my product and using a replacement product. This is your Q. You need to achieve something at your core. Where are I better than alternatives? This is differentiation. Don't do anything without differentiation because it has no value. The only thing you can compete with is price. The first thing in any business strategy is differentiation. This is within Q; your Q must be big.

Also, you need to analyze the channels you can reach. For example, within 5 years, what path will make you a unicorn? The simple income is 100 million US dollars. You need to think clearly about this channel. The US is worth investing in venture capital if it can become a unicorn within five years.

The last point is very important that you analyze your chances of getting value. Here I'll share my own experience. Creating value and getting value are two different things. Historically, many products have created a lot of good value, but if they don't get value, they die quickly, and they can't change the world. To gain value, you first need to have a payment model, have the ability to sell, and have channels to reach. This is the hardest part of starting a business. I'll give you some examples. SNB in the US has historically been very difficult, and we've done a lot of work on Yahoo. It just can't be sold; the sales price is too high and exceeds the cost. There are newspapers and telephone companies in the US that can sell small to medium businesses. You can't sell them here because they sell their own stuff first, and newspapers can't survive on their own. The only things that can be sold to small and medium-sized enterprises in the US are Google and Facebook. This is the ability to acquire customers, and it can be sold to small and medium-sized enterprises.

The cloud era is about selling services, but sales is a big problem. There are many sales companies in Utah, USA, and they are very good at interacting. What do they need to do at their core? Sales are not carried out through channels, but the order volume reaches 50,000 US dollars, otherwise sales costs cannot be covered. Most sales in the US have done this. The core reason SAAS has started is not technology; it is sales; it can be sold over the phone. However, the unit price is up to 50,000 US dollars.

Another example is that there are some with a unit price of 50,000 and cannot be sold, but there are methods that can be innovative. There is an Australian company that initially paid attention to this problem and couldn't sell, couldn't survive. At the beginning, he said we wanted to design a product. They were project management for the enterprise, etc., and we sold ourselves. He said at the beginning that our company didn't have any sales; they did; they are a listed company. This shows that as long as entrepreneurs have the courage to explore, you can always find ways to sell my stuff through innovation, but selling is very, very central. If you can't sell, you won't get value. Much of the work we do is find channels to help you sell.

Another is gross profit. Margin is very important. At Microsoft, we basically only look at gross profit. Margin is not determined by you; it is your value in the ecological chain. A high margin shows that you have value, because you need to reduce the cost of your income. What needs to be done is to be number one in the market; second place is very difficult. If you achieve first place, the gross profit is very high, so you can hit the market. Net profit is not important; what matters is gross profit. You have to take good care of your own business and think about these problems.

Is now the time to enter? One person in the US has done a lot of big data analysis. He said that there are many factors for success in starting a business. The most important factor is timing. Time is more important than everything else. why? What I just mentioned will always be this kind of curve. Most of them have floated here; some have survived on their own. You came here too late. A good example is Apple. Apple is not the first to make an IPOD, not the first to make a mobile phone, not the first to make a watch. Jobs said that everyone can watch, and it is most difficult to see the timing. When you should enter, you have to move in. The core depends on this, especially technology-driven products. At the same time, we need to pay attention to other market needs and trends. One word we have is quantitative change to qualitative change. At this time, there is an essential decline, and some international factors, such as the Chinese and American factors, are keenly controlled. If you want to make chips, the opportunity has come. China's domestic demand is huge, and chips will definitely rise.

You must find an outlet to start a business. This is very true. Without a buzz, it is almost impossible to succeed.

There used to be a saying, Lei Jun said that if you find the right outlet, pigs will fly. This is true. You know you are a pig and fly up. All you have to do is quickly grow wings. Because the wind will stop soon, there can be no permanent wind. Dead pigs that fall all over the ground don't have wings after going up. What you must pay attention to is their ability to fly on their own. It is very important to find a window, and once you find one, you need to build your own ability to fly.

There are two more points to build a competent team. This team, especially the early stage entrepreneurial team, needs to emphasize an important concept, also PNS, whether you are fit to do this. Everyone has to do their own reflection and judgment.

I'm going to give you an example that isn't very suitable. For my height and weight, I decided to play basketball, but I definitely won't be able to do it. If you were Yao Ming and you played table tennis, you wouldn't be able to do it. It depends on whether this is something you did.

Second, we must have a unique point of view and have a far-sighted view of the field of entrepreneurship. The core of our large-scale creation is that you see that the future is not the same as everyone else's. If you see everything the same, everyone is the Red Sea. If you look far, you're right, you're invincible; you see, no one sees.

Also, as a long-term driving force for goals, it's OK to make money; it's not a long-term driving force. After you've earned money, won't you do it? It still needs to be dried. We have seen a lot of big data analysis in the US. Teams that actually go far have internal factors. They are not money, not reputation or inferiority, but their own pursuit and personal passion. This is very important. Early communication skills are very important. Only through communication can you hire good people, finance, and find good opportunities and channels through communication.

Also, there is the ability to build technology. Many people are not from technical backgrounds; you need to find energy for good technology.

I share my experience. Finding a good technician, especially a CTO, is essentially two things. One is like talking to a friend. You have to chase a particularly good lover for several years. There is no way to keep asking him out, chatting with him, establishing contacts, and pulling him out when the time is right.

Second, if you find a cow, a bunch will come. Good technical people are most concerned about two things. What I do, I do it with me. You have this cow person, here I am. This is a place where work is needed.

Some teams focus on the capabilities of the industry, especially artificial intelligence. They must have the depth of the industry, BD sales, etc.

This is a very important aspect of building a core entrepreneurial team.

Finally, tell me how you do it, and I'll share it. For a company in the long run, only two things are important; nothing else matters. Your way of doing things, and your brand. Apple is the best example. Apple's way of doing things determines that Apple will make a refrigerator tomorrow. It must be the most beautiful refrigerator. The way he does things determines what he does best.

Apple's brand, if I put the Apple label on anything, I can sell 30% more. What you can do in society is ability and reputation. Businesses are exactly the same. You have to think clearly about the way your company does things.

In the early days, the most important method of doing things was iteration. Products and sales were dependent on finding good entry points. This is very important. Also, the early core ability was the ability to finance, and the ability to raise funds was the ability to think clearly. You can only explain clearly if you think clearly. Only then can hematopoiesis be formed, so they can live for a long time.

I just finished talking about the five important steps on how to seize good business opportunities.

Let's talk about how to create miracles. Our mission is to help early-stage startups. We started with YC China. We have fully localized the model of the world's most successful accelerator over the past 15 years. We are the original people, and our original intentions have not changed. All of our teams, like YC partners, have worked on products, technology, sales, and growth, and can do anything. Our core is in the early stages, and our entrepreneurs work hand in hand to solve their core problems. We have the highest probability of success and become their long-term partners. Our culture is always about entrepreneurs first; these are our values. Do everything and put the value of an entrepreneur first.

Also, there are a few important points about our YC Achievement Acceleration Camp. Like your partners, we solve problems together, iterate, and sprint faster. We also invited other successful entrepreneurs to share behind closed doors. There was also a training day. Another core part of our event was the roadshow. We invited VC investment in the industry. The last time we had a roadshow in Beijing, 1,200 investors participated, opening up financing opportunities through an efficient process.

Let's talk about our philosophy of YC and Miracle Creation. Normally, in the case of financing, the capital side is the strong side. They have money, and we need to ask them if they want money, but our roadshow design is reversed. Why? Every investor is afraid of one thing. He lost the next Alibaba, he lost the next Meituan, and he is also afraid. We created this environment, we brought a group of entrepreneurs to the stage, caused a situation where supply and demand were reversed, so that each of our entrepreneurs could better integrate money. Our 22 companies did a great job in the first phase. Each company took 3 minutes to launch. Why? They have thoroughly and seriously figured out the five core issues just mentioned through the four-week startup camp. If they don't think it out clearly, it's impossible to explain them clearly in 3 minutes. This is our core work.

For the longest time, we are long-term companions. Through a community-building approach, we invest in every accepted team, and we have a fixed, standard process. Even after the business is over, we still have activities that are with us for a long time, especially through our community to help their business develop, and their future journey will be more and more successful.

Let's talk about our application process here. We only have one website. We don't read the BP; we only ask some questions. These questions are answered in writing. There are no standard answers to these questions. There are no standard answers to these questions. We have to add a 60-second video for our startup camp twice a year. We pay attention to every highlight, and we don't have any restrictions. This is very important. Why should we do this? Really good entrepreneurial teams grew weird in the early days. Ma Yun is looking for financing from you during his seed period, will you give him money? Will Facebook and Amazon give him money in the early days? Any company that grows big is strange. The core is how to find bright spots through these questions and answers. Our purpose is to give entrepreneurial opportunities and investment opportunities to teams that really look far, have long drivers, and go far, without any restrictions, and can do anything. This is our core, the application process for our startup camp. Here are some QR codes, everyone is welcome to scan them. Everyone is interested and will join our startup camp as much as possible.

We also want to do more iterations in the application process, because the cost of this application is to answer these questions, and the opportunities you get are essentially improved, and you can finance it.

Also, we provide more feedback to entrepreneurs during the application process; this is something we need to iterate on.

We look at any field within our miraculous innovation forum, consumption, retail, technology drivers, etc., corporate services, 2B2C, community, security, etc.

This is the field where our last 22 companies were located, robotics, agriculture, AI, education, finance, media, etc. You can see that the distribution of the 22 companies we have accepted is quite natural and broad. Our core is an optimistic entrepreneurial team. Our early focus was on the quality of the entrepreneurial team, and their judgment on the future.

Finally, everyone who did not sign up is welcome. Everyone knows that there are good friends, relatives, and classmates who want to join the startup industry. Our mission and original intention is to establish an early entrepreneurial ecosystem in China through open communities and cooperation, so that every entrepreneur has a higher chance of success.

We have entered the next stage. We have shared why entrepreneurship is a new historical trend, a series of challenges facing entrepreneurship, and how we can use a structured approach and systematized control of this opportunity. At the same time, we have introduced how to create a miraculous career. A lot of sharing is my personal experience and thinking, some I have talked a little more, and some are in the process of formation, hoping to have some value for the entrepreneurs present. Of course, it is inevitable that there are omissions. Please correct them. We would prefer to communicate with you.

Let's move on to the question and answer session.

Question: Thank you, Dr. Lu. I am very happy to attend this event. The question I'm asking today has something to do with you. I have been in three startups for the past five years. One has closed, one has sold, and now I'm working on it. It's doing a great job.

Lu Qi: Did you apply?

QUESTION: No, right now.

Doing a good job now, I've run into a bottleneck. I use a model mindset to look at these three samples, and I'll find that when they encounter these challenges, you analyze the reasons within them. One very important point is that the founding team's cognitive ability is bottlenecked. We look at the founding team's cognitive ability, and its own core business team, and its ability to iterate, adjust, and upgrade according to business development. This is a common denominator that I have seen in my limited sample.

This is related to what you just said. Everyone knows that Alibaba has today. Eighteen Luohan, who started a business with Jack Ma, is not in their core team; they are constantly optimizing along the way.

My question is if this is a business you invest in, how can you help the founding team break through the bottleneck?

Lu Qi: This is a very good question. Obviously, it's a technique for making models. He said that everything has characteristics, and characteristics can be expressed and modeled. Your analysis is very accurate. How far and how well a startup can actually go is closely related to the speed at which the founding team's cognitive ability and cognitive ability improve. And how did this cognitive ability transfer to his team's execution and culture. The question asked me about Alibaba, a very successful model. It is through organization, culture, and the establishment of a system where Ali people can systematically improve their abilities.

How do we do that? The first is through our communication, which we tailor to the different stages of our startup team. We have quite a bit of experience. We often talk to every student in the Miracle Creation Forum. The feedback we give you has several characteristics. First, the feedback we give you is often our actual advice. You have to listen to what you don't want to hear. We speak 100% honestly, including improving cognitive ability, building a system, etc.

Second, we attended classes. For example, in the first phase of the startup camp, we invited Alibaba to be the first famous student of a cultural organization (voice) to talk about how Alibaba did things in the early days, and we did it through groups.

With long-term companionship, we have helped our company continue to improve their capabilities in this area for a long time. This is our commitment to them. This is a very good question raised.

Q: I'm honored to see you today. I've known you for many years.

Lu Qi: At what time?

Question: We only met today.

Lu Qi: Understood.

QUESTION: Why? Your words have always moved me from the bottom of my heart.

Lu Qi: Which sentence?

Question: This sentence forces me to start a business even if I die. What is this sentence? Businesses in the US all start from zero. The person Lu Qi wants to support wants to start from zero and compete with Americans. But Lu Qi, you didn't do a good job. Today, all of my partners are on the scene. I invented breadth learning. At only one-millionth of the cost of deep learning, artificial intelligence can enter consumption.

Lu Qi: Have you applied?

Question: I applied last year, and your people didn't understand. They kicked me out. Everyone applauded me. Three Canadians invented deep learning, ten years ago.

I'm here now to be a technology partner with you, improve artificial intelligence in China, and give me this opportunity.

Lu Qi: Thank you and everyone's applause. His courage, feelings, and persistence are worth learning from all of us.

QUESTION: I just need you to remember my phone.

Lu Qi: Thank you, a successful business requires this kind of enthusiasm. Thank you very much.

Speaking of this, let me talk about it. Deep learning, three Canadians. This is very interesting. When I was a PhD student, there were three people who received the Turing Award. He became a professor there, then he went to the University of Toronto. Why? He is a member of the British Communist Party. He doesn't get much support at Carnegie Mellon University, so a few of the biggest names in deep learning are in Canada. This is a great episode in history. It proves that a country really wants to innovate and do a lot, and it must have a tolerant mentality to let the best people come. We hope that in the future, the best talents in the world will all come to China to start businesses and apply for miracles. I just happened to use what you said about Canada to tell me about this little episode.

Here's the last question.

Question: Hello teacher, I am a student starting a business. I have a question. Recently, I met a technical partner of mine. My question is that in terms of starting a business, there are complementary abilities and values. Which of these two aspects do you think is more important? If we set a rule without considering values, can we start a better partnership? Thank you teacher.

Lu Qi: This is a great question. Let me briefly talk about my personal experience. Especially with co-founders, this is my experience.

In the past, in American history, there was a person who was the CEO of General Electric Power. What he often talked about was ability and values. Results, good results or poor results? If this person has strong abilities, good values, and does a good job in the company. Strong abilities, good values, but poor results. You can consider staying with this one. Strong ability, poor values, poor results, get rid of it. The hardest part is having strong abilities, poor values, and good results. This is the hardest thing to do. Historically, you will always have to make a decisive decision to ask him to go because this company doesn't go far.

But let me tell you another lesson of my own. When you do anything, you must have principles and be pragmatic, because if you don't have principles, you definitely won't go far. If you're not pragmatic, you probably won't be able to walk even one step. If we adopt the agreed method just mentioned in the early stages, let him contribute to what values allow him in the early days of the company, and then talk to him about it well and get along well, our company can go a long way. We need to be kind to every employee. Where values conflict, there must be communication, our company is good, we need to go a long way, and we are not consistent in this issue. We need to find values in the early stages, and not be overly arbitrary in certain situations in the short term. Every enterprise must survive, and its products must be handed over, not just a startup. No company can have certain rules, experience, and it is difficult to make decisions like this through long-term thinking. Sometimes communication is difficult, so let's summarize.

If you want to find a business partner with the same interests as you in the long term, you also need to be pragmatic in the short term. Under appropriate circumstances, you can coexist for a stage and come up with the core things. This is my answer.

That's all for our Q&A session.

Below is our Office Hour schedule. We invited some startup teams on the spot to give us a demo. How many companies did we sign up for in total? There are more than a dozen companies. These are the names of the companies and people you see. I have selected them randomly here.

Next, after the interaction is over, our entire Miracle Creation Team is here today. Our 6 full time people are here. We hope to have a lot of interaction with everyone. We hope that we can communicate until our live event is over, and we hope we can also answer your questions and provide information. Everyone will apply.

We have 5 entrepreneurs on stage. The first interactive session we did was ask everyone to spend 2 minutes introducing what your company does.

1: Our team has actually been working for quite a long time, for five years. In the last three or four years, we have actually encountered many difficulties in IOT-related applications.

Lu Qi: Tell me about what you do.

1: We are a monitoring device for the IoT vertical industry and the ubiquity of natural resources. That is, it receives data on mountains, places where mudslides are likely to occur, and provides services for alarms and early warning.

Lu Qi: Next.

2: Hello everyone, we are making a wearable device that allows blind people to travel independently, using millimeter wave radar and vision systems. Our products will be released from April to May, and we are also planning to release our latest products at CES. We want this product to allow blind people to travel truly independently, and we also want to make a device they can actually afford.

3: Hello everyone, I'm from Zhejiang. Our company is doing the digital transformation of traditional industries and the oil industry. This refers to enterprises with operating conditions and various types of marine use and card collection at sea. Of the two parts of business we do, the first is about trading platforms for these oils, and the other is about digital oil depots. It is about information sharing, capital sharing, and physical facility sharing in this industry. Through these, we provide transformation, collection, and retail services for upstream and downstream enterprises. Our company was founded in June '19 and launched on the company platform in September. We had revenue of over 40,000 in the first month, over 120,000 in October, 270,000 in November, and 460,000 in December. Overall results were good. At the annual meeting yesterday, we signed an agreement on the Angel Wheel with a valuation of 50 million.

4: Strictly speaking, our company was not founded. I am a college student entrepreneur. I had an idea in April, and it was eight months until December. We received a round of 2 million seed funding, 10% of the share.

Lu Qi: What kind of products do you make?

4: We are positioned in the upper reaches of industrial software. Our goal is to be the first 3D design CAD software in China that supports team collaboration. It is native CAD software in the cloud. The goal is to improve design efficiency and support collaboration among native teams. The overall use is more convenient and the performance is higher. This is my introduction.

Lu Qi: Next.

5: Hello everyone, we make artificial intelligence. We work as a channel in the international market. We hope to help these banks more accurately through understanding the international market and grasping international market data, and providing a more convenient way to their users' process rates. We hope to do this through our professional technology and our strong consulting background. Our current customers include one of the banking platforms with the largest share of the UAE market. We hope to promote China's AI technology overseas through our strength. Thank you.

Lu Qi: We would like to thank the 5 students for their brief company introduction. Next, let's do some interaction, so I'll start. I ask you, what does he do?

2: Not very clear.

Lu Qi: Who knows what kind of hand he raised.

Guest: Sensors, mountain environment monitoring.

Guest: Debris flow monitoring sensors.

Lu Qi: What is he doing?

2: CAD industrial software.

Lu Qi: Why are we having this kind of interaction just now? First of all, did you understand? What does each of their businesses do. Second, even if you understand it, can you remember it? This is the starting point of the first interaction we need to do during Office Hour today. At the core, when you introduce your company, especially when introducing financing, the first thing we need to do is clearly explain what your company has to do in one sentence. One sentence should not exceed one sentence. You have to talk about two points in one sentence to let the listener know what you are doing. It is obvious; it is not for others to think about it before they understand it.

Second, one sentence should be very clear about why this work is valuable, and one sentence should include these two points. What you do, and why is it valuable.

The product made by this student just now is relatively easy to remember based on my own experience. Why? He works as a product for the blind. He has a simple law in information theory, and found that low-probability vocabulary represents a little more meaning, because there aren't many products for the blind, and occasionally there is one.

If everyone says I'm an AI or big data, I generally can't remember it, and I don't add points. These are all big words. What you need to be clear about is what I do and why I have value. The product itself is more than an experience, an ability; it must go to market, and customers must have value. Next, we will interact in reverse. Ask every student on stage to explain your company clearly in one sentence.

What to do and why is it valuable.

5: Our company works in the field of artificial intelligence to help banks in international markets guarantee user retention rates.

Lu Qi: Next.

4: We are the first cloud-based 3D CAD design software in China to help designers improve efficiency and reduce costs.

3: Our first offshore energy supply chain platform helps reduce inventory and communication costs up and down the supply chain through transactions and digitization of oil depots.

2: We make a product that allows blind people to actually travel independently. Currently, there are 30 million blind people owned in China, adding 2 million every year. We really want to make a product that allows them to travel independently.

Lu Qi: Your product has a lot of special value, but I have to give you a direct feedback. You are not a sentence, you are a few sentences, you say it again.

2: We want to provide 30 million visually impaired and blind people across the country with a wearable device that can travel independently.

1: We are doing landslide monitoring sensors and monitoring services.

Lu Qi: Let's write it down a bit. I will now interact on stage, and then everyone will comment and suggest some comments and suggestions on what they said.

First, for this classmate, who makes wearable products for the blind, first of all, the value of this product is very special, and the number of people is large enough. Some people say that users from all over the world have the same needs for blind people all over the world. However, the more clear point you haven't mentioned here is the specific form of your product, because wearable devices can be worn on the body or on the feet. My intuition is that you wear it on your eyes, or a type of wearable device. Wearable devices are very versatile; watches and glasses are all wearable devices. The more specific you are, the better.

As a feedback for everyone, I often talk in one sentence about what you do, our historical experience, and especially with investors. The more specific you talk, the better. What you have to weigh is that what you have to weigh is that what you say is very specific, and there is probably no room for extension in the future. A good investor, for example, Shen Nanpeng is below. He himself would imagine that you don't want to talk about everything; you need to talk clearly. This is a very important place.

Also, among the 5 students you just mentioned, I think the value you mentioned was very clear. That is, blind people can travel independently, and don't bring dogs or help from another person. The value of the product you make is very clear. It's independent travel. If you don't talk clearly enough, it's just the form of the product.

For the other 4 students, everything about value is OK, but it's not clear enough.

For example, help foreign banks increase their satisfaction and retention rates by how much? Is this an American bank or a Singaporean bank? That's too general. Your product format uses artificial intelligence. It is generally recommended not to use artificial intelligence or big data. In most cases, no points are added, but points are reduced. If you were to be specific about the kind of structure I used, what characteristics I used to model, and my model helped banks in Singapore increase their satisfaction by 50%, this is a good remark.

Earlier, he mentioned the first cloud-based 3D design in China. My first instinct is, you have to be careful. Are you really the first? I think it's the first one in history without points. You're mainly talking about what your value is. You're probably not the first one. The risk you take. If you find out that you are the second, the impression immediately deteriorates. The first one is not recommended. Unless you invent something that changed the world, the first to do this thing on the cloud may be valuable; it may not be worth much; you have taken a risk. My first instinct is that we give feedback. Speaking with our truest ideas, we won't keep it. We don't think what you're saying is good enough; we will talk directly. We are 100% bound to your interests. Every other student has this opportunity. What we're talking about is probably something you don't want to listen to.

The first one I just talked about is the cloud, and the second is value. Is two-dimensional design in the cloud more efficient? Still, the original design can do anything, what can't be done, the customer doesn't know who is, and who is paying for it.

This classmate talks too long. Our offshore resources, platforms, etc. feel like a bunch of things; you have to subtract them. I want to know clearly what your core products are, how do you make money, if you say I am a platform resource, upstream and downstream integration, etc. I don't know how you make money, what value do you bring to your customers? I didn't understand.

There is also this classmate who talks about natural disaster monitoring and sensors. The good point of talking is that it is very clear and very specific. Sensors, tests, natural disasters, what kind of natural disasters? Was it a typhoon, or was it an earthquake.

2: Landslides.

Lu Qi: I didn't understand this; this is very specific. How much is it worth, and who is paying for it? How many landslides have occurred in China and how many around the world? Saying a sentence is an eternal process. Why do we push every team to explain one sentence clearly? This is not a clear explanation; it is a question of thinking clearly. This is a question of habitual strategic thinking; it is a question of having the courage to subtract. If a company does a good job in strategy, it has the courage to subtract. Basically, it doesn't go far when it comes to everything it wants. This is very important.

Next, I'll ask my colleagues to make some comments.

Guest: Let me just talk about my feelings. Generally speaking, everyone's talking is too long, and none of them have a very simple sentence that leaves an impression on you all of a sudden. This is just like meeting an investor in an elevator. How can you move him with one sentence? There's a gap with this one.

As an example, they also said, a case from ShanghaiB station, what did they say about financing to investors? He said we are an online Disney. Why do you say that? One very important point about this sentence is that you don't create too many new concepts. You have to talk about existing categories that they can understand, and they can figure out what you do. Otherwise, if you don't understand what you do, people won't be interested in digging deeper.

Guest: Now that we are reviewing the applications for the Miracle Founding Forum, many entrepreneurs have a very common question. They like to describe their thoughts very big, and there is a problem after they have been portrayed a lot. I really don't know what you are doing now. If we don't know what you do, we can't start a conversation.

Some of these on-stage projects just now have this problem. For example, if you are helping banks increase their retention rate, what is your product? Do you do user analysis or data services? I have no idea at all.

Second question, you need to highlight your own characteristics in your words. There are probably some platforms on stage that talk about making wearable devices and oil for the blind. What are your characteristics? When you cut this sentence from a certain angle, can others remember what you did? If your progress is good, you can say that the oil platform grew 50% every month for three months. If there is such good progress, it can be said that often startups are not progressing very well at the beginning, so you can consider positioning it. What's your crowd? For example, among your blind people, can't you be all blind, first-tier cities, second-tier cities, or blind people of old and young people? These can all be considered.

Or what kind of industrial field to start with. In the beginning, these companies had to establish their bases from a very small point. Lu Qi just mentioned in his speech that the most important thing for a small company in the beginning is to improve satisfaction with its products. The only way is to target a very small group of people and make this product whatever they want. This is the situation. Basically, the beginning is a relatively small one; only after you have your own base can you grow into what you describe as a large, long-term company. It feels like this.

Lu Qi: Due to time constraints, generally in our Office Hour, we ask every student to comment on another student. The first is to help your classmates, and the second is that the process of reviewing and helping also inspires you. Office Hour is a very important part of our business, building a long-term team and community atmosphere with each other. Today, due to time constraints, we will not let everyone comment on each other.

Let's move on to the next question. Relatively speaking, it will take a little while. The second question is asked to be answered by every student on stage. The time is two minutes. This is the question. Assuming you want to be integrated into the next round within three months, what are your goals for the next two weeks? Your goal, your mission is to finance the next round of good money within three months. You must survive these three months. If you want to move in this direction, what are the targets you have set for yourself for the next two weeks? Explain the background. One important point for every startup team in our Miracle Creation Forum is to maintain an iteration rate. Iteration every two weeks is more appropriate. One aspect is that the time is fast, and the second is that you can leave enough time to think. Your goal is to get to the next round within a month and take a step back. What are your goals for the next two weeks?

When you talk to investors, you usually talk in three minutes about what you do, why your work is valuable, why he wants to vote for you, why is it a good time to enter the market, your team is a team that can make this happen, and how you do it, including your growth, how you cut it, and how satisfied users are with you. As the company's founder, CEO, and iterative financing is the core of this stage. The last step for you today is to set what I want to do for two weeks, with the goal of integrating into the next round within three months. This time, the order starts from there.

3: Thank you Dr. Lu. If after three months the valuation is to be doubled, and in the next two weeks, we have to negotiate with 50 intermediaries; our oil is distributed through intermediaries; we need to negotiate with them; we need to reach cooperation with 5 companies; we need to collect 20,000 tons of oil in two weeks. This amount is more than 100 million yuan. Let's talk about the three oil depots. If one has a cooperation agreement, its volume cannot be less than 10,000 cubic meters, so that it can meet our demand for 20,000 tons of mining.

In terms of revenue, a single transaction is a net profit of 500,000 or more.

2: Next time, I will go through all the project points again. At the same time, I will prepare a corresponding financing negotiation plan with investors and list it in detail. In these three months, I want to accumulate quantity.

Another point is, according to our original plan, our sample time must be half a month in advance. How can we plan this half month, and how can we achieve the fact that it is 15 to 20 days ahead of schedule.

4: Our products have been developed throughout the product development period, and we have just received financing. What are our next goals? First, we need to switch engines. We used to have 30 students, and now we will recruit people from 10 circles for development. When it comes to CAD, the domestic market environment needs to be opened up by industry, education, research, and use. Currently, we have only opened up production and use. Our next research, that is, cooperation with universities will be negotiated with three to five schools over the next two weeks.

The third thing is, we must ensure that this version is iterated from the development version to the open beta version within three months.

1: Within three months, two more weeks will be the New Year. According to the current juncture, we will welcome the Chinese New Year in the next two weeks. I am really considering this issue. We haven't considered financing within three months before, that is, we have to get financing in early March. The first thing we need to do now is to kick out the most advanced centimeter-level high-precision positioning testing machine a few years ago. If it is financing in March, the effect of this thing is very important. A few years later, I went to the mountain to verify it. In March, there was a specific proof. This is a core point.

A few years ago, there were not many other market activities; the other one was service electricity. If I want financing, I understand that I have gained a lot from Dr. Lu's point just now, that is, how to make money back. Currently, there are many government projects. If we want to finance, persuade investors to be normal, because the potential points of natural disasters determined by 300,000 countries in China now are far higher than 300,000, and the country does not have that much money. These 300,000 countries have already borne the burden, and there may be 10 or 20 times more hidden risk points left. We use a universal method to provide a monitoring service. We will sort out the framework and model of this service within two weeks.

5: Over a period of two weeks, I want to help my team confirm the room for growth in this cycle in the future. I don't want to go directly to the market to finance money. I have understood with my team members from the operational and marketing aspects to confirm the necessity of financing. I will have an understanding with my consultant and my former investors to check whether there is still so much room in the market in the future cycle, and then determine whether financing is needed. If possible, work with the team to prepare for the next round of appointments between BP and investors.

Lu Qi: Five of our students shared it. I first gave each team some reviews, some suggestions, and then my colleagues also had some suggestions.

The core is rapid iteration to clearly think through the core problems of our business and improve our probability of financing. Starting with the student on the far right, I think the sentence I just said has basically failed. Why? What you're talking about is communicating with the team, preparing market analysis, and preparing a BP for financing. These are all forms and processes. What is your core work to be done and what do you want investors to see? You found the core points, my feedback on you. You must have paid users, orders, and customers within three months. Where possible, you'd better have a growth rate; for example, your order volume is increasing. In other words, you are in the early stages, and your product is not in place. The least you need to do is have test users, you have customer letters of intent, and our team of five, core feedback. Because you want financing, the most important concern is whether you find a product that people are willing to pay for, and can grow rapidly.

What you just mentioned is far from this, because financing cannot control the point in time, so finance when there is a good opportunity. Today, capital is scarce. If you have a good opportunity, you need to communicate. If you do it, all you have to do is iterate at a high speed. It is that you have a clear proof that there is a growing trend of paying users, preferably paying customers, first order, second order, and third order.

This is particularly important. Furthermore, the tight pace and high intensity are not only you, but 5 students and we have this suggestion. If you come to attend the Miracle Founding Forum, we would suggest this. The Miracle Founding Forum is ten weeks from now, on the road show day, and the next round will be integrated. The mindset you need to have is to jump to a height you've never jumped to before and sprint to a speed you haven't sprinted before in your business. The core is to think clearly about these five questions. You can talk to any investor within three minutes about what I do, why is this a good time, why is this a good time, why we are the best team, why are we the best team, why are we doing things with barriers, and we are growing rapidly. First team, you have to work a lot, a lot.

The second team, your basic idea is to focus on your product, which is basically right. However, the product will never be enough; from the perspective of financing, the product will never be enough. If you have three months, you'll get at least one order. My instinct is that you may have the chance to complete several orders, and there are connections between them. I'm here to give you a way of thinking. In the early financing environment of starting a business, all you need to do is dig a large well. You know the source of water is here, and a good market is water rolling in. Why is the growth rate important when you dig? Water has penetrated the channel you want to dig through. Each list is a drop of water. This water is related. What you should not dig is a pothole. Occasionally, you see a drop of water that is useless because there is no growth. Your best place is where water penetrates, so you must pay attention to the growth rate.

Second, I really can't find a paying user; I have to find a letter of intent. When you sign a letter of intent, you have to say that I have signed a letter of intent with you; if I do ABC, you must pay for it. A typical letter of intent is useless. It is very clear that you want this letter of intent. I give you this product, you use it, I can do it quickly, the effectiveness is this, and how much do you pay for it. You need to get the most direct verification that customers are willing to pay. This is the most important thing.

For this classmate, you've already sold, you're already in the market, and you want to grow at the speed of growth, you talk to 50 customers. These buildings are right, but the speed is far from enough. At such an early stage, if you want rapid growth, you must have this mindset. I want to jump to heights I haven't skipped and sprint until I've never sprinted before. What method do I use to do it? I encourage you to do this. If you are the CEO and sell it yourself, it is very important. You are the founder, you are the CEO, you must be close to the customer, and you must be the one who sells the most. If you don't sell, you don't even know how important the value of your goods is to customers. If there are any adjustments that need to be made, your overall thinking is correct. Move in the direction of the customer, and speed should increase on a large scale. There are a few startups in our Miracle Market. One company's sales increased 20 times in 10 weeks, and your sales increased by at least 5 times in 10 weeks. You told investors that I used this rate of growth.

For this classmate, your product is very special. Your technology was just said that you should be able to launch in April or May, and your core was also mentioned. What kind of people are you, what kind of market you are, what you need to do, the first is to pay. If you want to design who buys it, the hospital buys it, the community buys it, parents, children, or blind people buy it themselves, you need to have a clear way to enter the market.

Also, it is necessary to show a clear usage amount, how many blind people are using it, how many hours a day, and how they are growing. The amount of use of this product was very important in the early days. Your core is for blind people to walk independently. They can actually use it every day, so that a blind person can go to work every day, and the value is getting greater and greater. Where you want to sprint is to be right for the crowd, find a good payment model, and pay attention to usage.

For this student, you are targeting natural disasters. Some of your market entry into the market is related to the government, because natural disasters are relatively related to insurance and government policies. What you really need to do is an organization with a clear payer, whether it's the government or an insurance agency, preferably the insurance industry. Because if the insurance industry had better predictions, its insurance ability would be stronger. Technically, this is a relatively difficult product to test. You can only do a lot of simulations. Natural disasters are not a normal product. I think you need to sprint. Of course, the Lunar New Year will still pass. I hope you can maintain a proper sprint speed during the Lunar New Year. The core is still going back to the end. The product market matches, the speed of growth, and there is a very, very clear future market size.

Finally, as CEOs and founders, if you want financing, you need to clearly explain these points, and if you want to turn them into subtasks, you need to break this down until you can iterate on it every week. Am I going in the direction of the government or an insurance company and splitting it up into sub-tasks. In order to answer this question, how many companies do I need to consult, and how many analysis reports I need to read, and make decisions within a week. Making quick decisions is always better than making slow decisions and not making decisions. Even if you make a mistake, you know it's wrong, and move in the right direction right away. Keep up the speed, jump to the top, and sprint to a speed you didn't have before.

Please ask my colleague to add it.

Guest: I'm not commenting one by one. First, I'll talk about some rough goals of this part of our startup camp. The first is that you can feel that we work with everyone in our daily Office Hours. We really do it with every team. In the group, we help our projects discuss issues, find ways, and achieve stage goals. This is a very important method for us, and we don't have any other entrepreneurial programs. We do it one on one.

The second form I don't know how people think about it. For an excellent founder, this goal should be in your mind. When you meet an investor and communicate, you can make him feel what you want to do and let investors know what goals you have achieved for yourself. It is very clear that everyone has confidence in you.

I have just experienced intuitively that no one has a clear idea. The scenario we have set is three-month financing. You should know very well what your goals are for three months, what level your company will achieve in stages, and you should be very clear in your mind and be able to communicate with your subordinates or investors at any time.

Our startup camp, where we have an Office Hour every two weeks, also hopes that we can establish a clear iteration rate, set clear goals for your own company, and then follow up and advance. This is an operating habit that every company needs to develop. I am making these additions.

Lu Qi: In our startup camp, every two weeks, we have to report whether you have achieved your goals in the past two weeks, why haven't you achieved them, how can you achieve your goals better, what are your goals for the next two weeks, maintain a tidy heartbeat rate, and always keep iterating at a high speed, constantly rising, and constantly accelerating. This is very important. You have actually achieved the roadshow rate. You have taken the stage with full confidence, you have thought through all the important issues clearly, and your abilities have improved. Let me add this.

Guest: Let me give you an overall review. I'll say three points.

First, I will also communicate with my fellow students in our startup camp. We started to talk about financing for three months. This week, when we started talking about financing, we basically failed. In the current environment, of course, financing is important, so it is important to keep you alive, but in the end, we are matching our products and markets well. We have good products, good users, and natural investment. Investment financing is a phenomenon where the final product is well made; it is not something we should mainly observe in our business.

Second, I did one in the report just two weeks ago. If we talk about technology, we will have points deducted. The first two aspects of our work were users and products. Who are the users now, what users you tried to find in the last two weeks, what were their feedback, what kind of customer acquisition experiments you did in the last two weeks, if it was a B-side sales experiment, what agents did you run, and what kind of sales experiments you went to, and what kind of sales experiments did you go to, this is probably what we want to hear even more. Then on the product, what iterations did you do in the last two weeks and what iterations did you do on the product for the next two weeks? This relates to what our colleague said. We have goals for three months, so we need to break it down into a goal every two weeks. None of this is scientific research. Every two weeks, you must have a sub-goal that you push yourself and your team to achieve. If your product is to be launched in four or five months, you must have a goal. The team in our startup camp needs to find a way to do user experience testing when the product doesn't come out. It may be a semi-finished product test, it may be a questionnaire, or it may use other alternatives to do some testing. These are necessary. We must guarantee the speed of one or two iterations every week. This is something that startups must do.

Last aspect, another big topic we had in the early days was survival. You have to test early on whether you can collect this money from users. We rule out that some C-side users just do quantity, not fees, and we understand. Most companies want to survive on their own in the early stages, especially in an environment where refinancing is not good. How do you collect money from every user on your own, including running your UE, what you sell, how much it costs, and how much you collect? This is probably a matter that is much better in the early days than how you want to finance, how you refine your technology, and is more useful to you in the long run.

In our startup camp, every two weeks, we will meet with our company to emphasize these points. This is what we and the company on Taiwan need to explain.

Lu Qi: Very, very good point. What I want to emphasize in particular is early entrepreneurship. The most important thing is product market matching and survival. In the early stages of product market matching, every student in Taiwan should pay attention to user usage and user satisfaction. To optimize in the early stages, the sprint speed must be high and fast, but user satisfaction and user usage are at the core. This is the foundation of the foundation.

Finally, maintain the speed of iteration and maintain the overall heartbeat rate. The same goes for our Miracle Forum itself. What we pay the most attention to is the satisfaction of our users. If you come to the Miracle Creation Forum, what we are most concerned about is your satisfaction with us, each of our partners in Miracle Creation Forum, and whether everything we do is of value to you.

Their feedback on us and their suggestions for us, including the students who just came to the stage, are the most important because they are our users.

Similarly, the Miracle Creation Forum also needs to be alive, and it also needs financing. It requires continuous iteration to find paying users. The best verification is the user's usage and satisfaction, and the best method is continuous iteration and continuous thinking.

Finally, I would like to thank these 5 students who came to the stage. Each of you is a very outstanding entrepreneur. Each of you has had very, very good opportunities to start a business and create large-scale and valuable business opportunities in the very long term. We applauded the 5 students on stage and thanked them for their interaction with us and the value they brought to everyone.

This concludes today's sharing event, thank you all.