oral | xiao-bin wang is reflected boring technology founder interview arrangement | | Chen photography Chen Teli
this article published in “the world of finance and economics” weekly 6 October 2014 issue of
according to the popular word now, I was once a poor performance in “students”, in the domestic building school didn’t graduate, then go to Germany to read the book last 5 years also didn’t get a diploma. But I think, life is to keep on learning, experience itself is the greatest wealth.
my business experience should be in Germany began reading. I after school has got a part-time job in a music web site, it is 2000 years or so, the Internet just started, the company’s business model is simple, is through the Internet selling records, but did the size of the annual sales of 400 million euros. Company of the small town has bought an old railway station, decorate into office, the people who work in the cool, fashion, most of the time I don’t think this is a company selling records, and will be considered to be a creative company. The culture and atmosphere of the company until now still affect me, so now do inWatch, I always tell my staff now, we are not a smart watch company, but a company selling fashion.
in Germany when I was with a classmate of the partnership to do import and export trade, mainly put a lot of cheap exports to Germany to sell in China, mainly through online channels at the time, in 2002 in a computer trade met cheats, 140000 euro loan in the past, the people can’t find it. It was a great shock to me, is all my money in Germany work-study programs and spread out, but since then I will be how a mind to do business.
after the Spring Festival to return to home, over the years have severe acute respiratory syndrome (SARS), I don’t want to back to Germany, they went to Shanghai to continue business.
my first project in domestic reference in Germany that the Internet company, is the way of using P2P selling music.
I have some good free music abroad especially evening music uploaded to the server, and then provide paid downloads. The name of the website is “RaveChina”, because of the characteristic, we completely rely on word of mouth marketing done first in the country. This project started with basic is zero cost, but for me to earn a few million.
then we are getting more copycats, copyright control is becoming more and more strict, the key is later appeared, this software can be downloaded for free network resources. In 2005, I’ll turn off this company.
then I actively looking for other project, the middle had a social networking site around music, not to do, later concluded that social reflection should be platform type products, vertical in the field of social networking sites no future.
I was a little bored, on the Internet in 2006, just with a few friends to do the chain DM magazine. My train of thought is the magazine free put in some cities the fledgling cafes, tea house and star hotels, and then rely on advertising and soft money. In content, half is the content of the general, half is localized content. So, channels fixed, content is low cost, printing cost control, and choose rich regions in advertising underdeveloped economy.
I was betting that must be a good business, are suddenly shop in Yangtze river delta region, the ten cities, such as suzhou, changzhou, wuxi, a city to set up an office, and then start to recruit advertisement.
this crazy soon brought consequences of expansion, the magazine only four period, cash flow is broken, the company account lost nearly 10 million, I can only stop quickly, turn off the company.
later see, the business must be slow and steady is the hardest lesson to me, don’t lie, and then to certain trends, know when to adhere to when to give up. Now, if I don’t try so hard to turn off the company, to stick to a few months, you can wait until the outbreak of the third line cities real estate advertising.
so until 2008 when doing deals I have learned a lesson. This is a start from internal business projects, the concept of group buying abroad was already up, inside there is a young man wants to try, I will give him 1 million to wuxi group-buying, didn’t think he spent only 300000 began to profit. Then we started to careful expansion, entered the five cities in 2 years time. The project cash flow is very good, the basic cost of 300000 per month, 400000 profit.
at that time, the group has been hot up at home, the so-called “thousand regiment war” has been kicked off, giant shake handshandle, glutinous rice,’s have left hundreds of millions of yuan, I have a look at play, or financing do big quickly, either a buyout by giant. Then we chose the latter, because as a third-tier city group, to achieve capital appreciation is not so easy. In early 2010, we have five cities site package sold in 3 million to a group in the top three.
from the programme and turned back, and I began to look for new projects, as a serial entrepreneur, at this moment I have clearly realized that to grasp the trend is more important than find advantages. At the time of the hottest is supposed to be the mobile Internet, and I will start from 2008 to 2009 separate follow some bosses do angel investment.
I noticed I invest a technical team doing AR enhancement technique of real products already very mature, I mean talk to public comment on nets, see can combine their POI marked information point (map) cooperation do something, but not settled. Later to talk about buying a 4 a advertising company, I sold the company, keep a 30% stake. Later after the 4 a company received financing 40 million kicked the technical team, is equal to the team in my hand, we had to do some software outsourcing business.
when I encountered a partner is very important for me now, also is the CTO company now. His background is to do hardware, originally we just cooperation, my technical team to help him with phone ROM. Later, the more we chat the more speculative, ready to cooperation in the field of intelligent hardware do something.
I change my entrepreneurial cities from Shanghai to shenzhen, from the role of angel investors into a professional managers, the official start of the team together and internal management.
choose smart watches this direction a little coincidence. When we receive orders for the Dutch company do watch mobile phone, and apple just released to do iWatch. I and partners are keenly realized that the market there is a huge demand, we must take the products in the forefront of the apple.
during the process of nature is very difficult, I never thought to do hardware so difficult. The first batch of the sample rate is very low, we were to a piece of glass waste 4 months time. In April 2012, I almost want to give up. But so many years of entrepreneurial journey made me realize that give up easily be wasted. In August, the product finally have the looks, in October, the whole team stopped all software outsourcing business started into inWatch development process. In August 2013, we are finally out of the first product. Intelligent hardware has been very hot at this moment, entrepreneurs and large capital to pile in. Such as intelligent hand ring, now many imitators and a copycat, burning money everywhere.
this niche probably didn’t know how to play dead. This situation is a bit like the group-buying industry, but this time I already had experience and confidence.
we now angel investors is also the nation’s largest chain company offline sales organization’s chief executive, online we work with jingdong, which is equal to solve the problem channels. On the supply chain now foxconn to OEM for us. We have established offices in the United States, to keep an eye on the smart watch for apple and Google. I’m not worried about competition, because we have already established the first mover advantage in domestic. Moreover, the company has completed A round of funding, I have plenty of ammunition to cope with competition.
review for so many years of entrepreneurship, I want to each section of the road is a kind of understanding, is irreplaceable in growth period of experience.