According to CNBC website Beijing time reported on October 12th, Alibaba Group Executive Chairman Jack Ma believes that if the premonition of change is coming, it is best to prepare in advance. This concept so that Ali in early development benefited greatly, so that it withstood the electricity supplier company eBay launched in China competition. Now, Ali has become a Chinese electricity supplier tycoon.
At that time, China's electricity industry is still in the beginning stage, eBay has become one of the companies to enter the market ahead of schedule. eBay operates a C2C online platform eBay, in each transaction to the user to charge a fee. In contrast, Ali was still focused on helping China's small and medium enterprises to do business online.
Launch Taobao to deal with eBay threat
In response to the potential threat of eBay, Ma built a small team of Ali employees and sent them on a secret project: an online platform that could compete directly with the services offered by eBay. That's how Ali built his famous Taobao. Now, Taobao handles massive transactions every day.
Erisman said that Taobao provides free services for the first three years, which puts pressure on eBay's paid transaction model. EBay's response was to release a press release saying free is not a business model. Mr Erisman said, however, that as more buyers and sellers moved into Taobao, Ali realized that Taobao could end up making money.
Nearly 20 years after Ma's joint creation with Ali in his apartment in Hangzhou, Ali has become a mainstay of the technology industry, with a market capitalization of about $473 billion.
MA in the early start, he rejected many times. Ma said, leaving him as an entrepreneur's courage.
Sun Zhengyi has an eye for pearls
From one start-up company to one of China's most valuable companies, Mr Ali has gone through rough times. In fact, Ali was unable to obtain venture capital at first. A venture investor recently told CNBC that he had refused to make an early investment in Ali because he did not believe the B2B model that Ali began using.
Ma Yun once said that Ali was about 30 venture capitalists refused, until the company found another technology visionary
Erisman said that at that time, Ma knew that being CEO was totally different from being a teacher
Development in the next 30 years
In the new technology and new ways of doing business began to appear, Ma has been thinking about what needs to be prepared for Ali's future.
The advantage of the new technology, Ma Yun believes, is that it can improve people's lives.
Technologies such as artificial intelligence and machine learning will be popular in the future. To meet this inevitable change, Ali announced earlier this week that he would invest more than $15 billion in technology research over the next three years.