Interview with President Yao Jinbo 58 city: how interaction with the unfamiliar city
In 2005, Yao Jinbo resigned from the founder million net 58 with the urban network, has now become the largest classifieds site, market share, including income, number of users, the post, and other indicators of market second and third combined to be more.
Through advertising revenue, users pay for services and the establishment of value-added products based on the business in pay, 58 city have found stable profit model, and more venture of all ages. Yao Jinbo said they have completed the first round of option grants, the next two to three years for the NASDAQ.
In 1999, the global Internet industry to its peak, Yahoo, eBay and many other leaders continue to create miracles, riches myth series of staged, this year carries the ideal out of school for Yao Jinbo, the join with some of them seem fatalistic means.
Just a year later, Yao Jinbo-handedly built the largest website domain name transactions and value-added services domain network turned out to easily, and in September 2000 successfully million net acquisition.
Ambition is a common trait of entrepreneurs, but only rational way to make the future go further.
"I was really no way to independently complete a very large undertaking, as will he go to a suitable platform to other ways to hone their own, and now think this decision is still correct."
In million net four or five years, Yao Jinbo start from the product manager, vice president of marketing has been done, holding an enviable salary and options, everything seems so smooth, web2.0 crisis hit, however, opportunities tide, Yao Jinbo mediocrity once again flipping the heart.
Difficult to suppress the impulse to dream
The United States ranked first one hundred sites all open, one by one study, the first Google, Yahoo below, a not very familiar with the Web site Craigslist to attract the attention of Yao Jinbo
"Wan network is more stable place, but my soul or the pursuit of a stimulus, or a sense of uncertainty, I want to do an impact on everyone living thing."
With the idea, Yao Jinbo began looking for direction. He wanted to find a "blank spots", one in a foreign country proved to be correct, but no strong competitors in the domestic business model.
He sat in front of the computer, the U.S. ranked first one hundred sites all open, one by one study, the first Google, Yahoo below, a not very familiar with the Web site Craigslist (classifieds site originator) has attracted the Yao Jinbo Note, then he spent two years studying this Web site architecture, profit model, and blog comments, and become his customers, trying to use overseas credit card payment information in the above release.
Forming an outline of the entrepreneurial dream began to clear.
But this time, a lot of dreams are also been noticed that a gold mine, restless, began to announce similar sites on-line, Yao Jinbo realized that their preparation of a plan for so long, if you do not get involved, this great opportunity from this with their own nothing.
"It was also thought business might fail, but at the time of particularly promising direction classifieds site, simply could not restrain himself, it must be done hands."
Thus, resignation, preparation of funds, the formation of the team, resolutely.
4 years of accumulation, 2-year program, hands-founded the company only a month's time.
December 12, 2005, 58 city was established. That time, was rewritten not just one person, or the fate of a group of people only, followed by another battle broke out, after many years, smoke, numerous casualties.
58 venture capital decisions of life and death
To get financing, so most of the 58 do not have to focus on income, to be more concerned about the user experience. Highly concerned about the quality of information, bringing to 58 the explosive growth in users and revenue
Yao Jinbo has said that he and 58 are considered very lucky.
58 before the city has not yet formally established, it was a VC's attention.
"Investors in reading some news reports on 58, you take the initiative to find us through the customer service phone, hit it off after talks over a 500 million in funding in place soon."
SAIF in early 2006 to 58 city $ 5 million, a significant milestone Yao Jinbo start on the road.
Yao Jinbo have a dream, a hope came to a strange city, open 58 city, rent an apartment, job, friends, shopping, etc. All life issues can be resolved.
Buy this domain name alone, www.58.com, Yao Jinbo on who spent nearly a million.
"When we consider the name of the site for a long time, because the site is intended for all of China's ordinary people, a lot of people like us can remember some English words or a long domain name, hoping the name as short as possible, regardless of gender and age eastern western people can easily remember, so, with the number as a domain name is the first choice. In addition, 58 implies that I publish, I found that the characteristics of the brand, of course, a lot of people get rich is also something for me to understand can not. "
"58 city since its inception, the office rent was 60 the first station, I just cut two people say the design of it, becomes 58. The beginning 58 of 58 employees, there are still more than 30 individuals remain In the company there are many people who have left, most recently a couple of years back here. 58 core team cohesion, in addition to good treatment, more importantly, the 58 prospects by the majority of employees agree, they told me I believe the same classification to be successful, inclusive and fail to encourage innovation and business environment, so that every employee working here are very happy. "
Yao Jinbo emotion that, for now, the decision whether to get venture capital fund 58 of life and death, so 58 for the investors we have been a grateful heart, they give not only financial support, as well as team confidence.
To get financing, so most of the 58 do not have to focus on income, to be more concerned about the user experience. Highly concerned about the quality of information, bringing to 58 the explosive growth in users and revenue, Yao Jinbo forecast the next few years up 2-3 times the annual income is not a problem.
The first time since the winter out of business
Advertising revenues, paid customers and build value-added services based on the product's profit business model pay maturing simultaneously, the company can prove that profit is more important than the profit itself
58 when the city first started, Yao Jinbo has a very high expectations, he hopes site will be able to set up 1-2 years to reach its present size. But later found that user acceptance than he imagined to be much slower.
The main provider of classified information, including site rental housing, dining and entertainment, Recruitment, second-hand sale, car rental, pets ticketing, travel information friends and other life, and urban development and maturity of Internet users have a great relationship, in Beijing has developed a very sophisticated model, moved to Changsha, may not be popular.
But even more strain on the issue is not in this.
Yao Jinbo frankly, when you are holding the hands of U.S. dollars when it is not so urgent desire to think about profit model.
This effect for 58 city founded in 2008, suffered since the first winter, venture capital basically exhausted, they did not find a viable profit model, hanging his head a crisis, whether from exhaustion, so that more and more people began to shake, began to doubt the future of 58.
This one is hard-core team that rescued 58, but also saved Yao Jinbo. Poor people want change, the more so the situation of distress, the more inspired the battle of wits was 58, started strongly to seek a way out.
Difficulties and finally, after the Spring Festival in 2009, a turning point, 58 and finally have their own ways to make money, advertising revenue, users pay for services and the establishment of value-added product based on the profitability of the business models of both pay maturing.
2009, 58 finally achieved to grow exponentially, and realized the first profit since the founding of the company's fastest-growing year, received a budding opportunity.
"Our pursuit of profit is not, prove that the company can be profitable in itself is more important than profit."
The opponent is no longer a rival
Though the market to allow twenty-three coexist, but large and classifieds site future is only one, market share, including income, number of users, may post the amount of the market, and many other indicators of second and third combined multi-
Classifieds site was removed after five years of turmoil, thousands from the earliest to the present, only a handful of survivors.
The game continues, still tragic.
"In the past 58 is to do yourself without considering other, but this year we hope a little more aggressive attack on this market. In fact, so users do not want to have multiple platforms, need their effort to the selection of information, although the market to allow co-existence twenty-three However, large and classifieds site future is only one, 58 is our hope that this platform. "
Yao Jinbo confident for the future development: "Before 2009, our industry has not distance, but into 2010 to expand our competitive advantage, now responsible for about 58, our market share, including income, the number of users, the post, and many other indicators of the amount of the market may be second, third of the combined, the more we do not put them as our opponents 58 to do now is just one-tenth of the foreign, at least the next There's room to grow tenfold. "
As for Baidu, and portals eyeing, 58 from the very calm, saying the two sides cooperate in the development of the future will be more than even chance to compete before the precedents, some of the portals of some of the channels will be outsourced, and 58 and with Baidu's portal between the most likely reach this agreement. Even if the direct competition, vertical classification odds certainly bound to a larger site.
Yao Jinbo said that this year instead of 58 non-profit, defined as the year we invested a year.
Mobile Internet era, is a classifieds site brings greater space, and 58 with the urban network early in 2007 launched a WAP for mobile internet stations, Yao Jinbo has been that you want to succeed, they must think of others before , walking in the forefront of technological development, not only to classified information appeared on the Internet, should appear in the WAP, now 58WAP station has more than 90 million monthly pv.
June 6, 58 city buy again reach deep into the field, but they get very unexpected results. Rolling monthly transaction volume growth, based on the huge demand of users, buy 58 city has become the focus of a project.
"We started trying to do just holding the mentality of buy, based on two aspects, first, we have a lot of users based on geographical regions, through the living area to achieve precision of service second, we have a good business relationship, discounts and can go two, three fold, or even lower, consumers derive the benefits are self-evident.
To be as great as Baidu platform
Profitability next year, will have the conditions for listing, the first choice of overseas listing venue, there is no specific timetable, but the market for 2-3 years, very confident
October 9, broke the news in the microblogging Yao Jinbo, the company has just completed the first round of employee option grants, said no matter how prices rise, hopes key employees can afford housing.
"I never thought would set off a wave of Internet companies to distribute options boom, many Internet companies are called to the veterans I would like to hear suggestions in this regard."
"58 city employees focus should be on work rather than listen to the complaints of the wife's mother, after all, the face of constant challenges, pressure has been big enough." Yao Jinbo said, "about 10 percent of employees got options, scale and distribution Pricing should be in the same company is doing more authentic. "
Yao Jinbo said, the company earnings next year, will have the conditions for listing, the first choice of overseas listing venue, there is no specific timetable, but the market for 2-3 years, very confident. We view with investors is exactly the same, should be serving our customers, and then go into account income. Waiting time is ripe, and then go public.
"Listing is not our ultimate goal, I want to make a 58 just as great as Baidu and Tencent's platform, the concept is great in China, with millions of users, have a good reputation, including our parents, relatives and friends are In use, and can help people solve many practical problems.
Regardless of income, or social value of users must be enormous. As long as you think life's problems, the first thought is 58, this is our vision. "
In April this year, 58 city got $ 15 million second round of financing, the main strategy is the expansion in the second and third tier cities. Yao Jinbo said, next year will focus on considerations support agents. At present 58 well-known city in the small cities is not high, it needs the power of agents in the local cultivation.
October 20, Google re-released "Global TOP1000 Site List", 58 city rose 8 ranking, ranking 128.
17 branches, 376 sub-stations, 18 million unique visitors, 230 million page views.
Yao Jinbo concentrated outline of the "classified information empire" blueprint has been gradually revealed.