Xue Fang, author of the first line of Tencent
On August 15, 2018, Y Combinator (hereinafter referred to as YC) announced that China was the first country to do business outside the U.S. market. At the same time, it announced that Luc was the founder and CEO of YC China, with full responsibility for the development of YC business in China, and was the dean of YC Research. He will be fully responsible for YC's business and strategic development in the Chinese market.
Prior to joining YC, Lu Qi served as president and chief operating officer of Baidu Group, mainly responsible for Baidu's products, technology, sales and marketing operations, as well as general manager of Baidu Intelligent Driving Group. Lu Qi has also served in Microsoft, Yahoo and IBM, has served as Microsoft Group Global Executive Vice President, Yahoo Executive Vice President and other positions.
After three months of silence after leaving Baidu, the news of YC's entry into China also revealed his new choice. Lu Qi said that he and YC founder Sam Altman have known each other for more than ten years, and he chose to join YC China, which is also the result of his thinking.
Lu Qi said that YC would raise some local funds, and he did not disclose the scale of fund-raising. He also said that YC's investment in China will be based on American investment. It is reported that China's YC team only one person, the team has not yet begun to build, he hopes to find some like-minded people.
The following is a speech delivered by Lu Qi at the new conference.
Thank you for coming to the press conference this morning.
I think everyone is probably curious now, because for various reasons we can't communicate too much before the communication meeting, so before the opening, I want to share two more important backgrounds. The first is my personal background and my long-term concept.
I am actually a very fortunate person. In the past few decades, I have had the opportunity to directly participate in the development of a series of large-scale platform technologies. I also directly participated in and observed the huge product business innovations, due to such technology platforms. Driven by the Internet or software, the entire ecology has had a huge positive impact on a global scale. I have learned a lot in this process and thought a lot, thus forming a very convinced concept, the progress of society, the progress of human civilization, and ultimately will be driven by technology. This is an unstoppable long history.
Because the biggest driver of social progress is innovation, the advancement of science and technology is the driving force for innovation, so from my personal point of view, standing at the forefront of technology-driven innovation, looking for opportunities to participate, contribute, and continue to learn will be My permanent drive is also a long-term guide to my personal career. This is the first background.
The second background is about the current global window of opportunity. As we all know, based on a series of cutting-edge technologies such as artificial intelligence, innovation will have an unprecedented impact on the entire social economy on a global scale. Under this big wave, China may become an innovation power in the future. In this regard, we need to build stronger technology-driven innovation capabilities; we need technology to do more, more effective, longer-term investment.
At the same time, due to the new production capacity brought by these technologies, the innovation of the system, especially the source of innovation, early ecology, entrepreneurs, investors, we need to explore and establish a common opportunity for capital, talent, scientific research, business opportunities. The opportunity to connect together. It is the second largest background to activate more innovation opportunities, bring more innovative benefits, and ultimately benefit the society and human progress. Based on these two backgrounds, this is why I am going to the media communication meeting.
Today I will officially release an important news, Y Combinator (hereinafter referred to as YC), which will officially enter China.
YC is a world-renowned and highly successful venture capital and accelerator company, and YC will provide valuable, outstanding, technology-driven innovation for China's innovation ecosystem. In addition, I will be the founder and CEO of YC China, responsible for the formation of YC China's team in China and expanding YC China's business. At the same time, I will also serve as Dean of the YC Global Research Institute and promote technology research more comprehensively at the YC Research Institute headquarters in Seattle, USA.
This is the two messages I want to share today. Next, I think everyone will have a lot of questions. First, who is YC? Second, why is YC so successful in the United States? Third, why should YC enter China? Fourth, after YC enters China, what kind of business will it carry out and make some contributions in China? Next, I will share these points with you.
First, YC was founded in 2005 by Paul Graham, the first venture accelerator company in history, headquartered in Mountain View, Calif., with its core capabilities and business to help start-ups and entrepreneurs improve quickly, especially from 0. To the promotion of 1 , YC today's head & mdash; — Sam Altman, he joined YC in 2014. YC has grown rapidly under his leadership and has accelerated more than 1,900 start-ups. The total valuation of these startups has exceeded $100 billion and there are 15 unicorn companies with valuations over $1 billion. Who is YC?
Next, I will talk about why YC is very successful in the United States. YC is a very mission-driven company. YC has a very strong and long-term vision and mission. YC's vision is to maximize innovation and ensure that all humans can benefit from it. At the same time, YC's mission is to help start-up companies at different stages of development achieve a true take-off. After joining YC for three months, they will enter a better state.
In addition, YC has its strong cultural genes, and its cultural genes are established by the founder team of YC, and are further promoted by today's head, Samn Altman. YC has four co-founders, and Paul and Jessica are like-minded couples who have done a lot of precious efforts. In addition, Trevor Blackwell, Robert Morris and Paul are actually long-term partners. They started a startup when they were together at Harvard University.
These four partners are first-rate developers who share a strong philosophy. So in 2005 they built YC together, and I also had a very good fate. When I was at Harvard University's first YC summer summer camp in 2005, Paul let me go. I also spoke on behalf of Yahoo. It was also because of such an opportunity. Meets Sam Altman, whose startup is the first company supported by YC. Sam took over YC in 2014. He is a very young and talented person with outstanding talent. The big reason for YC's success is because it has a good core culture and is built on the founder and current leaders.
Third, why is YC so successful in the United States? Because YC has a unique methodology and an effective implementation method, it can support early start-ups systematically and comprehensively, with five components:
Provide early investment funds and exchange for a small number of shares;
YC holds two months of rich training twice a year. The highlight is the road show day and investor day. This training helps start-ups find the upgrade from 0 to 1 faster, and also helps the founders Get better, more financing, and financial support;
The huge YC alumni network resources, YC each participant has a very strong sense of social belonging, they have not only got help after entering the YC family, but they are also very willing to help the new YC alumni, which formed a powerful Culture, an important resource, the current YC alumni community has more than 4,000 people, for each startup company, entrepreneurs, is a long-term inexhaustible resources, all levels are helpful;
YC has a fixed mechanism for entrepreneurs to get expert comments and support, and can communicate with YC partners and industry experts during office hours.
The credibility of the brand, due to the relatively successful development of YC in the business, its reputation is getting better and better. YC Promotion is a strong brand that can provide endorsements for entrepreneurs. If a startup is supported by YC, it represents a lot of recognition, and it can help them get more financing and other business opportunities.
YC is not only successful in the past, but will also become more and more successful in the future, because its foundation is getting stronger and stronger, and its scale is getting bigger and bigger. Companies accelerating by YC have formed a first-class enterprise that can become a backbone in the US and globally, such as Airbnb, such as Reddit. At the same time, YC's business is constantly expanding. From the original accelerators, training and online entrepreneurial schools, including the YC Institute established by YC in the United States, etc., this is why YC continues to grow and accelerate globally.
Next, share the reasons why YC entered China. In fact, YC has supported a lot of Chinese companies in China, but the proportion is quite small. This is one of the reasons why YC wants to enter China. The more important reason is that YC, especially Sam, is particularly optimistic about China. We firmly believe that China's development ecology, speed of innovation, and long-term contribution to the world are crucial. Sam often said this. He firmly believes that in the next 10 years, a number of influential companies like Google, Microsoft, Apple, Amazon, and Facebook will be established. Most of these companies will be in China and the United States. There are several of us who believe that it will be born in China.
Therefore, YC must enter China, must participate, and must effectively support these founders. This will be a very significant thing. Today, due to various restrictions, Sam himself was not able to come to the communication meeting in person, but we are also very happy, Sam recorded a video in advance.
Thanks Sam. We are convinced that YC has great potential in China. Simply sum up is the weather, the location, the people and. Let me first talk about the time. The time window we are in today is very special. With the big wave of innovation, China will definitely become a big innovation country. China’s innovation ecology needs technology-driven innovation. Everyone knows that China’s innovation ecology is Great progress has been made in the past few decades. But many levels of innovation are model innovation, product innovation, and experience innovation.
But by the next stage, technology-driven innovation will play an increasingly important role, and this is what YC is best at. YC has its own unique methodology and proven tools, and YC has a very strong entrepreneurial community. Through full localization, YC will undoubtedly provide a strong driving force for technology-driven innovation in China's early innovation ecosystem, which is a great opportunity for opportunities in terms of timing and long-term development. Geographical importance is also important. Global innovation based on next-generation technology will be driven by the United States and China. Under this environment, China has great and unique advantages, and China's overall innovation capability is constantly improving.
At the same time, the United States has the world's top technology and has the world's top technical talent. YC will help China's innovative ecology and Chinese entrepreneurs through YC China to gain faster and more effective US experience. At the same time, YC China can also help Chinese innovative companies to develop in the United States, because China's innovative companies will be more and more globalized, and YC and YC China will bring unique value to China's innovation and ecology.
The third is Renhe, YC China will bring a unique international network to Chinese entrepreneurs through YC China, which is YC's growing entrepreneurial ecology, YC alumni, providing long-term and precious through entrepreneurs connecting China. s help. At the same time, we also believe that Chinese entrepreneurs and American entrepreneurs will form a global entrepreneurial ecosystem that will drive more and better innovation on a global scale. This is a combination of people and, together, YC will certainly continue to make more contributions in China.
Next, why do I choose YC? This answer should also be clearer.
I will also briefly talk about it, it is also time, place, and people. I have already introduced the long-term guide of my personal career. At the same time, today's opportunity, time window, and time are very obvious. At the same time, my personal career has reached a stage. YC is a global platform. My two jobs. (YC China founder and CEO, YC Global Research Institute Dean) is more suitable for me to participate in a new generation of technology-driven innovation, and find more and better opportunities to contribute, from my personal point of view, Direct participation in China's process of becoming a big country of innovation is an exciting opportunity to think of it every time. Of course, YC also provides a lot of opportunities for me to learn. It is very important to learn every day and have the opportunity to learn, so it is very consistent in terms of time.
The location is also very special. For personal and family reasons, I hope to spend time in the United States and China. The YC job can meet my personal and family needs very well. People and me, Sam and YC have such a good fate. This is a starting point, and the common philosophy is different. At the same time, my personal connections in the US technology circle, and my personal cultural genes in China, can also be organically integrated. Therefore, YC is a very good platform for me. YC's work for me is very suitable for me to continue my personal long-term and always pursued dream in the next stage.
Next, I want to talk about how YC China promotes China's business. First, it is very important to completely localize and establish a local business. I have summarized it as By China, For China, and Of China. By China Built in China is a local team formed by Chinese talents. This is especially important and an important priority for my work. We must work hard to attract top talents in China, especially for innovation, entrepreneurship, and experience. It is a starting point and foundation for enthusiastic people to participate.
The second is For China For China, all that YC does is based on driving the development of China's innovation and serving China's development. The companies we support and the companies we choose will also uphold this purpose and will be single-minded for China. Development contributes. The third is that Of China belongs to China. The result of YC's innovation in China must be returned to Chinese society. YC integrates into Chinese society and continues to contribute to China's development.
Based on these, we will carry out 4 core businesses in YC China:
Investment: This is our starting point and core. In the early days, we will continue to accelerate the acceleration of entrepreneurs and start-ups. We will adopt YC America's effective methodology and some means of implementation to fully localize and apply it to China's business. Come up. At the same time, we are also preparing to finance locally in China, which is an important part of our localization.
Training: This is completely organically integrated with YC China's investment business. We are also prepared to introduce some of the YC's proven experience in the US and provide these localization and long-term development to Chinese entrepreneurs. Effective training methods and content.
Research: We are prepared to invest more in a longer and more effective way through a variety of methods, which will be an important part of the YC Global Institute.
Public welfare: I mentioned earlier that the results of YC innovation must be returned to the society. Our aim is to put more innovative results into public welfare and charity. We will focus on helping people and society to better solve due to technological development. And the impact of employment.
In the process of driving all our business, we must keep our minds in mind. This is our core values and philosophy of YC China. We firmly believe that the progress of society and the progress of human civilization will ultimately be driven by technological progress; we will always believe in ambitious ambitions, and believe that as long as we persist in having the opportunity to change the world and make the world a better place, we believe in long-term focus and truly do a great job. Career needs long-term efforts, all need confidence, perseverance and patience; investment in scientific research, this is not only YC to invest in scientific research, we hope that more companies that cooperate with YC also invest in scientific research, I believe in research Investment will have a strong, good, long-term return; firmly believe in globalization, we believe in sharing innovative experiences on a global scale and sharing the fruits of innovation on a global scale.
Finally, I would like to talk about how to cooperate with all walks of life in China, how to interact, and to push innovation to be stronger and faster. First of all, we welcome all Chinese entrepreneurs to interact, communicate and cooperate with us extensively. I would also like to use this opportunity to thank YC's partner Eric, who has done a very good and hard work in the past to help China a lot. The founder of the YC community interacted with YC and was helped by YC. This is the first point.
Second, cooperation with Chinese investors is a big space. We have a lot of cooperation space at the investment level and various business opportunities. We hope to find more, long-term and win-win cooperation.
Third, in cooperation with Chinese companies and research institutions, we are willing to open up completely and find win-win cooperation in the long run. At the same time, we have the support of the relevant departments of the Chinese government to find long-term meaningful cooperation. Finally, cooperate with the media here. I hope that through our cooperation, Chinese social groups will know more about YC.
I personally use this opportunity to thank everyone for their concern for me in the past. I hope to continue to support YC in the future. I am also willing to interact with you and maintain long-term exchanges.