Alibaba IPO: Jack Ma's Original Sales Pitch in 1999
- We should position Alibaba as a global website.Our competitors are not in China, but in Silicon Valley (overseas).
- We’ve got to learn to work very hard. If we will come to work at 8am & leave at 5pm, Alibaba will never be successful.
- Believe in yourself. “Chinese brains are just as good as theirs (American)”, “We can beat government agencies and big companies”
Steve Jobs talks about managing people
- Apple is organized like a startup. We're the biggest startup on the planet
- Teamwork is dependent on trusting others they would come up with their part
- If you wanna hire great people, and have them stay with you, you have to be run by ideas not hierarchy
Reid Hoffman discusses the company of the future
- Hire those who have solved similar, analogical problems to the ones that your company faces.
- Artificial intelligence is developing faster than most of us perceive.
- Financial sector innovation is yet to happen. We would be surprised by the new applications that will come into existance.
- Silicon Valley can learn more from the other existing businesses about marketing and branding.
- AI and the intersection of biology & digital are two areas that Reid Hoffman focuses on nowadays.
About the Early Days of Facebook
- Most of the most popular websites in the world have been started as a project, not as a company.
- People who have started them have a clear understanding of a problem that they were solving. Luck was a big factor in their success.
- The burn rate within the first 3 months was under $500.
- What was unique about FB from the beginning is high retention rate that was growing as more users were joining.
- No MBA needed to start a startup. More whether a person can figure out how things are done and to solve problems.
- Culturally FB, Google and Microsoft have a lot in common.
- User growth is the main thing FB focuses on nowadays.
Thiel: Google has $50B, doesn't innovate
- Thiel: Google is a great company. On the other hand, they have no idea how to invest in technology effectively.
- Schmidt: Solution to job problems is education.
- Thiel: Google is out of ideas...Why don't you invest all the money into technology that would foster innovation?
- Schmidt: There many examples of innovations initiated by Google.