Why is capital crazy about it? What is the business model of Zhubajie.com, which has just received 26 billion financing
"Chinatown"-Official media of Chinese Australians
26 billion yuan in financing! (Who can tell me how to confirm it!) This may mean that Zhubajie.com's valuation has reached or approached 2011 billion yuan. Previously, the media disclosed that Zhubajie.com's latest round of financing was that it received IDG's tens of millions of dollars in investment in XNUMX.
Zhubajie.com is one of the earliest and largest freelance websites in China, founded in 2006 by the founder Zhu Mingyue. Witkey's English Witkey is composed of the two words wit wisdom and key. It is also the abbreviation of The key of wisdom. It refers to those who convert their wisdom, knowledge, ability, and experience into actual benefits through the Internet. Witkey.com is a platform for gathering freelancers.
According to the figures disclosed by Zhu Mingyue in a speech in April 2015, there are now about 4 million sellers (service providers) on Zhubajie's website. Most of them are individuals, and a small part of them are institutions; and buyers It's about 1000 million.
What is Zhubajie's business model?
Zhu Mingyue once said that traditional commissions, membership fees, and advertising fees are easy to drive away users or see the ceiling.
After studying the success of Taobao, he believes that the more important value of the pig eight style "should be that we have accumulated a large number of small, medium and micro enterprise users, tens of millions of professionally skilled service providers and huge original works through these eight years. Libraries, these are Zhu Bajie’s most important resources. Then can we create more value for both the platform and users through these resources deposited on the trading platform? After a series of exploration and research, we are in 2014 A trademark registration service team was established in XNUMX to provide trademark registration services for the number of small, medium and micro enterprises on this platform. As a result of this matter, we only spent half a year, and we became the average daily registration volume in the State Trademark Office. The highest company."
"We are following the extension of the entire industry chain from trademark design to intellectual property services to trademark registration services. We consider that companies may also need printing services, manufacturing services or other services in this industry chain. , We integrated the other elements one by one, thoroughly connecting the various industries in this chain.
"I call Zhubajie's business model the data ocean and drilling platform business model.
"We have obtained massive amounts of user data and work data through original service item transactions. As the scale of the transaction becomes larger and larger, our oceans have become larger. On this ocean, we have successively opened drilling platforms one by one. , This business model will become clearer and clearer."
The following is an excerpt from Zhu Mingyue's sharing for entrepreneurs in 2014. It is very sincere and I recommend reading it.
Zhu Mingyue's two suggestions for young people to start a business
13 years of preparation, from the beginning of my primary school teacher, to being a reporter, to the final establishment of a website. On the surface, it was a very large role change, but in fact, I have accumulated too many things in my life for more than 10 years. , It made me come today.
Zhubajie.com is a service trading platform with Chinese and English versions. During this project, we have obtained two rounds of investment.
Angel is an alumnus of the University of Electronic Science and Technology of China. When I met him for the first time, he asked me how much money I needed to raise funds. I said that 200 million can be done, but he told me that if this project can be done well, there will be more than 200 Million. He said that if you are a reporter, you will be given 200 million to start a business, and the chief reporter will give you 500 million, and the shares remain unchanged. The mentality of mission that I have always held has enabled me to go very smoothly on the road of entrepreneurial financing. Including IDG Capital’s A round of investment in 2011, which enabled us to stand on a new starting point.
I told you that even if you want to start a business, you must not build a platform like Zhubajie. When I started doing it in 2006, I was ignorant and fearless. I don’t know what the platform model is and what is the intermediary model. There is no such thing in my mind. The concept of much. Therefore, a website platform like this was created to gather buyers and sellers, but should we focus on developing buyers or developing sellers first? Chickens lay eggs and eggs lay chickens. I still have no idea today.
If you want to start a business, I don’t recommend to build a platform. Even if you want to build a platform, you don’t want to build a comprehensive trading platform, because this involves copywriting, graphic design, construction engineering, and website development. These all sound like services, but in fact there are various Services are different, and they span a few industries. It is really very, very difficult for us to use one model and one platform.
Is it to start a business or not to start a business? My first suggestion is, don’t start a business alone, you have to pull on the team, don’t be superstitious that entrepreneurs are heroes, because others have their own background and experience, it’s hard to copy. . Even if you start a business, you can start a business on someone else’s platform first. There is an entrepreneurial role called a professional manager, and another kind of reward is called an option. I see many brilliant people around me who are professional managers, and their rewards are related to entrepreneurship. The platform grew together, and finally achieved a very big development. They finally realized their financial freedom and life freedom, which is actually a very good thing.
My suggestion to young people (the second of starting a business) is that the cutting angle must be thinner than embroidery needles, and be careful that you yourself become the bottleneck of the company's development.
How is the angle of entrepreneurship thinner than embroidery needles? For example, we have entered a service trading market. This market is wide and the sea is a must. If there is no such a wide market share and market potential, IDG will look down on you, and all VCs are not. Will fancy your project. But if you enter a big market, you have to have the whole system and a big strategic layout. If you do it very large from the beginning, you will die ugly. Therefore, the entrepreneurial angle must be thinner than embroidery needles.
At the beginning, we had creative services, business services, life services, as well as decoration, and even more other types, the so-called tertiary industry, this should be said to be very large. But we first made a cut and cut out the life service. We think this field is not suitable for crowdsourcing. We cut out the rest of the decoration. We think it is too heavy. If we did it from 2006 to 2007, it would be very difficult to do. Although this concept is very popular in Europe now, when we used the Internet to do it at the beginning, Still a very challenging thing. For business services, we think it is also very important. Next, creative services are left. We will further subdivide creative services and find that in the future tens of millions of small and medium-sized enterprises, especially small enterprises and individual industrial and commercial households, will have the process of growing from childhood. In the process of growing, they All need to establish their own brand, establish their own brand identification symbols, VI system. We think that the flat logo design may be a more important entry point. So although we initially dreamed of building a comprehensive service trading platform, after a few cuts, we finally chose logo design as the entry point to enter this industry. Initially, the logo design business accounted for more than 70-80% of our entire platform. After several years of development, its absolute value has gradually increased, but its share has gradually dropped to about 30%.
My other point is that the founder may become the bottleneck of the company's development. It should be said that from the time when Zhubajie.com was founded in 2006, I felt that my team and I entered this industry in a fearless way for ignorant people, but after entering, we discovered that every step of the company’s growth is really very restricted. For the team itself, whether it can gradually grow with the development of the company. Moreover, starting a business is essentially a hard-working soldier. Different people are needed at different stages. You must constantly cross your own steps and break through your bottleneck. Therefore, it has a great relationship with the founder or the growth of the entrepreneurial team itself. In many cases, the biggest competitor of a startup is not what you call a competitor or opponent, but whether it can break through its own bottleneck. When I went to CEIBS to study EMBA last year, I also hoped to expand my horizons and then break through my bottleneck.
Recognize the essence of entrepreneurship
In the past few years, I’ve been tumbling all the way, and I feel that there are a few words that I summarized myself: The first sentence, no matter how great entrepreneurship is, it is nothing more than a business, especially for someone like me who has transformed into a journalist. There is a sense of mission, a sense of sacredness, and idealization. This feeling is shared by many entrepreneurs. In this state of mind, we can easily fall into it. We think we are doing great things. We don’t need to make money in the short term, and there will be endless money in the future. We feel that what I’m doing is to change humanity. The status quo of social existence is in such a vicious circle that is too sacred and ideal.
We still have to recognize the essence of entrepreneurship. You are starting a company and operating a business. You still have to recognize it clearly so that you can stay on the ground. No matter how great a business is, it is nothing more than income minus expenses equal to profit. I think the long-term investment must be to spend the money, and the money can be returned.
So why finance? At each stage, the needs are different. Many people simply think that investors are those with fewer people and more money. In fact, they are more than just that. They are more entrepreneurial coaches. They are our psychological counselors. Supervisor of our human bottom line.
You will meet a lot of investors in the process of starting a business, including angels, VC/PE. We see angel investment the most. You must be careful not to think that angels with wings are angels or bird people. Investors who must hold a controlling stake and must make a profit must resolutely refuse. Looking for investment is like falling in love. Before looking for an angel, you must be like a pre-marital check to understand whether his situation is in line with your future development.
Now everyone talks about Internet thinking. One of the very important conclusions is: According to our experience, source innovation is a very important thinking. In the past, everyone always talked about how products can be improved to meet their own needs. This is a strange circle. , That is to say, the research of products will never be exhausted. The source innovation is to study what our customers still need, I will integrate what. For example, our Zhubajie used to have 1000 logo designs every day. I was thinking about what the customers of these logo designs still need. They need trademarks. Then we integrated trademark and intellectual property agencies to serve our customers. As a result, I originally had only 1000 logo designs a day, and I only charged a commission, only 180 million a month, but integrated the trademark registration business, we only added an additional 300 million a month. I think this is very important for Internet thinking.
Article reprinted from Tencent Technology
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