58 City Yao Jinbo: Wind Investment Gold Determines 58 Of Life And Death.

In 2005, from

Through advertising revenue, user value added services and businesses built on the basis of product payment, 58 cities have found a stable profit model, and get more VCs favor.

Yao Jinbo revealed that they have already completed the first round of options and will be listed on NASDAQ in the next two or three years.

In 1999, the world's Internet industry reached its peak. YAHOO, eBay and other large numbers of leaders were constantly creating miracles. The myth of rich and famous was staged continuously. This seems to have some fatalistic implications for Yao Jinbo, who had the ideal to go out of school that year.

Just a year later, Yao Jinbo's domestic biggest domain name trading and value-added service website Yi Yi network was born and was successfully acquired by Wan Wan in September 2000.

Ambition is the common trait of entrepreneurs. However, only reason can make future road go further.

"At that time, I really had no way to accomplish a very large undertaking independently, instead of pferring him to a suitable platform and training himself in other ways. Now I think this decision is still correct."

In the four or five years of Wan Wan, Yao Jinbo, from the manager of product department, has been the vice president of marketing, holding the highly attractive salary and options. Everything seems to be running smoothly. However, the storm of Web2.0 is coming, and the tide of opportunity has once again provoke Yao Jin Bo to be unwilling to be mediocre.

The impulse to realize dreams is hard to restrain.

The top one hundred websites in the United States are all open, one by one. The first Google is below YAHOO. A website that is not very familiar with Craigslist attracts Yao Jinbo's attention.

"Wan Wan is a relatively stable place, but I still pursue a kind of stimulation or uncertainty. I want to do something that affects everyone's life."

After having the idea, Yao Jinbo began to look for directions.

He wants to find a "blank spot", a business model that has proved to be correct abroad, but has no strong competitors in China.

He sat in front of the computer and opened all the top one hundred websites in the United States, one by one. The first Google was under YAHOO. Yao Jinbo, a familiar website, attracted the attention of Craigslist. Next he spent 2 years studying the framework, profit model and blog comment of the website, and became his user, trying to publish payment information with overseas credit cards.

The outline of an entrepreneurial dream is gradually clear.

However, at this time, many dreamers have noticed this gold mine and are eager to start. Similar websites are beginning to announce the launch. Yao Zhen Bo realizes that he has prepared such a long plan. If he does not start again, this great opportunity will never be related to himself.

"At that time, I also thought that entrepreneurship might fail, but at that time, the direction of classified information website was particularly good, and it could not restrain itself at all. We must do it by hand."

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So, resigning, preparing funds, forming a team, resolutely and resolutely.

4 years of accumulation and 2 years of planning, it only took 1 months to start a company.

In December 12, 2005, 58 cities were formally established.

At that time, it was not only the fate of a person or a group of people who had been rewritten, but also a battle began. After years of smoke, there were countless casualties.

Wind investment gold determines 58 of life and death.

Get financing, so that 58 do not spend most of their energy on income, you can pay more attention to user experience.

A high degree of concern about the quality of information has brought explosive user and revenue growth to 58.

Yao Jinbo always said he and 58 were lucky.

Before the 58 cities were formally established, they won the attention of VC.

"After seeing some news reports about 58, the investors took the initiative to find us through the customer service telephone. Once they had negotiated once, they hit the nail on the head, and 5 million of the funds were in place soon."

In early 2006, Softbank Sai Fu invested $5 million in 58 cities, becoming an important milestone in Yao Jinbo's pioneering career.

Yao Jinbo had a dream that he could come to a strange city and open 58 cities, rent a house, find a job, make friends, buy things, and so on, and all the life problems could be solved.

Just buying the www.58.com domain name, Yao Jinbo smashed nearly a million.

"We have considered the name of the website at that time for a long time, because the website is for ordinary people in China. Many people can not remember some English words or long domain names as we do. We hope that the name will be as short as possible. No matter what men, women and children, and people in the eastern part of the country can easily remember, it is our first choice to use numbers as domain names.

In addition, the 58 meaning is the brand characteristics that I published and I discovered. Of course, many people understand that I am rich.

"58 at the beginning of the establishment of the same city, the first office to rent is 60 workplaces. I told the designers that I had to cut two and become 58.

At the very beginning, 58 of the 58 employees still have more than 30 people in the company.

Many people have left, and have returned here in the past one or two years.

58 cohesion core team, in addition to good treatment, and more importantly, 58 of the development prospects have been recognized by most employees. They believe, as I do, that the classification can be successful, inclusive of failure, and encourage an innovative enterprise atmosphere, so that every employee can work very hard here.

Yao Jinbo said with emotion, now, whether we can get the venture capital funds determines 58 of life and death, so 58 for investors, we always have a grateful heart, they not only give financial support, but also the team's confidence.

Get financing, so that 58 do not spend most of their energy on income, you can pay more attention to user experience.

Paying close attention to the quality of information has brought explosive user and income growth to 58. Yao Jinbo predicted that the annual income increase of 2-3 times in the next few years is not a problem.

The first winter since going out of business

Advertising revenue, user value-added services pay and business models based on products are paid more and more mature, which proves that companies can make profits more important than profit itself. {page_break}

At the beginning of the 58 city, Yao Jinbo had a very high expectation. He hoped that the website would be able to reach the present scale in 1-2 years.

But later it was found that the acceptance rate of users was much slower than he imagined.

The classified information website mainly provides various kinds of life information, including housing rental, catering and entertainment, recruitment and job hunting, second-hand business, car rental, pet ticketing, and making friends with tourism. It has great relationship with the maturity of urban development and netizens. It has not been very popular in Changsha that it has developed a very mature model in Beijing.

However, the more nervous problem is not yet.

Yao Jinbo said frankly, when you hold the dollar in your hands, there is no such urgent desire to think about the profit model.

This effect made the 58 cities encounter the first cold winter since its founding. In 2008, the wind investment fund was basically exhausted, and no viable profit model was found. The crisis of the food shortage was hanging high, and more and more people began to waver and began to doubt the future of 58.

This time, the hardcore team saved 58 and saved Yao Jinbo.

The more difficult the situation is, the more embarrassing the situation is, the more it inspired the 58 of wits at that time, and began to try to find a way out.

The dilemma finally appeared after the Spring Festival of 2009. 58, finally, there was a way to make money. Advertising revenue, user value-added services and the payment mode based on the products were becoming mature.

In 2009, 58 achieved double growth and realized its first profit, becoming the fastest growing year since its establishment.

"Earnings are not what we pursue, proving that companies can make profits more important than profits themselves."

Opponents are no longer rivals.

Although the market can allow two or three to coexist, there will be only one big classified information website in the future. The market share, including income, user number and posting volume, may be more than second in the market and third in total.

After five years of turbulence, the classified information website has been scattered from the earliest to the present, with only a few survivors.

The game is still going on.

"The past 58 is to do well without considering others, but at the beginning of this year, we hope to attack the market more aggressively.

In fact, users do not want to have so many platforms, they need to work hard to carry out information selection, although the market can allow two or three to coexist, but there is only one big and comprehensive classified information website in the future, 58 hope that this platform is us.

Yao Jinbo is full of confidence in the future development: "before 2009, our industry has not yet drawn the distance, but in 2010, our competitive advantage is expanding. 58 now we can say responsibly that our market share, including income, user numbers, post volume and so on, may be second or third of the total market.

58 what we are doing now is only 1/10 of foreign countries. There will be at least ten times more room for growth in the future.

And for Baidu and portal websites, 58 is also very calm. It is said that the probability of cooperation between the two sides will even surpass competition in the future. Before that, there are precedents, some of the portals will be outsourced, and 58 will be able to reach such agreements between Baidu and the portal.

Even with positive competition, the vertical category website will surely win even greater odds.

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Yao Jinbo said that instead of making 58 profit this year, we defined this year as a year of investment.

The arrival of the mobile Internet era has brought a larger space for classified information websites. The 58 city network launched the WAP station for the mobile Internet as early as 2007. Yao Jinbo has always believed that if you want to succeed, you must think ahead of others and take the lead in the development of science and technology. Classified information should not only appear on the Internet, but also on WAP. At present, the PV of 58WAP station has exceeded 90 million.

In June 6th of this year, the 58 cities went deep into the field of group buying, but the effect was unexpected.

Trading volume is rolling up every month. Based on the huge demand of users, group buying has become a key project of 58 cities.

"Just started group buying is just holding the mentality of trying, based on two aspects. First, we have a lot of users based on geographical division, and realize the precise life service through the region.

The two is that we have very good cooperation relationship with merchants. The discount can reach two, seventy percent off or even lower. The benefits from consumers are self-evident.

To become a great platform like Baidu.

The profitability of next year will have the conditions for listing. The preferred place for listing is overseas. There is no specific timetable yet, but it is very confident for listing in 2-3 years.

In October 9th, Yao Jinbo broke the news in micro-blog. The company has just completed the first round of employee option issuance, saying that no matter how the price rises, it is hoped that the core staff will be able to afford the housing.

"I did not expect to set off a wave of options for the Internet Co, and many Internet Co owners were calling to hear my advice on this."

"58 city employees should focus on their work instead of listening to their mother-in-law's complaints. After all, facing the constant challenges, the pressure is enough."

Yao Jinbo said, "about 10% of employees get the option, the proportion and pricing should be more authentic in similar companies."

Yao Jinbo said that the company's profitability next year will have the conditions for listing, the preferred place of listing overseas, there is no specific timetable, but for 2-3 years to be listed very confident.

We share the same view with investors. We should serve the users well and then consider the revenue.

Waiting for the time to mature, and then choose to go public.

"Listing is not our ultimate goal. I hope to make 58 a great platform like Baidu and Tencent. The great concept is that China has hundreds of millions of users and has a good reputation, including our parents, relatives and friends, who are all using it, and can help the people solve many practical problems.

Whether it is income, user volume or social value must be enormous.

As long as you think about life's problems, the first thing that comes to mind is 58. That's our vision.

In April of this year, after 58 cities got the second round of 15 million US dollars, the main strategy was to expand the two or three line cities.

Yao Jinbo disclosed that next year will focus on supporting agents.

At present, the popularity of the 58 cities in small and medium-sized cities is not high enough, and the strength of agents needs to be cultivated locally.

In October 20th, Google released the "global TOP1000 website list" again, and 58 cities rose 8 places, ranking 128 in the world.

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17 branches, 376 sub stations, independent visitors 18 million, 230 million browsing.

Yao Jinbo's blueprint for classified information Empire has gradually emerged.