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Innovation Works Overview (US Press)

Innovation Works Overview (US Press)

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Published by allthingsd
Former Google China head Kai-Fu Lee presentation on his one-year old company Innovation Works.
Former Google China head Kai-Fu Lee presentation on his one-year old company Innovation Works.

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Published by: allthingsd on Sep 07, 2010
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Dr. Kai-Fu Lee
Founder / CEOInnovation Works
September 2010
Capturing High-Growth TMT Opportunities in China
Chinese Internet:lucrative space reserved for locals!
Too short-term profit focused;Local team not empowered;Insufficient attention to local market needs:“Global” product mentality;No willingness to tailor for China.
US $100 Billion
 Yahoo:entry in 1999, 3721 acquisition in 2003 (40% market share), now 0.5% shareeBay: entry in 2003, Eachnet acquisition (nearly 100% market share), “sold” <5% domestic business in 2006MSN: entry in 2004, distant #2 (~10% share) in instant messaging, not in top 5 in portal & searchAOL: JV with Lenovo in 2001, FM 365 portal, shut down in 2004, entered again in 2008 & shut down in 2009Amazon: entry in 2005 by acquiring #2 player Joyo, which has been unprofitable and losing shareMyspace: entry in 2006 as local company with minority ownership by News Corp. Going nowhere. Youtube: sporadically blocked (<5% share), blocked in 2008 (0% share)Facebook: <5% share, blocked in 2009Twitter : blocked in 2010Google: entry in 2005, share went up from 10% to 35%; exited mainland China and moved to HK in 2010
How is the Chinese Internet Different?
1. Government Regulations
10 sec.spent on result page30-60 sec.spent on result page
2. Usage Differences
(Chart below: more entertainment)
3. User Demographics Differences
(average age: U.S. 42 / China 25 years old)
4. Society Differences
Greater reliance on the Internet for information
Users are more exploring in nature
Users like densely populated information

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