The Wisdom Wall

“because the market's so big, um, The pie is so large that it does actually warrant that crazy risk taking, that even if a company is already doing well, I might just give a ton of money to another competitor because if they win, the pie is so much bigger.”

“This is probably a contrarian view, even in Silicon Valley, but I would build for mobile first, and I would build your app before you build your website, because it will drastically unlock different ways of thinking.”

“for this category, I don't think subscription is necessarily the best model. Because for me to sign up for a subscription, I have to think I'm going to take more than one class, right? I mean, why not instead let me pay per course, and for other courses, if you want to push discovery, allow me to sample the 1:10…”

“My concern is that the issue around bot usage and adoption is not, is not actually the discovery piece. It's that the great use cases for the bots haven't been created yet. And that's more a function of Facebook educating developers or developers coming up with the right use cases and Facebook figuring out how to get…”

“It makes sense for a photo editing company to break that up into multiple apps because from a user metric standpoint, I will download four or five of them. But for a company like Facebook, I only want one if it's the same exact network of people.”

“I think a lot of commerce actually doesn't need the conversation. And I don't think it, the dialogue, the back and forth chat is that additive. Um, I, I take customer service aside from that because that's an instance where I feel like I want someone listening. I want to pretend that there's someone on the other side.…”

“if they have an app that only does one thing, or if there's a screen that only does one thing, That to them seems too basic, and they actually prefer the complexity and the ability to do a bunch of things per every inch of screen space versus the states where I think they like the cleaner look.”

“My learning is that there's usually a time lag of at least a year and generally three to five years before some of those concepts that are already mainstream in Asia become very popular here.”

“They are taking a high frequency, low margin business of food delivery and tacking on low frequency, high margin businesses at low or zero customer acquisition costs.”

“because it's ad based, a lot of the content on YouTube can't go to the depth of absurdities that you need to really make a big impact on your life or your career. Because the creators, they have these incentives to have to create content that gets lots of clicks.”

“So WeChat moments doesn't have that public count of likes or comments. And therefore, at least I look at myself and anecdotally with my friends, people share in a very different mindset. So if you post something on WeChat and say a mutual friend of ours comments on it, I'll see it. But if I'm not friends with that…”

“The idea that everything lives in one app is actually seen as a good thing in China because it's less friction at the end of the day.”

“Think of it as the video format of AOL chat rooms back in the nineties. And so, and if you think of it with that lens, it really helps you understand the psychology behind it.”

“and in a sense, any app that has high frequency use case, has login, and ideally payments data tied to it could create the same WebView commerce ecosystem.”

“When I think about China, innovation to me means survival. And I say that because there are so many people in China, 1.3 billion people. There's a huge population of entrepreneurs in China right now. And, and you match that with a huge abundance of capital that's available to these entrepreneurs. And you just, you have…”

“Both of them need to have a baseline level of tech and logistics is one I think where there's a lot of tech involved. Um, on top of that though, after their baseline tech is met, I think then it comes down to marketing partnerships, Distribution and things like that. And that's where the local expertise is really…”

“it's a misconception that some people have that you're always naturally going to get the best talent just because you're a global brand. That's definitely not the case in China.”

“uh, business models and monetization, there's a lot of innovation happening out in China, and I think a big mistake that people make is they look at a company and they say, oh, this is the Facebook of China, this is the Yelp of China, this is the, the Groupon of China, or YouTube of China, and most of the time, that's…”

“something that's misunderstood about China is that the second and third tier cities are very different than the first tier cities, and oftentimes if you go to a third or fourth tier city, they don't have a local mall, a local drugstore that's within driving distance or walking distance, and so some of those places,…”

“The media has trained us into thinking that the world is a zero sum game. If the U.S. wins, then China loses. If China wins, then the U.S. loses. This is the narrative that we've been sold because it's what sells magazines. It's what causes people to click into articles.”

“There is extremely high density in China, and density allows for new business opportunities. For example, take all the online to offline companies out there, whether it's on-demand delivery of food, floral arrangements, masseuses. These things can have great unit economics in China, because you might have 10 deliveries…”

“when there's so much capital that kind of floods into an ecosystem that does de-risk it to some extent.”

“When, what is the future of e-commerce? Just look at physical commerce and replicate more of it.”

“video is starting to disrupt marketplaces in a really interesting way, whether it's short video, prerecorded video, live video, they all bring nuances and flavors to marketplaces that ultimately give buyers more conviction in what they're buying and more joy and delight in that shopping experience.”

“when, when you want to build a new marketplace, you either have brand new, unique supply that no one else has. Or you have better pricing that no one else has. That's Timu. Or you have just a much better fun experience, and that's what not. If you deliver something new, then I think you have the right to, the right to…”

“With their addition of podcasts, they now know much more about me. If I listen to the BiggerPockets podcast, they know I'm most likely a landlord and I love real estate.”

“You see, actually, Spotify could use that data and help artists and concert promoters figure out which cities they should be touring in. They should use data to inform themselves. Should I spend one more night in New York, or should I use that day instead at the Staples Center? In fact, they should be able to work with…”

“Ear share is the new mind share.”

“a lot of long-tail expertise doesn't always naturally suit video.”

“Because I think a lot of creators, when they have an ability to make a significant amount of income from sharing their expertise, they will create better content.”

“So simplicity is all about being intuitive, not necessarily being minimal.”

“They will look at that and think it's childish or gimmicky, but it makes a feature or a use case go viral.”

“what excites me about instant apps is it really does eliminate friction for the end consumer, and it also reflects to me that Google understands something that WeChat has known for years, and it's critical to the success of official accounts on WeChat, which is if you can eliminate the need to sign in And then…”

“if you focus much more on web views and use the, the bot as more just a shortcut to go into the full-on web view, you can onboard accounts much, much faster.”

“you have people from all kinds of backgrounds who really believe that if they work really hard, um, they can make something huge. And when you pair millions of people with that mindset, and then you pair that with access to a lot of capital, you get the ingredients for these mega companies.”

“you will see companies that look like the Facebook of China, look like the Google of China, look like the YouTube of China, but they're different. And that's why it's not just Chinese Twitter.”

“I think a lot of companies, if they want, if they go into China and they have realistic expectations of maybe only getting five percent market share, that could still be millions of users.”

“I think communication is what makes it an indispensable application. Entertainment is much more, um, you can take a break from it. You don't need it every single day, but communication is something that's very hard to give up even for a short period of time.”

“I find that less of a hassle than closing out an application, swiping my screen to the next, the next grid of different applications, finding the right one, and then doing whatever I need to do, and then closing that application and going back. So navigating. Yeah, navigating the phone's operating system, to me, is not…”

“it's very difficult for most social networks to To pull off both being private and safe, but also being a place where you can meet new people.”

“Or if you're a transaction oriented company, if you can create more content, engaging content, you get more mind share, and that lowers your customer acquisition costs when you try to expand to new sectors.”

“You see, singing and music in China is a fun, a social, a lifestyle experience rather than a solo consumption experience.”

“expanding your sources of revenue versus just growing a singular revenue line is actually a lens to drive product thinking.”

“This O to O, two point O concept means you are logging into physical spaces, just like you log into Amazon, just like you log into Facebook. What this means is physical spaces now are using technology to fight back against this death of retail.”

“Likewise, you know which products, market fits, and business models are doing incredibly well in China, and you can take those models to the U.S. before the next Facebook or Google figures that out.”

“Sharing your traffic will help you retain mindshare and help you retain relevance.”

“In my mind, what makes WeChat mobile first Is that they have completely unshackled themselves from the constraints of designing for a PC, and they utilize features that are mobile-specific, that are specific to mobile hardware.”

“They're using the camera as data input, not just data capture of an image. It's a different mindset of how to utilize smartphone, how to really, truly be mobile first.”

“Now that last statement's a very important point, because in China, when you're creating these official accounts, it's up to you as the brand of business to go get all of your followers. WeChat doesn't create a store or a list of top brands for consumers to follow.”

“That's because the offline world always understood how to think in a customer-centric way as opposed to a product-centric way.”

“Now, when you think about this online and offline world, there are actually two components that are the plumbing to make the seamless mobile society work, and those two things are payments and QR codes, and they're actually very intertwined in China.”