On February 17, Li Kaifu, chairman of the Innovation Workshop and entrepreneurial father, delivered a public speech at the annual meeting of the China-Thailand Securities Capital Market. In the speech, he analyzed his observation of the Internet trend, interpreted the investment logic of the innovation workshop, and further mentioned five areas he was optimistic about: artificial intelligence, culture and entertainment, online education, B2B and consumption upgrade. For artificial intelligence, he believes that "it can replace the basic human needs of all work less than 5 seconds, it can be replaced." And "which areas do not need the robots of the seven desires, this is a play. For example, sweeping robots, such as industrial Robots, such as the elderly, are accompanied.†Of course, he does not mean that artificial intelligence will replace humans, but "create higher value for humanity at lower cost." The following is the full text of Li Kaifu's speech: First of all, innovation workshops are particularly good for the secondary market. In the past few years, China’s capital scale and its potential have reached the top of the world. We have seen some of the better technology assets that have been listed overseas. Innovation workshops clearly see that early investment, medium-term investment, and growth investment in China must depend on China’s capital market. Therefore, we have taken the past entrepreneurs to the Nasdaq's dream of striking the clock, basically brainwashing, and letting them see China’s capital market, let them know that their technological potential and market development are the most suitable for them. market. Innovation workshops are also considered to be an early investment institution in the industry. We will analyze the trend of science and technology. We only need to pull the cycle longer and see it further. We must learn advanced Western technologies. We have seen the technology of the Internet. In fact, the entire revolution has just begun. If the Internet is positioned macroscopically as the mobile Internet and social networking that took place after the Internet, there will also be big data and artificial intelligence brought on later. If we regard this whole as an extension of Internet technology, we think that the revolution of the Internet has only just begun. It will change the habits and industries that completely transform all human beings. Now we see more opportunities for transformation, so today I want to analyze, we also see what industries will transform into the future, which will be a very thorough, very bloody transformation. Because of those companies that cannot accept the concept of Internet+, AI+, they will be subverted. The opportunities for the future are mainly based on companies that understand the power of the Internet and data. They will overturn traditional companies. There will also be a few traditional companies that keep pace with the times, transform themselves, and subvert themselves. This is a way and attitude for us to look at everything. Of the 20 most valuable companies in the world today, most of them are already technology-based companies, and even more so in the future. These technology companies are not selling technology. They are trying to subvert all traditional industries. I would like to share the trends on the Internet first, what has happened in the past two years. The entire Internet industry, the past two years saw the dividends fade. We can see that the download of the APP market is not as hot as it used to be. The actual usage rate of the APP has even declined a bit, and the dividend of the Internet is over. What I said just now is that the concept of "big Internet" will continue to subvert all traditional industries. However, the so-called Internet user bonus is purely based on frying users, burning money, buying users, and increasing traffic. This model is no longer satisfactory. When the entire Internet market is growing explosively, you can burn out users and think about how to make money, but this method has not worked. After the Internet slows down and slows down, it will have many new ways of using it. For example, the Internet can be moved, you can carry it with you, you can pay, and every point will bring a lot of business opportunities. From a perspective, the capital market in the past year or two was a bit cold. If we look at the investment in the VC sector, we can also find that VC investment was half of the previous year. Instead of thinking that the VC community has begun to cool down, Internet investment has failed, and we will come to watch this issue first. First, we would think that the previous year was overdone. O2O was irrational when it came to burning money. It burned so many companies and brought about some consequences. So everyone cooled and was rational. Second, the entire Internet investment cannot be regarded as a field. In some rapidly growing areas where the so-called tuyere is about to begin, Internet investment is still fiery. If we look at internet finance, it's not P2P. If we look at artificial intelligence, big data, driverless, high-quality cultural and entertainment projects, its investment is actually increasing. So when you really find out, there is a star team, their valuation is still very large. In the past five years, the entire people’s PE was a national angel two or three years ago. These two things are not good for the market. Because when capital becomes a Red Sea, most investors are irrational or non-professional. Well, they will definitely not cast good results. I think it is shrinking to a certain extent. But good investors, good cases, good entrepreneurs, and good outlets are still very worthy of pursuit. Instead, they will produce some special premiums. opportunity. From innovative workshops, and many experts in the industry, I will share my past investment strategies and performances before analyzing trends. P2P fired very hard for the past two years, but it suddenly collapsed. The early research and judgment of the innovation workshop did not involve this field. This is a more sensible decision. The second example, O2O. The industry has grown explosively, and then it has plummeted. Innovation workshops in this area may have done a little bit earlier, but they haven't done particularly good. You didn't see us predicting this issue very early. It's just that we are more cautious and follow intellectually. Make investment in the market. Mobile games, we basically go with the market. At the time of the tune, we all voted together. We also voted for some good assets and then invested in high-quality IP. When the industry became a Red Sea, everyone withdrew and we also withdrew. We are just like the research institutes present here. Some of the enthusiasm will be found, and some will follow the industry. We started investing in artificial intelligence and financial innovation in 2012, when the industry did not know the term. In 2014, we invested the most, and the industry has not yet begun. Now that AlphaGo has defeated Li Shishi, we all want to invest in artificial intelligence. We are still investing but we haven’t seen any significant increase. Because we may see some conditions that are at least overvalued and cannot become bubbles. This is the industry leader. The concept of consumption escalation, which we saw in 2010, continues to be cast, and the industry is slowly seeing this opportunity. Culture and entertainment, we also walk in the industry before. The most typical example, not mentioned here, is the mobile Internet. When we started in 2009, we made all in addition to the mobile Internet of smart phones. All the money was invested in the mobile internet, and the smart phone was voted. The return of the year was 15 times. Especially good time, we as the only one to see this The field of VC. However, when the concept of this field in China came out, everyone understood it, it was soon played out, and then it became a bubble. After that, we also needed to find other areas. As an early investment, it is particularly important to have a very sensitive nose that can be laid out when a tuyere is not yet available. Our chip is to rely on us as a group of science and technology people. In the field of science and technology changing the world, our chances are the greatest. We are most optimistic about several areas, the first area, artificial intelligence. Six years ago there was a particularly important technique called deep learning. The invention of this technology will allow a black box of technology to be identified and judged to exceed humans. But this is not a standard software. Only 7,000 people in the world may use it. Without these 7,000 people, you have no data. After seeing this direction, we can see one after another product launch. They can replace all basic human needs that require less than 5 seconds of work. It can be replaced. For example, to recognize human faces, such as doing some recognizing speech, or recognizing handwritten words, these people have no chance, and the machine will fully surpass humanity. There is still a lot of work on a large amount of data, such as translations, how many bilingual materials are available, and if this is lost, people's translations are also in vain. Unless the leaders are given real-time oral translation and they can't miss a word, this kind of machine can't do it. But at the basic level of attendance, the overwhelming majority of people have no way to do better than translation. Reporter, the long article machine can't write it. Short articles have also been lost. Assistants, security guards, and drivers, as soon as there is no driver, 90% of the people working in these industries are unemployed. So instead of replacing work, each one creates higher value for humanity at a lower cost. Replacing humans is definitely a wrong way to think about this problem because people can't compare to these machines at all. For example, we invest in defiance technology "face++", G20 when it was all over the "face++" in Hangzhou. In the month, the contribution it made to Hangzhou Security should be to rest assured that people are more than 20 times more comfortable. You are interested in this detail and you can ask me again. Because it makes no mistake to hide. In an innovation workshop, even at Foxconn's 100,000-person factory without a card, you can brush it in with your face. This kind of power can't be compared. A “face++†can identify 500,000 faces, and which one in the block can identify 500,000, which is a field of superman, and these technologies will soon take place around us. Today's time limit, I will not enter all fields. In a few areas, an artificial intelligence technology that allows you to sell a product with a large amount of user data analysis can increase the conversion rate of sales by a factor of two. If you are an electricity supplier, you can sell 1 times more products. If you want to do data marketing, go for marketing, you can sell it twice as much and the company we invest in can obviously see it. For example, we have invested in the "Qiao Da Technology and Grass Data", which is a company that helps all businesses achieve more accurate marketing. To do recognition, its recognition rate will be very accurate. Doing risk control, its risk control will do better than every bank. And it may take a week for a person to determine whether or not I should be able to make a loan. The use of a credit card is not a fraud. These machines can make a more accurate judgment in 0.1 seconds. Therefore, in the financial field, artificial intelligence is definitely the best opportunity to play, but it is not only in the financial field. Face recognition can exceed humans, and images can be clearly identified. What areas are used for imagery can be deduced. For example, traffic. For example, helping a city to do traffic design allows us to have fewer traffic jams. For example, the recognition of license plates, such as the identification of medical images. If there is a child in the audience who wants to read the medical image, that is, those doctors who help you to see the film, do not. Five years later no one will do this industry, and all are replaced by machines. The speed of these machines exceeds everyone's imagination. Medicine, education, internet data, AI, processes, stocks, and quantification are just a few examples. I learned AI an enlightened senior brother who is now the CEO of the American Renaissance Fund. They do their own stock-quantity investments, and use their own money to do. On average, over the past 30 years, an average annual return of 71.6%, I do not know whether the fund managers in this room have such a return. In 30 years, these are the strength of AI, so I think the opportunity of the machine is particularly huge. Google is the most powerful in the United States, and the details are not much to say. Where can we make money in the financial sector and the Internet? There are data, so BAT will continue to make more money. Whoever has the data can make more money. Traditional industries also have data, banks, insurance companies, brokerage firms, medical care just discussed, and so on. These are AIs that already have big data. If robots do not fly, we must be cautious here because everyone's knowledge of robots comes from science fiction movies. Although data can be used to make very accurate judgments, but really a machine like people, machines and people's brains still does not matter, it can not be without emotion, there is no emotion, do not understand the United States, do not know what is happy. There is no emotion, no self-awareness, so it has a long time to imitate these things. But which areas do not need robots that have seven emotions, this is a play. For example, sweeping robots, such as industrial robots, such as elderly people, these are games. What other areas have more opportunities, we think there is a chance for driverless driving. Everyone in the auto industry needs to pay attention. Driverless driving is not to say that you can tell you carefully. What is in front of you is dangerous. It is only driving assistance. After drone, it completely replaces humans. The development path for unmanned driving will be people driving and the machine will give you a reminder; people will drive and the machine will give you assistance; then the following is the machine driving, people will be gone, there will be no middle one, no one The status is assisted by the driver of the machine. This is not true. The machine started driving and people climbed to the back seat to drink coffee. When the car itself will open, each car will only sit one person, and the entire design will change. Roads, now can open two cars on the road can open five cars, at least four cars, these cars will talk to each other. It will tell the car in front, say, be careful, I blew it out, don't get hit by me. Or it would say that my master is now anxious to go to work, you let go, I give you 1 cent. The real IOT era (that is, the Internet of Things time) will start with the car. Then what will happen to the car? Traffic will not be blocked, people will not buy cars, and we will not buy unmanned cars. When the driver was driving, the car was on call. Every car you buy is parked in the parking lot 96% of the time. It is definitely the worst investment for every expert in this life. What assets you have will be idle at 96%, and you will continue to drop prices. Afterwards, they are everywhere, they need to leave, there will be no traffic congestion, there will be no air problems, and these are solved. Every city's traffic is getting smarter and the air is getting better. What is the change? The parking lot is gone. You have to pay attention to the parking lot. These changes are in the entire industry. It is definitely not a vehicle to build. It is only one area. In the future, you can imagine that industrial robots, home robots, chat robots, and robots have more and more other directions. These are particularly dramatic changes. Today's time is limited. Let's talk about these areas. You can imagine that drone is just a field. Ten years later, ten years ago, you will suddenly realize that your entire lifestyle has changed. The second area, culture and entertainment. Culture and entertainment will be completely subverted. The first, high-quality head content. The most famous one we have voted for is "Ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh There are many other similar head content, such as "Let's love each other," these are innovative workshops as technology companies, to see the technology to subvert entertainment investment in some of the top quality head. Second, children like to watch. Because the future content trend is guided by the post-95 and even post-00. They are people who were born in the era of mobile Internet. What they see will come upside down to teach us what to use. Therefore, what children like in the future will surely lead the entire era. Including our investment SNH48, runaway comics and so on. With the development of these high-quality content, it may become a platform. A good head product becomes a platform to build more products. Most typically, we invest in a successful, high-quality content product that we know. To a certain extent, Weibo has become a post-95 content platform, which is certainly very valuable. Knowing about the standard Weibo, becoming the next valuable content platform. The third area is online education. Although the domestic education has progressed a lot over the past decade, there are still many problems. The parents are hopeful and hope that the women will become phoenixes and see that they have insufficient education and want to promote it. But changing the existing education system is the most difficult. These parents are willing to spend money for the only child, and the technology is also upgrading. Ten years ago there was not enough fast bandwidth and ubiquitous mobile platforms. Education was not very technical. However, there are four major trends happening today. The first one, the education recipients can use the Internet to do it. Each customer cost in education is very high, but the lifetime value of each customer is very high. It is now possible to use the Internet to obtain customers. This is a particularly big advantage. If you are an educational institution that uses the Internet to obtain customers, the profits will be higher. Second, the spatial distance is not a problem. Everyone is willing to teach online because the quality of the video conference is high enough. Therefore, many opportunities that cannot be taught become opportunities. For example, the VIPKIDVIP kay that we invest in can allow American teachers to educate Chinese children. The children of Chinese who want to learn English are infinite, and there are not enough high-quality English teachers in China. Only 20,000 foreign teachers are in China and how to serve hundreds of millions of children. If each child is to have a one-on-one foreign teacher, he must go to the United States. Which American intellectual income is the lowest is the teacher. These pairs, they fell in love with VIPKID kye, this year there will be billions, or even more than 10 billion in revenue in the next year, this is just a platform for children aged 4-12 to learn English. The third point is more interesting and interactive on the Internet. So those high-quality teachers and interesting teachers can make children happy to learn, not just painful learning. Lastly, after using artificial intelligence technology, online teaching, such as the “learning to learn from the classroom†that we invest in, can use AI to judge what each student needs to learn and push some products to you. We also know what you did not learn well and how you can strengthen it. We also know that there is no concentration in your learning process because it is monitored throughout the entire video. The attitude of the student and his satisfaction do not require a questionnaire. We will know immediately. Using this personalized teacher to know the needs of students at any time to increase personalized and targeted teaching is a particularly big help. The fourth area, related to B2B, is enterprise-level transactions. "Finding steel mesh" is an example and other companies have also been voted. What other companies are engaged in brokering deals? The "buy car" we invest in is a trading platform for new cars. Their transactions are not transactions to users. Buying a good car will connect local non-4S car dealers. All cars that can be imported. And these transactions are not about reducing transaction costs, but finding what you can't find. It facilitates the transaction and can make very good profits. Fifth, consumption upgrades. As the Chinese people get rich, the consumption habits of these people will change. After the change, the past sales model may not be suitable. For example, e-commerce is a model. In the past, e-commerce companies bought cheaper products on Taobao. Today's users are willing to spend a little more money, use a better, faster, more beautiful model, let him meet the mentality of some petty bourgeoisie, get some enjoyment, let you make a profit. We consider here the real estate sales card test, as well as Internet sales. New branding, some new channels, new modes, and new modes of communication, will bring about a particularly large opportunity for the entire consumption upgrade. This is not necessarily an opportunity for the Internet. It may be a combination of online and offline. There will be more language and opportunities in the area. Next, we will share one or two targets for investment. The “use of Qianbao†we invested in was launched in July 2015. It has been less than a year and a half since it was launched today. However, it did micro-credit and last month’s lending was 1.2 million, basically exceeded the size of the bank. A single month of lending 1.8 billion, it is estimated that such a company is completely a listed company's size. But because it does not use people, it only uses machines to make judgments, so the speed of lending. If there is an unlimited demand, it will put 10 million pens a month, or 100 million pens can be done. A bank or a person-dependent institution can't do it. Last but not least, we recently listed the new board and are working on an artificial intelligence institute. This Academy is itself a company that wants to build an AI because we think that China now has the three largest AI companies called BAT. But these three companies do not share, and they do everything they own. We think we still need a company that can get a lot of data. With a shared mindset, an AI startup can have technical support, data support, and then a large number of machines that can make it AI. These companies, including Zhihu and Qianbao, were just talking about this with the Academy of Engineering. We believe that the first step of the Academy is of course to help Internet companies because they know best what value artificial intelligence can produce. In the next step, we must help the various traditional companies. We are very optimistic about the future. From cultural media to artificial intelligence, various companies need to interface with the secondary market. Speaker Cables,Speaker Cable To Rca,Speaker Cable Types,Speaker Cable Connectors CHANGZHOU LESEN ELECTRONICS TECHNOLOGY CO.,LTD , https://www.china-lesencable.com
Kai-fu Lee: Companies that do not accept the concept of AI+ will be subverted alive
Do this together. We believe that the first step of the Academy is of course to help Internet companies because they know best what value artificial intelligence can produce. In the next step, we must help the various traditional companies. We are very optimistic about the future. From cultural media to artificial intelligence, various companies need to interface with the secondary market. ">
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Kai-fu Lee: Companies that do not accept the AI+ concept will be subverted from Baidu VR.