Open the Meituan App, there are more than 20 major product categories in total, and there are several to dozens of small categories below each category. These projects cover all aspects of our lives.
It can be said that Meituan, a rising star, has once developed into a super platform that can compete with Alibaba.
In another time and space, Meituan's market value has reached the 12 trillion Hong Kong dollar mark, firmly ranking third in China's Internet companies.
The story begins with Longyan, a small town in Fujian. There is a cement king named Wang Miao in the local area.
This person not only does a good job in the company, but also has a successful education for his children.
The two children, one boy and one girl are both Tsinghua academic masters, and the boy here is Wang Xing, the founder of Meituan.
Wang Xing’s entrepreneurial experience can be said to be very rich.
Before Meituan was established, I had done more than a dozen projects of all sizes, but unfortunately most of them ended in failure.One of the more famous ones is the school network and the other is Fanbu.
The School Net was established in December 2005. It was originally borrowed from the Facebook model, and even the pages were made almost the same.It is campus-centered and has gained 1 million users half a year after its release.
It doesn’t seem to be much today, but for a few technical teenagers who didn’t have much capital at that time, the growth was still very rapid.
But the problem is coming soon.Although there are many users, there are not enough servers. In addition, it requires a lot of promotion and maintenance. Wang Xing and his team tried to find VC investment, but failed one after another.
So in the end, he had no choice but to sell the school network to Chen Yizhou of Qiangu Group in October 2006 for a low price of US$2 million.
Later, the school network was renamed Renren and listed in the United States, with a maximum market value of more than US$7 billion.
It was quite popular before, and even Chen Hao himself used it!
There is actually an episode here. It was Chen Nanpeng of Sequoia Capital who contacted Wang Xing a week after the campus network was launched and expressed his interest.
So Wang Xing brought his team to Sequoia.Perhaps it was God's will that the important business plan fell on the taxi, which led to Wang Xing's performance in front of investors was not very good.
What’s even more interesting is that Zhou Hongyi, who was also an IDG investment partner at that time, happened to come to Chen Nanpeng.
So Chen Nanpeng asked Zhou Hongyi to help take a look at Wang Xing's team. Zhou Hongyi's suggestion after reading it was that he would not vote for Wang Xing and the others.
So Wang Xing and Sequoia missed each other.From the back, the missed at that time actually provided a favorable basis for the later combination of the two.
Wang Xingxin was unwilling to accept the defeat of the school network, so when he learned from his junior Tsinghua University that Twitter became popular in the United States.
In May 2007, he immediately founded China's first tweeting website Fanfu.
As a result, it was shut down for more than two years after it was launched due to sensitive issues, and then Sina Weibo went online one month later.Wang Xing's social dream was stranded again.
Although Fanfu was re-launched in November 2010, Wang Xing also knew in his heart that Fanfu had no more opportunities.
So he focused on Meituan, which was established on March 29, 2010.
Meituan's establishment continues his Cpy T China style.
From the business model and even to the UI interface, we draw on the group buying website Grupn, which was popular in the United States.
Faced with the doubts that always imitate foreign countries, Wang Xing's rough answer is: At the beginning of starting a business, try more, try and make mistakes quickly, and get feedback quickly, so as to find projects with a chance to succeed.
This is Wang Xing’s entrepreneurial methodology.
In fact, this concept is used by startups all over the world.
There is a book in Silicon Valley that specifically talks about this method, called "Lean Entrepreneurship", which is sought after by many entrepreneurs.
Toutiao, Didi, which is known as the new three giants of China's Internet, along with Meituan, is TMD.
In product research and development, we adopt the model of small steps and rapid iteration.
This model is still very useful for small businesses to create hot products.During the period when Meituan was launched, other group buying websites also sprung up like mushrooms after a rain.
At the most, there were about 5,000 group buying websites on the market.For example, Lashou.com, Wowotuan, Nuomi, QQ group buying, etc. were done relatively largely at that time.
Although Sequoia Capital mentioned above missed Wang Xing’s campus network, it finally embraced Meituan this time.
In August 2010, Sequoia, as the only investor of Meituan, invested US$12 million in round A for Meituan.
You should know that Sequoia generally does not invest alone, but most of them join forces with other VCs.
It can be seen that Chen Nanpeng still feels a little regretful because he didn't catch the campus network, so he doesn't want to lose Wang Xing's project again this time.
With money, Meituan has expanded rapidly and has successfully opened branch stations in 100 cities in the first five months of 2011.Despite this, Meituan was not the leader in the group buying field at that time.
There are also many group buying websites that try to quickly occupy the market with crazy offline advertising, and even attract merchants to settle in by prepaying money to merchants.
Faced with the radical strategies of competitors, Wang Xing chose to use softness to overcome hardness, focus on software development, and polish the App systems on the consumer and merchant side.
Wang Xing understood this very clearly. In the end, the group buying websites are still product quality and user experience. You cannot achieve real victory by spending money, because Tencent and Baidu, which have already entered the market, are richer.
The facts are as Wang Xing expected, excessive subsidies have caused the group buying industry to overdraw rapidly.It has only been popular for a year, and a large number of group buying websites have gone bankrupt.
The former battle of thousands of groups has become a thing of the past, and group buying has become the abandoned son of capital.
Perhaps it was Wang Xing's way of doing things that attracted Alibaba. In July 2011, Meituan received a US$50 million round of financing led by Alibaba in the cold winter of group buying.
After getting the money, in order to appease the market's concerns about Meituan, Wang Xing did a very smart thing - showing the public that there was still $62 million in the company's account, which proved that Meituan had sufficient funds and could survive the capital winter.
It can be said that at this critical moment, Alibaba's investment brought a new turning point to Wang Xing and Meituan, playing an important role in Meituan's subsequent rise.
Wang Xing also took a look at Hangzhou for this and gained a general from Alibaba, namely Gan Jiawei, the vice president of Alibaba's sales at the time.With the arrival of Gan Jiawei, Meituan's offline promotion capabilities have been rapidly improved.
Under the tide of layoffs on major group buying websites, Meituan once again did the opposite.
Expand the scale of staff and work overtime to invite offline merchants to settle in.
Finally, he firmly ranked first in the group buying industry in early 2012.
At a time when giants are everywhere, you often need to surprise your product or the opposite operation to open up a path.
At this time, Wang Xing's positioning of Meituan is no longer just a group buying website, but a must to be China's largest service e-commerce platform.
To put it simply, Meituan must do any service related to people's lives.
So at the beginning, Maoyan Movie and Meituan Hotel, which were experimental incubated, and later both businesses achieved their leading position in their respective fields.
Based on Maoyan’s experience, Wang Xing plans to expand more new businesses.
Takeaway is the industry they most suited to Meituan’s existing ecosystem after inspection.
There were not many powerful competitors at that time, and Ele.me was the biggest one.
It can be said that Meituan, a rising star, has once developed into a super platform that can compete with Alibaba.
In another time and space, Meituan's market value has reached the 12 trillion Hong Kong dollar mark, firmly ranking third in China's Internet companies.
The story begins with Longyan, a small town in Fujian. There is a cement king named Wang Miao in the local area.
This person not only does a good job in the company, but also has a successful education for his children.
The two children, one boy and one girl are both Tsinghua academic masters, and the boy here is Wang Xing, the founder of Meituan.
Wang Xing’s entrepreneurial experience can be said to be very rich.
Before Meituan was established, I had done more than a dozen projects of all sizes, but unfortunately most of them ended in failure.One of the more famous ones is the school network and the other is Fanbu.
The School Net was established in December 2005. It was originally borrowed from the Facebook model, and even the pages were made almost the same.It is campus-centered and has gained 1 million users half a year after its release.
It doesn’t seem to be much today, but for a few technical teenagers who didn’t have much capital at that time, the growth was still very rapid.
But the problem is coming soon.Although there are many users, there are not enough servers. In addition, it requires a lot of promotion and maintenance. Wang Xing and his team tried to find VC investment, but failed one after another.
So in the end, he had no choice but to sell the school network to Chen Yizhou of Qiangu Group in October 2006 for a low price of US$2 million.
Later, the school network was renamed Renren and listed in the United States, with a maximum market value of more than US$7 billion.
It was quite popular before, and even Chen Hao himself used it!
There is actually an episode here. It was Chen Nanpeng of Sequoia Capital who contacted Wang Xing a week after the campus network was launched and expressed his interest.
So Wang Xing brought his team to Sequoia.Perhaps it was God's will that the important business plan fell on the taxi, which led to Wang Xing's performance in front of investors was not very good.
What’s even more interesting is that Zhou Hongyi, who was also an IDG investment partner at that time, happened to come to Chen Nanpeng.
So Chen Nanpeng asked Zhou Hongyi to help take a look at Wang Xing's team. Zhou Hongyi's suggestion after reading it was that he would not vote for Wang Xing and the others.
So Wang Xing and Sequoia missed each other.From the back, the missed at that time actually provided a favorable basis for the later combination of the two.
Wang Xingxin was unwilling to accept the defeat of the school network, so when he learned from his junior Tsinghua University that Twitter became popular in the United States.
In May 2007, he immediately founded China's first tweeting website Fanfu.
As a result, it was shut down for more than two years after it was launched due to sensitive issues, and then Sina Weibo went online one month later.Wang Xing's social dream was stranded again.
Although Fanfu was re-launched in November 2010, Wang Xing also knew in his heart that Fanfu had no more opportunities.
So he focused on Meituan, which was established on March 29, 2010.
Meituan's establishment continues his Cpy T China style.
From the business model and even to the UI interface, we draw on the group buying website Grupn, which was popular in the United States.
Faced with the doubts that always imitate foreign countries, Wang Xing's rough answer is: At the beginning of starting a business, try more, try and make mistakes quickly, and get feedback quickly, so as to find projects with a chance to succeed.
This is Wang Xing’s entrepreneurial methodology.
In fact, this concept is used by startups all over the world.
There is a book in Silicon Valley that specifically talks about this method, called "Lean Entrepreneurship", which is sought after by many entrepreneurs.
Toutiao, Didi, which is known as the new three giants of China's Internet, along with Meituan, is TMD.
In product research and development, we adopt the model of small steps and rapid iteration.
This model is still very useful for small businesses to create hot products.During the period when Meituan was launched, other group buying websites also sprung up like mushrooms after a rain.
At the most, there were about 5,000 group buying websites on the market.For example, Lashou.com, Wowotuan, Nuomi, QQ group buying, etc. were done relatively largely at that time.
Although Sequoia Capital mentioned above missed Wang Xing’s campus network, it finally embraced Meituan this time.
In August 2010, Sequoia, as the only investor of Meituan, invested US$12 million in round A for Meituan.
You should know that Sequoia generally does not invest alone, but most of them join forces with other VCs.
It can be seen that Chen Nanpeng still feels a little regretful because he didn't catch the campus network, so he doesn't want to lose Wang Xing's project again this time.
With money, Meituan has expanded rapidly and has successfully opened branch stations in 100 cities in the first five months of 2011.Despite this, Meituan was not the leader in the group buying field at that time.
There are also many group buying websites that try to quickly occupy the market with crazy offline advertising, and even attract merchants to settle in by prepaying money to merchants.
Faced with the radical strategies of competitors, Wang Xing chose to use softness to overcome hardness, focus on software development, and polish the App systems on the consumer and merchant side.
Wang Xing understood this very clearly. In the end, the group buying websites are still product quality and user experience. You cannot achieve real victory by spending money, because Tencent and Baidu, which have already entered the market, are richer.
The facts are as Wang Xing expected, excessive subsidies have caused the group buying industry to overdraw rapidly.It has only been popular for a year, and a large number of group buying websites have gone bankrupt.
The former battle of thousands of groups has become a thing of the past, and group buying has become the abandoned son of capital.
Perhaps it was Wang Xing's way of doing things that attracted Alibaba. In July 2011, Meituan received a US$50 million round of financing led by Alibaba in the cold winter of group buying.
After getting the money, in order to appease the market's concerns about Meituan, Wang Xing did a very smart thing - showing the public that there was still $62 million in the company's account, which proved that Meituan had sufficient funds and could survive the capital winter.
It can be said that at this critical moment, Alibaba's investment brought a new turning point to Wang Xing and Meituan, playing an important role in Meituan's subsequent rise.
Wang Xing also took a look at Hangzhou for this and gained a general from Alibaba, namely Gan Jiawei, the vice president of Alibaba's sales at the time.With the arrival of Gan Jiawei, Meituan's offline promotion capabilities have been rapidly improved.
Under the tide of layoffs on major group buying websites, Meituan once again did the opposite.
Expand the scale of staff and work overtime to invite offline merchants to settle in.
Finally, he firmly ranked first in the group buying industry in early 2012.
At a time when giants are everywhere, you often need to surprise your product or the opposite operation to open up a path.
At this time, Wang Xing's positioning of Meituan is no longer just a group buying website, but a must to be China's largest service e-commerce platform.
To put it simply, Meituan must do any service related to people's lives.
So at the beginning, Maoyan Movie and Meituan Hotel, which were experimental incubated, and later both businesses achieved their leading position in their respective fields.
Based on Maoyan’s experience, Wang Xing plans to expand more new businesses.
Takeaway is the industry they most suited to Meituan’s existing ecosystem after inspection.
There were not many powerful competitors at that time, and Ele.me was the biggest one.
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