At this point in the conversation, it has basically gone beyond the scope of the interview, but has become the investor's entrepreneurial guidance to the investee.

What has always been strange to Zhang Chen is that whether it is a computer newspaper or popular software, and even later video games and computers, they all have the possibility of becoming a first-class portal in China. But all of them, without exception, did not seize this opportunity.

Of course, even in the United States, there is no precedent for a traditional media to really do a good job of portals.

For example, the Washington Post, a behemoth that once provided news services to more than 800 media outlets in 58 countries, launched its own eponymous website as early as 1994.

But it wasn't until 2013 that Amazon bought him for an ultra-low price of $250 million, and his own website didn't come to fruition.

A common denominator of these century-old media is that they have an arrogant attitude towards the coming tide of the Internet, not even a sampan is ready, and finally it is smashed by the rushing waves.

But there is no such problem in domestic IT media.

Especially in the current domestic IT media, the management is very motivated young people and is very good at accepting new things. There is a lot of internal talent, and there is no shortage of people with long-term vision.

To have technology, to have resources, to have users, but just not to do a good job.

In particular, the computer newspaper opened its own website CPC in 97, and then transformed into Skyline in 99, IDG and News Corp. invested more than 15 million US dollars, although it later also successfully IPO, but compared with the four major portals, the development was too unsuccessful. The open and secret struggle between the various shareholders behind it is the main reason why Skyline has not been able to develop further.

As for Volkswagen Software, it was brought to the point of suspension in 2014, and it was entirely the responsibility of the organizers, the major shareholders of the state-controlled companies. In the case of IDG's investment at the time of its inception, the organizers of the state-controlled holding company were greedy for profit and kicked out IDG completely when Dasoft was just hoping to become a cash cow.

After kicking out IDG, the organizers of Volkswagen Software stared at the profit sharing and publication fees of Da Soft every year, endlessly sucking blood from Da Soft, and ignoring any transformation suggestions put forward by Da Soft, which eventually led to the fall of this star publication.

Therefore, Zhang Chen believes that there is a big reason why computer newspapers and popular software failed to seize the opportunity to make full use of their own superior resources and become rentiers in the Internet field, and that they are behind the government agencies.

In the Internet industry, what is needed is fast, fast decision-making, fast implementation, and fast results.

The management has no decision-making power, everything has to be reported to the competent department for approval, and after a circle of approval, the competitor's products have been on the market for half a year.

In this case, how do you fight with others?

Originally, Zhang Chen wanted to solve the equity problem of the computer newspaper once and for all, and with the help of the resources of the computer newspaper, he would build the unformed Tianji.com into the leading portal website in China. However, the negotiations with the Yuzhou Association for Science and Technology and Southwest Normal University were not smooth, and the authorities behind the other party resolutely did not allow IDG to hold shares.

Zhang Chen can only settle for the next best thing and get 49% of the shares first. The management still has 5% of the equity in its hands, and as long as the management can stand on its side and transfer the equity to itself, it is not impossible for the computer to complete the change of ownership.

After becoming a major shareholder, Zhang Chen has 10,000 ways to squeeze the Yuzhou Association for Science and Technology or Southwest Normal out of the board of directors. Of course, this is the worst means, if IDG flexes its wrists, let the Association for Science and Technology and Southwest Normal take out a part of the equity, so that they can complete the absolute control of 67% of the equity of the computer newspaper, it is not impossible.

That's what happens under the table.

Li Zhigao still didn't know what a portal was, and he was a little confused.

Zhang Chen explained: "The portal is the entrance to the Internet in the literal sense. The most important need of users to use the Internet is to obtain information, and the portal is a website that meets people's needs for information acquisition. ”

Zhang Chen continued: "Taking IT information as the starting point, there are two advantages: first, the computer newspaper is the best at this aspect, and the channels for obtaining information are ready-made. Second, most of the Internet users in China are IT practitioners, and they pay the most attention to this information. In a short period of time, a large number of traffic users can be aggregated. ”

After all, Li Zhigao graduated with a doctorate, although he has never heard many words, but he can guess what they mean.

But Li Zhigao is still a little puzzled, where is the prospect and money of making this portal?

Li Zhigao pondered his choice of words, "Zack, you have said so much, I still have some doubts, if the computer newspaper is made into a web portal, what is the benefit to the computer newspaper? Although I don't know much about it, I also know that building a website requires a lot of investment, and if you can't make money, I think it will be difficult to get the approval of the leaders." ”

Zhang Chen smiled: "Do you know Yahoo?" Li Zhigao nodded stunnedly, "I've heard of it, I also looked at it on the Yahoo website two days ago." ”

The corners of Zhang Chen's mouth curled, "Yahoo is a typical search-based portal, and now it is transforming into a comprehensive service-oriented portal. Yahoo now has a market capitalization of $12 billion. ”

Li Zhigao's hairs stood on end, and he lost his voice: "12 billion US dollars!?"

Zhang Chen nodded, "That's right, Yahoo completed its listing in April this year, and its market value reached $500 million on the day of listing, and the stock has risen all the way since then, and I took a look, as of yesterday, Yahoo's market value has exceeded $12 billion." The most interesting thing is that Yahoo is still in a loss-making state, and judging from the financial report, the possibility of achieving profitability this year is not too great. ”

After the shock, Li Zhigao felt a passion and desire that he had never felt before surging up from the deepest part of his heart.

Tens of billions of dollars, and now Yuzhou City's annual GDP is not so high, that is to say, the overall value of an Internet portal that has just been listed in the United States is about to buy the entire Yuzhou City?

"Why is the operation at a loss, and the market value can rise so much?" Li Zhigao said in a trembling voice.

"That's the charm of capital. ”

The charm of capital, Li Zhigao kept chewing this sentence in his heart.

Li Zhigao was like being opened a door to a new world, and his mood was agitated, but Zhang Chen poured a basin of cold water on him, "However, it is also difficult for the computer newspaper to succeed in making a portal, at least at this stage. ”

Li Zhigao blurted out: "Why?"

Zhang Chen shook his head regretfully: "First, now that domestic computers and networks are not popular, there are not enough users, and there will be at least two to three years of pure input and no output. Second, the current decision-making mechanism of computer reporting is too slow, and when it comes to any important decision, ten days and half a month is considered fast, and even one or two years are slow. In the print media, this decision-making mechanism is okay, but if it is in the Internet industry, hehe. ”

Li Zhigao said unconvinced: "Our computer newspaper is currently in all the print media, the decision-making cycle is very short, and the leaders above are also more decentralized, IDG's financing, we only took more than a month to complete the decision-making, as long as the above leaders have completed the approval, you can sign the agreement, this speed is still slow?"

Zhang Chen looked at Li Zhigao with pity, "If the computer newspaper adheres to this concept towards the Internet wave, I really doubt whether our IDG's investment will be able to recover the cost." ”

Without waiting for Li Zhigao to refute, Zhang Chen asked: "For example, you suddenly find that your competitor's website has launched a new column, which you have never seen before, but it is very attractive to users. At this time, the management needs to decide whether to make its own adjustments according to the changes of competitors, but adjust the design capital investment. How long do you think it will take to make a decision with the current system of computer reporting?"

Li Zhigao groaned: "If the capital investment is not large, we need to report to the Association for Science and Technology, and the Association for Science and Technology will hold a meeting with the Southwest Normal to negotiate, and after reaching a conclusion, we will report to the leaders on both sides for approval." If it's fast, it's about a month. ”

Zhang Chen laughed: "Do you know how long Yahoo's decision-making cycle for this kind of business process is?"

Li Zhigao shook his head stupidly.

Zhang Chen raised a finger.

Li Zhigao hesitated: "A week?"

Zhang Chen spat out two words from between his teeth: "One day." ”

Li Zhigao opened his mouth, "This can't be. ”

Zhang Chen spread his hands: "This is a fact, the world of the Internet is so cruel, once you can't keep up with the footsteps of your opponent, you will be quickly strangled." Therefore, in the Internet industry, efficiency is the most important. In the future, the decision-making cycle in competition will be measured in hours and minutes. Do you think it's possible to report the current system?"

Li Zhigao was silent.

Zhang Chen's voice came: "But it's not without a solution. Zhang Chen reached out and picked up the tape recorder on the table and pressed the stop button. Li Zhigao was about to stop it, but he saw Zhang Chen showing a smile, like a devil's temptation.

"If the management of the computer newspaper can now transfer 5% of its shares to IDG, then IDG will be able to obtain a controlling stake and have the decision-making power of the entire company. When the time comes, we will delegate most of the decision-making power to management, and at the same time, we will promise management well more than 5% options. In this way, all the problems are solved. ”

(End of chapter)