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  • [MUSIC]

  • Hi everybody.

  • Welcome.

  • I want to welcome everybody here in the audience and

  • everybody online to the 2015 Encore Award presentation.

  • I'm Geoff Yang and I'm the chair to the selection committee.

  • And on behalf of the Graduate School of Business, we are very grateful for

  • your coming to this evening to honor this year's winner, the Alibaba Group.

  • The Peninsula Chapter of the Stanford Business School Alumni Association created

  • the Entrepreneur of the Year Award in 1977 to recognize the entrepreneurial spirit

  • of companies springing up in Silicon Valley in the late 70's.

  • The first honor was given to the CEO of Rome corporation, Ken Ashman,

  • in 1977 after five years of honoring CEO's of innovative company,

  • the award to the Entrepreneurial Company of the Year Award, and

  • since then 37 companies have received this award Apple actually won

  • it twice, first in 1981 and second time in 2005.

  • And tonight Ali Baba Group will be the 38th recipient award winner and

  • the first international winner of the award, so congratulations.

  • [APPLAUSE] >> I'd

  • actually like to take a moment to recognize some of the past winners

  • of this award who are in the audience tonight or around campus.

  • Jerry Yang of course who was going to be speaking tonight.

  • The founder of our 9th.

  • >> [APPLAUSE] >> Founder of Yahoo winner is 1998.

  • Chuck Schwab, founder of Charles Schwab and company founded in 1999.

  • Reed Hoffman.

  • >> [APPLAUSE] >> Reed Hoffman,

  • founder of the 2012 winner LinkedIn, and Reed Hastings.

  • >> [APPLAUSE] >> Founder of Netflix, last year's winner.

  • >> [APPLAUSE] >> Thank you.

  • Before we get started I just want to thank a few people for supporting this event,

  • in addition to all of you who have come here tonight, and

  • that is Catalyst Partners, Vent Mark Capitol.

  • Evercore Partners, General Atlantic, Red Point Ventures and Sierra Ventures.

  • Thank you for your support.

  • >> [APPLAUSE] >> And

  • then finally on the thanks I want to thank the selection committee that worked

  • tirelessly to help with this selection.

  • Peter Fenton at Benchmarks, Stu Francis at Evercore, Chuck Halloway

  • from the Stanford GSB Faculty, Jeff Jordan from [INAUDIBLE] and Horrowitz.

  • Steve Jervitzon from Draper, Fisher, Jervitszon.

  • Joe Lacub of Kleiner, Perkin and the Warriors.

  • Frank Quatron of Catalyst, Dave Zee at Greylock and Peter Wendell at Sierra.

  • Thank you for your help.

  • >> [APPLAUSE] >> Now onto tonight's

  • program and tonight's winner.

  • Let me tell you a little bit about how we select winners and

  • let me tell you about why we selected Ali Baba.

  • So each year the company picks a company which has distinguished

  • itself in creating and fostering entrepreneurial spirit beyond all others.

  • We look for companies that invent and reinvent themselves and industries.

  • We look for global leaders in important places that shape landscapes.

  • And we look for leadership teams where founders continue to drive achievement and

  • our entrepenarial spirit.

  • And we think Alibaba does all that and more.

  • Alibaba group was founded in 1999 and headquartered in Hangzhou,

  • China is the worlds largest online and mobile commerce company.

  • Its mission is to make it easy to do business anywhere and

  • its certainly done that and on a massive scale.

  • As you'll hear Alibaba has 10 million active sellers on the platform and

  • 367 million active buyers which is more than the population of the US and

  • Canada combined.

  • In the last fiscal year, the GMV and the Alibaba was almost $400 billion dollars,

  • up 46% from the year prior, and a fun few facts that I recently learned.

  • 86% of all goods purchased on mobile phones in China were done on Alibaba.

  • They created Singles Day which is celebrated on November 11th,

  • 1-1-1-1, which is now the world's largest shopping day.

  • In a single 24 hour period, Alibaba saw 9.3 billion sales which is more than 3 and

  • a half times the total E-commerce sales in the US on Black Friday and

  • Cyber Monday combined.

  • On an average day, 30 million Alibaba packages are delivered which is more

  • than the largest day the United States Postal Service ever experienced, and

  • last September the company debuted the largest IPO in the world at $25 billion.

  • So there's a lot of largest and biggest which is pretty impressive for

  • a company that is still very young and innovative.

  • And finally, it's founder, Jack Ma, is widely considered one of the most

  • innovative and thoughtful entrepreneurs in the world today or possibly ever.

  • So why do we pick Alibaba?

  • That's why.

  • Tonight we're very fortunate to have Jack interviewed by our mutual good friend and

  • renowned internet entrepreneur Jerry Yang.

  • Jerry needs little introduction but deserves this and much more.

  • He's a Stanford BS and MS grad and co-founded Yahoo in 1995 while working on

  • his PhD at Stanford and we wonder, along with his mother, if he'll ever finish.

  • He served in various management roles, including CEO and Chief Yahoo and

  • as a board member until 2012.

  • Among other things, he also led Yahoo's investment, now famous investment Alibaba,

  • which I hope he'll discuss at some point tonight.

  • Jerry has served as a Director of Yahoo and Cisco,

  • and currently serves on the boards of Workday, Lenovo, and Alibaba.

  • He and his wife Akiko are well known philanthropists and generous benefactors

  • to Stanford where he recently retired from the board of directors and as vice chair.

  • Jerry and I have been friends for more than 20 years, and if I had a dollar for

  • every time someone called me Jerry, I too would donate a building to Stanford.

  • >> [LAUGH] >> Please join me in welcoming Jerry Yang.

  • >> [APPLAUSE]

  • >> Thank you Jeff.

  • It's my honor to be here and to introduce the founder and

  • executive chairman of Alibaba Group.

  • My friend Jack Ma.

  • As Jack likes to say himself, he's 100% made in China.

  • [LAUGH] But his story embodies very much the American dream.

  • An English teacher with little means and

  • no connections, Jack built Alibaba from the ground up.

  • He was born in Hungo.

  • The Chinese city that was made famous by Nixon's visit in 1972.

  • And he learned English by riding his bike to a hotel, I didn't know this,

  • every day for nine years and volunteering as a tour guide practicing with tourists.

  • Then on his first trip to the US, 20 years ago in 1995, Jack first saw the internet

  • and realized the potential to connect people within and outside of China.

  • He founded Alibaba with a group of friends in his apartment in 1999.

  • >From the beginning Jack and his co-founders shared a focus on the small

  • business and entrepreneurial community.

  • It was their collective belief that by leveraging technology

  • it will bring small businesses Across China into the global economy.

  • Now Jack is an unlikely tech entrepreneur in that he openly admits

  • he's never written a line of code, but he is a visionary in every sense of the word.

  • In just fifteen years, Alibaba has become the largest online and

  • mobile commerce company, as Jeff mentioned.

  • And not even Jack could have predicted the change he would bring to China.

  • Creating jobs and prosperity for millions in the urban and rural China,

  • empowering millions of entrepreneurs and changing the way that people live.

  • Not only live, but shop and work online in China.

  • And before I bring Jack up, we're going to run a brief video.

  • Can we roll the video please?

  • [MUSIC]

  • >> Alibaba was created in China, and founded on a simple belief

  • that small businesses are the bedrock of a prosperous society.

  • And that everyone who wants to do business should have the chance to succeed.

  • We built what has become the world's largest online marketplace.

  • Where millions of small businesses can connect with their consumers.

  • And where everything they need to start, run and

  • grow their business is only a click away.

  • We helped entrepreneurs thrive in China, brought millions of

  • people into the economy, and transform how people shop, work, and live.

  • Our efforts help to create jobs, spur innovation,

  • and drive the growth of a new middle class.

  • [MUSIC]

  • Although Alibaba was born in China, it was created for the world.

  • And now, we're ready to help small businesses prosper in every

  • corner of the globe.

  • We're building the infrastructure of commerce for the future using technology

  • to break down barriers, and expand the boundaries of what's possible.

  • So that some day anyone who wants to do business anywhere will be

  • able to connect with people everywhere.

  • [MUSIC]

  • >> Please join me in giving a very warm Standford welcome to my friend, Jack Ma.

  • >> [APPLAUSE] >> Thank you.

  • >> So, we'll go to about 30,

  • 35 minutes where I have some

  • questions that I prepared for Jack.

  • He hasn't seen them.

  • So hopefully, we'll make it somewhat entertaining.

  • And then, Alicia, where is Alicia?

  • She'll wave at me, and then we'll do some Q and A.

  • We have mics set up, and I'll talk about that when we get to it.

  • And it is a fireside chat.

  • Where is my fire?

  • >> [LAUGH] >> Fireside chat.

  • The GSP is nice enough to provide a little picture of a fire.

  • Although with 95 degrees out there, I'm not sure we needed any fire.

  • Jack?

  • >> Yeah.

  • >> We were both in Seattle.

  • I'm not reading my email, I'm reading my notes here.

  • >> [LAUGH] >> We were both in Seattle last couple of

  • days, and you were part of the delegation that traveled with President Xi.

  • And there were many interesting things that were discussed.

  • And you were on a panel Tuesday morning that included,

  • entrepreneurs that were selling sausages and brewed coffee.

  • And what common themes with President Xi,

  • what common themes did you all explore both on the Chinese side and

  • what did you hear on the US side?

  • >> Well, first I would like to thank Stanford for giving me this great honor.

  • I never thought I can have the privilege to get this award.

  • Remember 20 years ago when Seattle discovered Internet, and

  • 19 years ago, first trip to come to the Silicone Valley.

  • I was so excited by people.

  • Especially, in the evening.

  • All the roads, traffic jam.

  • I'm excited about that.

  • Especially, Sunday and Saturday weekends, all the parking lots,

  • there is no place to park your car.

  • I think this is so exciting.

  • China should have that.

  • And I go back and, that's right, now we have a traffic jam.

  • [LAUGH] So we went back to start the business.

  • Well, and I never know I would be able to survive for 20 years.

  • So I call myself like a blind man riding on the back of blind tigers.

  • And for 20 years, survived to today, still surviving.

  • We want to make this company last 102 years.

  • So we've finished only 16 years, there are 86 years to go.

  • So I hope that 86 years later.

  • >> Explain why 102, so you started in 1999.

  • >> Yeah, because in China, everybody want to be big company for last 100 years.

  • This become a slogan.

  • Nobody takes it seriously.

  • >> [LAUGH] >> So if you want to give the KPI to

  • your people, it should be very specific.

  • >> [LAUGH] >> Then people know this is serious.

  • 102 years, that a little boy in 1999, Alibaba, so

  • last century we had one year, and this century we want to have 100 years,

  • next century 1 year, 102 across three centuries.

  • So very specific, so in our company we never talk your successful or

  • not, because we think there are 86 years, next 86 years.

  • There are many chances that you will fail.

  • So that's why we say don't talk about you're successful.

  • 86 years later we'll talk about it.

  • Well, I think the Seattle trip was very good, and

  • we heard what the American entrepreneurs and business leaders worry about.

  • And I think the American business leaders also hear what we worry about,

  • what we need.

  • But I think that in the essence, all the entrepreneurs and

  • the business leaders in the world are the same.

  • We want to create a balance for the others.

  • But there is a lot of a misunderstanding between us.

  • And my suggestion is that US and China should nod like chicken talks to ducks.

  • Everybody want to tell, nobody listen.

  • We need a common language between chick and ducks, right?

  • People talk the same language, we have the same standard.

  • And I think this kind of dialog's

  • pretty effective and useful.

  • And I suggested that we should have a US and

  • China business dialog talk annually, every year.

  • Once in America, once in China.

  • Get the government leaders sitting there, and

  • how can improve the business environment.

  • Normally government leaders have a lot of a dispute argue, but

  • business people, we talk a lot.

  • If we don't talk, will be problems.

  • So I think the Seattle trip is good.

  • >> Yeah? >> Yeah.

  • >> Good, I'm surprised you even answered my question.

  • That's good.

  • Usually he'll just talk about whatever he wants to talk about.

  • So thank you.

  • >> [LAUGH] >> I try to talk the ducks language,

  • you know?

  • >> [LAUGH] >> The Chinese

  • economy has been on everybody's mind.

  • I mean and people are worried here that the slowdown

  • in China will affect global economy.

  • How are you seeing things?

  • I mean, obviously,

  • the stock market has been kind of a symbol of something that's a bubble.

  • But what is going on in China from your viewpoint, what's your perspective?