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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?

  • I mean, you're not an economist, but you see so much going on there.

  • >> Yeah, well, first, I think people in the states in the west worry about China.

  • I think it's a good thing, because every time when west worry about China,

  • China go up.

  • >> [LAUGH] >> And when people in the western think,

  • wow, Chinese has a good future and Chinese has a problem and

  • the western has been suspect Chinese growth for past 30 years, so that is fine.

  • It takes time for both side to understand each other.

  • China I think keep on growing for 10, 11, 12% for so many years.

  • I don't think can last long and it's impossible like a side effect,

  • it's like a human body when you are 1.2,

  • 1.8 meters tall, you cannot keep growing at that pace all the time.

  • You have to keep growing your quality, the brain not the body size.

  • And especially today, I don't think first, it's impossible to keep 10, 15,

  • 11% of growth annually.

  • Secondly is that China needed to be slowed down, it had to learn to be slowed down.

  • because when you see the water, when you see the air,

  • when you see all the resources we used, it's impossible and it's ridiculous.

  • China making a lot of money and we spend the money on the medicine and

  • spend the money on the hospital, this can not work.

  • So on the other side, people like me, I think China is slowing down for 7%.

  • Good and but the thing, even 7%, think about,

  • we are still the fastest gross economy in the year.

  • With the 7% of the total GDP, think about it guys, this is lots of money.

  • We should use the money in a better way, we need quality not quantity.

  • 30 years ago, we needed a lot of quantity, but now it's quality.

  • So, I think in the west have a high expectation that China should have

  • quality.

  • China should control the air and the pollution and this and then.

  • When we really start to do it, people start to worry.

  • Which is fine, but this is slowing down.

  • On the other thing is that I think China economy is not that bad.

  • There are two things.

  • There are three called three marks, horse.

  • >> Carriages.

  • >> Carriages, investment infrastructure, exporting, domestic consumptions.

  • These are the three things that China's always proud of,

  • that these are the three engines that put China economy grow.

  • But the investment of infrastructure, slowing down.

  • And exporting, slowing down.

  • These are the two things government is very good at, they love do it,

  • because they have the power to exporting and investment.

  • But there's one thing they could not do it in a good way is the consumptions,

  • because consumption is not determined by government,

  • consumption is determined by entrepreneurship and market economy.

  • So I think people, like us have to create opportunity.

  • Now it's our turn, not government's turn.

  • After 30 years, government pushed the economy in their way.

  • And now, it's our way.

  • So I considered this as opportunity for real market economy and

  • the next thing I said yesterday on a conference to the dialogue, there

  • are a lot of misunderstanding culture difference between American and Chinese.

  • When Americans think about economies slowing down,

  • that means people don't have money to spend.

  • Other guy's different, you guys know how to spend tomorrows money.

  • >> [LAUGH] >> Future's money or other people's money.

  • >> [LAUGH] >> But we Chinese,

  • our habit is to save money.

  • We always keep the money in the banks.

  • China has been poor for so many years.

  • So we worry, when we have money, we put it in the bank.

  • When we have money, we put it in the bank, because we know tough days are coming.

  • So you see, China has the largest banking deposit in the whole world.

  • We also deposit a lot of money in the states.

  • >> [LAUGH] >> When we know when the tough day comes,

  • we start to pay, we start to buy.

  • Now the tough day comes, people still start to buy.

  • With our numbers shows on our website,

  • we are the largest of 12% the total China retailer.

  • The consumption is still going up healthy and aggressively,

  • especially the economy's bad people start to buy online because it's cheaper.

  • The other difference, my grandmother has only one shirt in her robe.

  • My mother has three, my daughter's generation, 50.

  • >> [LAUGH] >> And 48% of them should never wear it.

  • >> [LAUGH] >> This is called domestic consumption.

  • >> [LAUGH] >> And we have to put up with this kind

  • of behavior and make people start to spend money and this is something

  • the government is not good at, we know how to make this thing happen.

  • So I think generally, I'm positive.

  • But next two or three years, maybe have problems.

  • People say, well, anti-corruption, but think about anti-corruption and

  • rule by law is laying a great foundation for the market economy.

  • You don't want to go do business by bribery,

  • you don't want to have an unfair environment in China.

  • So market economy is by rule by law and market economy is about clear,

  • transparent and fair.

  • And I think this year, last year, bad, but this is why we need entrepreneurship.

  • This is why we need that the businesses drive the economy.

  • So I'm a positive and when people worry, I'm happy.

  • >> [LAUGH] >> When people too happy I start to worry.

  • >> [LAUGH] >> And

  • don't worry about the things the president is worried about,

  • worry about the things that nobody worry about it and this is the opportunity.

  • So I'm positive, because I'm positive, but I'm not stupid.

  • I know that we have problems, but

  • we have to solve the problems little by little and that's it.

  • >> I think you're right in that for a consumption and

  • a service economy to take off and drive China as the third engine.

  • It is going to require more businesses rather than governmental policies.

  • >> Yeah. >> So I do think that's an opportunity for

  • not just Alibaba, but you're right in the middle of it, but everybody.

  • >> Oh, by the way, the other thing is the new economy.

  • You see the traditional businesses going down, but

  • the new economy is growing up tremendously.

  • So not only the BAT, we have so many wonderful

  • startups today coming up and that is the rising star and

  • this is what China should go, not keep those things.

  • Yeah, nobody can go back to yesterday and

  • even if you can go back to yesterday, you don't want to.

  • So, I think we are.

  • >> Well, I mean, my perspective from being there

  • yesterday is that I think Both the government leadership and

  • especially the business communities are emphasizing that our differences are not

  • that big in the grand scheme of things in that the U.S. and China are going to

  • have to be key partners to solve the world's problems in the next 30 years.

  • So it is largely a collaborative effort.

  • And I think Jackie- >> Yeah, if we collaborate,

  • we can a lot of American dreams and Chinese dreams and world dreams.

  • If we don't collaborate, then we do not [INAUDIBLE].

  • >> Yep. >> Yeah.

  • >> Well let's turn and, you are here tonight because of the entrepreneurial

  • spirit of you and your founders.

  • And obviously when Alibaba started it was no such thing as e-commerce.

  • But before if, I may get, before we get to Alibaba,

  • you were kind of a serial entrepreneur.

  • In fact, you also know about government because when I first met you in 1997,

  • you were in a government in between startups, I guess.

  • And you always dreamed of creating something, and maybe

  • you can talk a little bit about what did you see when you were at the government.

  • You were coming off of another start up.

  • Everybody is very familiar with your story, but I think that part of it was

  • very important to you because then you went back to Hangzhou and started Alibaba.

  • So maybe talk about that, and then talk about what did you end up seeing

  • in 1999 that make you decide that Alibaba was it.

  • >> Yeah, okay, good.

  • Jerry knows me so well, and by the way,

  • Jerry not only the entrepreneur and he's a wonderful investor.

  • Probably one of the investors right?

  • >> [LAUGH] >> I'll give you my version.

  • >> [APPLAUSE].

  • >> He's sitting under my because very few people see the real stuff that's in

  • his heart.

  • He's so smart.

  • I remember the day when we negotiated with Yahoo, buying the Yahoo, and

  • getting $1 billion.

  • Today, people think it's a good deal, but at that time, it was a big risk.

  • It's not easy.

  • That year, that many years ago put $1 billion inside.

  • And we are almost a separate carcass, we are not happy about this and

  • that and at that time he wasn't the CEO, right.

  • And then he said, we are almost just separate then he said call me.

  • Jack can you come and tonight we have our drink?" For final effort.

  • >> You can't drink that much back then.

  • >> And then I say okay.

  • So he took me to small, tiny Japanese restaurant, bought me big glass of Saki.

  • >> [LAUGH].

  • >> And we drink and try to convince me how wonderful Yahoo is.

  • And after drink we say, okay let's keep on talking good.

  • >> [LAUGH] >> The most expensive Saki I've ever had

  • in my life.

  • >> [APPLAUSE] >> I'm pretty sensitive about a Saki now.

  • >> I know.

  • I was going to invite you to some Saki after this but I guess I better.

  • I think that- >> But

  • I will continue answer your question.

  • >> Yeah.

  • >> [LAUGH].

  • >> I went back to China with the dream of Internet.

  • I believe this thing is going to change the world.

  • I believe this thing will be big, but whether Jack Marr and

  • his team can be successful, I don't know.

  • I told the team somebody will be successful, but not us.

  • May not be us.

  • We have to work very hard.

  • So, tough days in China, year 1996, 1997, and

  • then go nowhere, because we, only, I borrowed $2,000

  • from my friends and families and relatives together.

  • So we compete with the China Telecom.

  • They have money, they have the [INAUDIBLE] SOE, they're state owned business.

  • They're competing with us.

  • Finally, they cannot kill us because we want to survive.

  • And we of course cannot kill China Telecom.

  • So we had a joint venture, they have 70% we have 30%.

  • And I was so stupid I think they really love us but

  • they got us be they want to kill us.

  • Of five seven ball seats they got a five two everything without even say our idea.

  • They say they don't like it.

  • So I say maybe I should go into Beijing.

  • Go to Beijing, join the government,

  • maybe they can help us in promoting the Internet.

  • So we want Beijing.

  • Joined the [INAUDIBLE] Minister of Foreign Trade, that's part of job.

  • Contract for 14 miles.

  • Working side of a fun government can never,

  • ever promote the, or make Internet business.

  • Because the philosophy of Internet is try to develop,

  • how to make other people develop the business.

  • But the government, they want control at that time.

  • So it's totally different philosophy.

  • They are smart.

  • They are good people, but

  • they think how can I make it using Internet to manage and control?

  • But we think we should make not control, making other people develop.

  • So different philosophy, I think in one works are left and

  • during these day I met Jerry Yam, all right.

  • And then I think well, no chance in the government, no chance in.

  • I believe we should not give up.

  • So I was in a desperate and think a lot I should, let's go do it again.

  • So we went back to Hangzhou.

  • Stat, I invited 18, my students,

  • friends in my apartment, year 1999 February 21st.

  • We took the video of us talking about the future.

  • People looked at me.

  • This guy is crazy.

  • >> [LAUGH].

  • >> But most people cannot find jobs.

  • So say what if you have an idea let's do it.

  • And then a good thing is that we keep all the video.

  • Our company probably kept the most of the video.

  • And most of the- >> Good for you.

  • >> Every meeting, we had in the past 16 years

  • were videotaped, because we know everything with every mistake we made.

  • Every decision made in the future will give our young people to study us.

  • We're going to open in every ten years what happened, why we make this decision.

  • Even discussing with Yahoo, why we make joined with Yahoo.

  • All videotaped.

  • So, some day we will open it.

  • So 1999 we started the business.

  • And people ask, why not a Beijing and why Hangzhou?

  • >> I know Hangzhou is this hub of entrepreneurs and

  • start ups in tech, but back then- >> Back then no where, and

  • I think at that time Nokia was so good, at that time.

  • And I say, guys where's Nokia?

  • Is a thin layer of some of small island headquarters there.

  • It's not where you are.

  • I don't see, it's where your heart is, where your vision is.

  • So we said Beijing they love SO you stayed on the business.

  • Shanghai, they love multinational companies.

  • IBM, Microsoft, they embrace you.

  • Startup, entrepreneur, forget it, right?

  • So, I said if in Beijing we're nobody.

  • In Shanghai we're nobody.

  • If we go back to Hangzhou, we're the only child of the local family.

  • >> [LAUGH] >> Yeah, and

  • local children are very much prized and well taken care of, and

  • I think Hangzhou has benefited greatly by Alibaba, but

  • I also think Hangzhou has always been very entrepreneurial.

  • >> It is. >> In fostering what you guys have

  • done, so.

  • I have to rebut your story, because, and

  • maybe there's a video somewhere but- >> [LAUGH].

  • >> But I I think that one of the reasons we at Yahoo at the time,

  • and it was ten years ago, so this is ten years of that deal.

  • But it was clear to me that, we at Yahoo, could not have built a China business.

  • And we were we had a product at the time that was competing with

  • the Alibaba Taobao option, and we were very successful in Japan,

  • Yahoo Japan had built a really great commerce product, and so

  • we thought we could use the same idea to build something in China.

  • And then, in that time eBay was also there, and we were there, and

  • we were competing and we were just getting killed by this local company.

  • And I said, what is this local company?

  • It's, like, called Taobao.

  • And I was like, who's behind this?

  • It's a guy named Jack Mah.

  • And I remember saying, wow, is it the same Jack Mah I met years ago, and it sure was.

  • >> So Doug competed with me.

  • >> Well, and that was exactly, and so the real, everybody can say, oh well,

  • what is great inside, and you put the money in, but we really picked the person

  • that we felt like, you know, if you can't beat them, you might as well join them.

  • So we were very fortunate to join up with Alibaba and with you, Jack.

  • >> Thank you. >> So I think everybody here knows

  • the brand of Alibaba, but because many of us in the States

  • don't actually use your products and don't, you know, we hear these numbers.

  • What is Alibaba for the western audience?

  • How is it different from Amazon, eBay?

  • Is it similar?

  • Is it different?

  • Give us a definition of Alibaba from your perspective.

  • >> Yeah, this is our fault because we

  • don't have services here that serve the American users.

  • But I believe that most of Chinese guys here know about us.

  • Have you ever used, anybody using our service, Chinese guys?

  • Oh, thank you very much.

  • >> [LAUGH] There's only 380 million of them, so, you know.

  • >> [LAUGH] >> Let's that question later.

  • I go to the China, a lot of Chinese government

  • organizations invited me to talk, and when I say, how many people use them,

  • very few, but every family using.

  • So our strategy from year 2003 and 4, we say, it's so

  • difficult to change a successful people, because they say, no, this won't work.

  • But it's good, that's helping those people that want to be successful,

  • so we focus on the young people.

  • At that time, in ancient history China,

  • if you make the parents agree, the kids agree.

  • If you want us married, you have to convince the parents, not the kids.

  • Today different, if you convince the kids, you change the parents.

  • So we focused on the young people that year.

  • But by answering that question is that, people say, Alibaba like American Amazon?

  • No.

  • eBay?

  • No.

  • Okay.

  • This is the very traditional USA thinking.

  • If there's no such model in America,

  • they either don't understand, they don't like it, or they're not buying it.

  • >> [LAUGH] >> Right?

  • So any model they want to find a one.

  • So at the first day, so who are you?

  • Yeah, we are eBay.

  • Is that eBay?

  • Okay, yeah, so we understand.

  • But we are not eBay.

  • We are not e-commerce company, although we have

  • the largest e-commerce probably business in the world.

  • We're not a eBay.

  • We do not buy and sell.

  • What we help, people become e-commerce company.

  • We enable other companies to do e-commerce.

  • This is the difference between us and Amazon.

  • We believe every company should be a Amazon.

  • Amazon is a traditional business happened to have a website.

  • >> [LAUGH] >> Which we believe, whether right or

  • wrong, we think every manufacturer, everybody should sell online.

  • Right?

  • Why you buy and sell to complicate it?

  • Why you want to buy, and sell, and deliver?

  • Even more complicated!

  • So we think, we should making sure everybody using the e-commerce,

  • using the payment, using the marketplaces,

  • using the logistic system, using the datas, to build up their own business.

  • So who are we?

  • Yeah, we have the largest payment in the world.

  • You probably don't know we are 11 times bigger than PayPal.

  • We are bigger than eBay plus Amazon together on the sales, and

  • we deliver 30 million packages, and more than that, per day in China.

  • What does that mean?

  • Total USA package delivered today put together less than 30 million.

  • So we have big business, but people consider us an e-commerce.

  • Who we are, we are infrastructure of business in China.

  • If you want to find buyers and sellers,

  • our marketplace will help you, Taobao Alibaba.

  • If you want to have a payment financial service, Ali Ant Financing help you.

  • If you need a data service, AliCloud Dating Service will help you.

  • By the way, people only know about Cloud dating here,

  • the Amazon, soon you will know us.

  • And a third logistic, we got a too many people deliver products for us.

  • So people in the States always question, how can you deliver things, and

  • why don't you have your own deliver guys?

  • Guys, the difference between USA and China is that, you have a UPS,

  • Federal Express, wonderful system, the traditional e-commerce company in

  • the States that they still do some supplementary to that.

  • China, about 40 million packages per day.

  • How many people you need?

  • We believe in ten years, every day China will deliver 300 million packages per day.

  • On 11/11 day last year,

  • we delivered 270 million packages per day.

  • 11/11, we could sell more things.

  • Why? We control the traffic,

  • we control the selling.

  • The reason is that, we're worried about delivery.

  • If the snow comes, November, and the winter comes,

  • the whole China traffic will be jammed.

  • This is something that we're worried about.

  • So we believe in ten years China will have at least ten million people

  • deliver things on the street.

  • So even if you hire one million people to deliver things for

  • you, you only have 10% market share.

  • And I don't think we can manage ten one million people on the street

  • delivery people, because every day you have so many car accidents, you make it.

  • So we should encourage other people, enable other people to do it.

  • So we are building up the infrastructure that we

  • believe in ten years, we hope >> This is our mission,

  • helping doing business easier.

  • Any business maybe 80 or 70 business in China,

  • if we want to do business finding customers, we help you.

  • Financial services, we help you.

  • Delivery services, we help you.

  • Logistic, we help you and marketing, we help you and

  • the other thing is status, we help you.

  • So we are like a company building on that, which is totally different.

  • People say, oh, how many GME you have?

  • Oh, how many packaged?

  • This is only small part of our business, our vision is bigger.

  • We just think that we don't want to be,

  • we might be bigger than Walmart this year or next year.

  • And I remember seven years ago, the senior management that like a vice chairman or

  • something come to Hanzo, we have a warm up, we have a drink and no sake.

  • >> [LAUGH] >> A drink and I said, sir, in ten years-

  • >> [COUGH]

  • >> We will be bigger than Walmart

  • globally.

  • He looked at me said, young man, very good vision.

  • >> [LAUGH] >> [COUGH]

  • >> I said*

  • >> But you've always had this relentless

  • focus around SMBs as your core constituency, if you will.

  • I mean, you obviously care about consumers and blah, blah, blah.

  • But your enabling of these businesses on your platform being their infrastructure,

  • that's always been your focus all along.

  • >> That's right.

  • That has not changed.

  • That's why my answer says we will be bigger than Walmart this year, but

  • let's not name that,

  • because the world has another company who is very able to sell things.

  • We don't think we should buy sell, we should enable.

  • So now there are 10 million small business, power setters in our site.

  • We give them traffic, we give them the knowledge, we give them data.

  • We help them deliver using third party, so

  • that is if the 10 million small business combined together.

  • They are the most powerful economy in the world and we never change.

  • I think we love small business, we love young people, we love women.

  • >> [LAUGH] [APPLAUSE] >> Talk about that.

  • Why don't you talk about the women?

  • >> I never know before the iPuter, there is America media,

  • big media came to us say, Jack, why so many women in your company?

  • I say, anything wrong?

  • because we never notice something wrong and

  • then we find more than 52% of our colleagues are women.

  • >> Your senior management team.

  • >> As senior management where management,

  • 33% of the management are women and 24% of the senior management.

  • We have a woman CU, woman CF, woman chief people official, we feel proud.

  • And by the way, 60% of our youth is a woman.

  • So we would love, we were so excited, because this century.

  • The difference between this century and

  • that century, last century is competition of muscle.

  • This century's competition of the brain.

  • So brain, I think women and men are same and

  • the other issue is that this century has tried to use a friendliness.

  • Care others more than care yourself,

  • this is the difference between IT and DT time.

  • So we find women care others more than men care others for others.

  • >> [LAUGH] >> Well, women have to care for husband,

  • the children.

  • >> I don't know you're going to get a lot of men very unhappy here.

  • >> [LAUGH] >> I'm telling the truth.

  • >> [APPLAUSE] >> And that is why.

  • >> [APPLAUSE] >> That is why we are supported,

  • because we find most of families, women make the decision what to buy.

  • >> [LAUGH] >> This is the most important decisions

  • and so we are happy about that.

  • >> Yes, can't argue with that.

  • >> [LAUGH] >> Great.

  • That sounds, I mean, I think that vision of Alibaba albeit very consistent

  • from day one is something I think is reaching an incredible scale.

  • When is that coming to the US, what's your global, not just US, but

  • globally talk about what is that?

  • Is it the same vision you rolled out in the global sense?

  • What is your What is your,

  • what can you tell us about Alibaba's international plan?

  • >> Yeah, I think at least the day when I retire or

  • the day that at least I can see the company, I don't want the company changed

  • the mission that helping doing business easy for small business.

  • But we never say, we're helping Chinese small business doing business easier,

  • helping globally.

  • This is is our vision and our mission that we will never change that,

  • but maybe 60 years or so later.

  • I don't know whether I will be there, but they probably go sky rocket, whatever.

  • But the day when I see it, I don't want a company to change that mission and

  • our global strategy is probably different from the American ways.

  • In the past 20 years, globalization is more like Americanization.

  • Helping big companies going, oh, does not mean bad.

  • Contribute the world a lot, the past globalization,

  • helping big companies going global.

  • But I think because of the internet,

  • next 30 years globalization should help small business going globally.

  • For China, because of us, last year, we created at least 14 million jobs for

  • China by helping small business, by enabling small business with

  • the technology we have, with the resources we gather together.

  • So if we can help more small business in the world,

  • we can help millions and millions of people create jobs innovations.

  • So we would never change it.

  • So, our global strategy is that we want to build up a EWTO.

  • That helping small business sell by across the board.

  • Helping consumers, help American consumers.

  • Helping the Aftica consumers to buy there online within 72 hours,

  • they can receive the products.

  • We want to help the agriculture products, small business in America sell to China,

  • so out different.

  • In the past 20 or 30 years, China is selling.

  • China is exporting and I'm trying to convince the government and

  • they accepted that.

  • And I said, next 10, 20 years, China should buy things from the world.

  • Now we have 300 million middle class people now in China, think about it.

  • In 10 to 15 years,

  • we are going to have half billion people in China become middle class.

  • They need high quality products, they need good services,

  • which I don't think today China's land water can provide that.

  • So we can have more imported from America, importing from Europe and

  • big companies are already almost everywhere in China.

  • Let's help the small guys, this is our strategy.

  • So we are not coming here to America to do business competing with.

  • When you talk about business here, people always ask,

  • where are you going to compete with Amazon?

  • Why are you compete eBay?

  • But the world is so big, why you must always think about a competition?

  • Think about helping the small guys to go to China.

  • So our strategy is saying, helping small business of the world,

  • helping them to go to China and I feel excited about that and

  • then I will be more welcome here.

  • >> [LAUGH] >> People say.

  • You guys come here to sell, so I come here to buy.

  • >> Before we open it up to questions, if you have questions,

  • I think the microphone is getting passed around.

  • Let me just ask one more topic, and

  • if you can keep it somewhat contained, we'll get to the questions.

  • Which is on the subject of philanthropy because I know you have

  • taken a leadership role in issues around the environment in China,

  • you personally started a foundation.

  • Just talk about both your personal progress in terms of thinking and

  • doing philanthropy and also, how is philanthropy going in China, in general?

  • >> Okay, thank you.

  • Honestly, I'm a lucky guy,

  • I would say whether I'm the luckiest guy or unluckiest guy in the world.

  • Unluckiest because I go nowhere,

  • I don't have privacy, I never thought I could be like that.

  • And people say ugly looking but I think I'm a unique looking person.

  • >> [LAUGHS] >> People remember me.

  • >> Nobody will call you handsome, I know that.

  • >> You have a terrible view, adjust.

  • With my background, my family background, with my education background,

  • I would be like a minus two or minus three, if this is zero.

  • Honestly, because I know who I am, from my father,

  • my mother and my ancestors, nobody in my family that have,

  • it's like a government officer, a business leader, that is why the past 20 years,

  • we never got even $0.1 from government, $0.1 from the China banks.

  • You don't have so you just have to do it from scratches and we smile like that.

  • So, no matter how hard I work, I probably get two or

  • three if there's a ten, two or three, that's my top.

  • But today, I'm a six, so the four difference, that does not belong to me.

  • That's not me.

  • >> People think, Jack you're so good!

  • No, I'm not that good.

  • But people say, you're bad.

  • No, I'm not that bad.

  • >> [LAUGH] >> Especially at the IPO,

  • people say, wow you're so smart!

  • Wow, that happens to us, we're lucky.

  • >> But I know when I said to myself, when you have $2 or $3 million,

  • that money belongs to you.

  • But when you have $20 million, trouble comes to you because you don't

  • know the IMB or U.S. dollars valuation up, devalued, into the banks, or

  • stock market, or in the buy bulk, headaches.

  • But when you have the $1 billion dollars, remember that is not your money.

  • That is the people's expectation on you.

  • People put their hope on you

  • because people believe you can manage this money resource better than the others.

  • If you think this is your money, you will be in trouble.

  • I never think the money I got, people say, Jack,

  • you're one of the richest guys in China.

  • No, I'm not.

  • I'm helping others to manage the money.

  • So I think how can I spend money better?

  • What I worry about, what I want to do, I want to do

  • education because I was trained to be a teacher.

  • I feel guilty for only taught school for six years.

  • I feel guilty about that, so that's why I'm talking everywhere.

  • I think of myself CEO, chief education officer.

  • >> [LAUGH] >> Try my best to communicate.

  • I think China education system, people say have problem,

  • China education is a teaching, is knowledge, is so good.

  • So good.

  • Teaching.

  • We're the best, we're not the best in the world.

  • Go to any universities, Chinese students take exams are the best,

  • in the Stanford, I think.

  • They're pretty good, they're very good but

  • in the culture, team work, these are terrible.

  • We got to put more efforts on that.

  • This is something I want to help.

  • And second, environment, I worry about the air pollution, the water,

  • all these things, so that's why I joined the Nature Conservancy.

  • The other thing, the infrastructure of the philanthropy.

  • Bill Gates tried to convince me, with Warren Buffet,

  • years ago, came to China, we should donate every money.

  • I asked them, how old are you, Warren?

  • He said, 80.

  • I said, when I'm 80, I would donate my money.

  • >> [LAUGH] >> I'm only 40.

  • What is my philanthropy?

  • China, go to Beijing, Shanghai they are rich places but

  • they are only small part of China.

  • Go to eastern, the western part of China, so many poor, terrible places.

  • As a business guy, create jobs, build more business.

  • Making sure people have jobs, making sure people have life good conditions.

  • This is the key.

  • And the second, you can donate money to Bill Gates.

  • Who should I donate money to?

  • Red Cross?

  • Who should I give money to?

  • Because spending money is more difficult than making money.

  • Especially, for philanthropy.

  • When you have a good heart, you should also have good knowledge and

  • good capability to spend the money,

  • otherwise you are doing good thing with good heart in a terrible way.

  • I think what we will doing is to train a people who can do philanthropy properly,

  • so that's why we will work with the Beijing University.

  • Have the first master degree for philanthropy.

  • Training people, develop people, how to manage the money,

  • how to manage the project, how to do things better.

  • I think we also have to work with the government to make a good policy program,

  • so when we build up this infrastructure, talents and the policy,

  • and I think they're coming.

  • China philanthropy is coming but the key is; we need good infrastructure.

  • In China, business is good but

  • if the infrastructure is not ready, it goes up and down and up and down.

  • It goes nowhere.

  • So the money, which I put in education, environment,

  • health, I worry about the health conditions because the environment

  • situation is going to cause China, in ten years, health issues.

  • If we don't start to prepare now, we are going to have a huge problem.

  • These are the areas I'm doing that but unfortunately,

  • I don't have plenty of time.

  • So we're forming a team, and I think for philanthropy,

  • the easiest thing is about donating money.

  • The most difficult, valuable thing is about time and action.

  • This is something that we put 0.3% of the total Alibaba

  • revenue every year into the environment protection, water protection.

  • This is probably pretty unique, it's not profit, revenue.

  • If there any shareholders here, I already wrote on our IP book and

  • we think this is right, if the community is good.

  • If the people healthy, the business will be healthy.

  • This is what we believe.

  • >> Do you. >> We even see that

  • Jack has- [APPLAUSE] >> Thank you.

  • Thank you. [APPLAUSE]

  • >> You have the same passion and

  • vision for philanthropy as you do for your business.

  • That's great.

  • Okay, let's go to questions.

  • I don't know how much time we have.

  • I know we're running a little bit late.

  • Where's the mic, Alicia?

  • Somebody?

  • >> Any question will be okay.

  • Whatever. >> Well, not any question, but you know.

  • >> [LAUGH] >> Jane, why don't you pick one,

  • and- >> Hello, my name is Emily Ma.

  • I'm a lecturer here at the GSB, so I love the fact that you are fighting for

  • the small guys.

  • But there are over 400 million people in China who are not yet online.

  • There's 4 billion people on earth who are not yet online.

  • Do you have some thoughts around that?

  • >> Okay, yeah.

  • First, the good thing is that we have 1.4 billion people

  • in the world online, and they were born in 1980s.

  • This is our hope.

  • Make these people successful.

  • Make these people good, and then they will attract more people going up.

  • If the people who are online are poor, then nobody would go to it.

  • I don't like Chinese movie.

  • All the movies, Chinese movies, the heroes always die.

  • >> [LAUGH] >> Nobody want to be the hero.

  • In American movies, all the heroes survive.

  • That's why people want to be a hero.

  • Right? So, my philosophy is that making those

  • people using Internets successful.

  • They're like our, those small business using Internet, if they're successful,

  • our business was successful, more people moving online.

  • So, the other thing is that, we should working with

  • the government and lower more infrastructure.

  • Lowre the cost of the using the broadband.

  • I mean, there are a lot of things that can be done, but good thing is that

  • 1.4 billion people born in 1980s, these are our hope.

  • These people will change the world.

  • My grandfather know the news by reading newspaper.

  • My father know the news by radio.

  • My generation know the news by watch TV.

  • My children, they using internet.

  • They say, I want to get involved.

  • This is the hope.

  • No.

  • Make these people online good, and they will help more people.

  • >> Who has a mic?

  • Okay.

  • >> Hi, I'm from Egypt.

  • My name's Ali.

  • So, one day I'd hoped to have children that would call me Ali Baba.

  • [LAUGH] But why, why is that the name of your company?

  • That's the first part.

  • >> Why that? >> Why is it called Alibaba?

  • Why is your business called Alibaba?

  • The second question is if you had to name the top three markets,

  • other than China, where you think that your business model is most applicable?

  • Can you list those?

  • >> Okay, thank you, why we choose the name Alibaba?

  • Because we learned the name from Yahoo.

  • We say, why does Yahoo have a strange name?

  • >> [LAUGH] >> It sounds interesting.

  • Then I was thinking about,

  • if we want to build up an internet company that can help the small business, I mean,

  • a lot, I was walking around, I got this near me in San Francisco downtown.

  • I was thinking about what the best name, and then suddenly I think,

  • Alibaba will be interesting.

  • So I was thinking about, there was a waitress came, have a dinner, and I asked,

  • do you know about Alibaba?

  • She said, yeah.

  • I said, how do you know about it?

  • What do you know about it?

  • She said, open sesame.

  • I said yeah, that's the name.

  • So, I walk on the street asking a lot of people, do you know about Alibaba?

  • They said yeah, and

  • then we just said this would be open sesame online for small business.

  • But unfortunately, the Alibaba name was already,

  • domain name was registered by the others.

  • So, we're using the Alibaba Online.

  • We think this is called AOL.

  • >> [LAUGH] >> Because American Online,

  • it will be impossible to have that domain name as servers in China.

  • Is that right?

  • Or Egypt?

  • America Online.

  • People, no.

  • That Alibaba Online, everybody agree that.

  • So, later we bargained, we got the name from a Canadian guy.

  • But I love that name, so now we also register Alimama.com.

  • >> [LAUGH] >> Well,

  • our motto helps those nations has small business.

  • Which if you have a lot of small business, if you have a poor infrastructure of

  • commerce, the reason why China e commerce grow faster than

  • America because the American infrastructure of commerce was so good.

  • You have a Wal Mart, A Mart, whatever mart, everywhere.

  • >> [LAUGH].

  • Cause they don't need it.

  • They do.

  • But for us, we don't have that.

  • So, when internet comes, we become the main infrastructure.

  • And besides that, in America, e-commerce is a dessert.

  • We in China, we're main course, and this is why those nations,

  • if your commerce infrstructure is bad, internet e-commerce would be good.

  • And for internet financing, same thing.

  • America, you don't have internet financing guys.

  • You don't.

  • We, China, have.

  • Why? Because

  • our financial system in China is too bad.

  • Where it is too bad, is the opportunity.

  • Now China, rural areas, we go to the rural, help the villages.

  • Villages, years ago, no chance, because people don't use PC,

  • too complicated use PC.

  • Today, everybody have a mobile phone.

  • So villagers, e-commerce internet grow so fast.

  • So, this is why, maybe Indian, country like Egypt,

  • those with good population, poor infrastructure, young people.

  • Your nation has a great young people, a lot of.

  • It's great opportunity.

  • We have young people, it's growth.

  • But it don't mean old people bad.

  • >> [LAUGH] >> But,

  • young people, they are the changers.

  • They're the shapers of tomorrow.

  • >> We're getting old fast, so we'd better start.

  • >> [LAUGH] >> Why don't we take the last question

  • from up on the top there?

  • >> Hi, Jack.

  • I'm going to talk to you.

  • I'm actually from China.

  • I'm from Peking University, for undergrad.

  • I'm now a PhD in Stanford.

  • I'm curious about like what's your vision [FOREIGN] and especially globally,

  • Chinese people are trying to do business not only in China but

  • also in the States and also all over the world.

  • because people want to invest overseas.

  • .Do you think, like Meiting, we can help with capital flow globally?

  • >> Yeah, thank you.

  • So probably here, a lot of people don't know about the Meiting,

  • Ali enter financing.

  • How many people know about enter financing?

  • Okay.

  • One day, everybody will know, because you will use it.

  • Ali enter financing was coming from AliPay.

  • It's a payment system, because this was, we found this company

  • year 2004, because people in China talk on the e-commerce.

  • They negotiate, they talk, but they don't buy, because they worry about the money.

  • Give him, and this guy run away, or this guy say, well I sent you things.

  • I don't get the money.

  • >> So I went to all the banks and I tried to convince the banks,

  • can you help me to payment?

  • The banks say, you're business too small, we don't want it.

  • So we have to we built up a very stupid service called Alipay,

  • it's escrow services.

  • If you want to buy things from me, you wire the money to Jerry and

  • Jerry let me know, I got a product, got money.

  • So, I sent products.

  • If you're happy, pay me.

  • Not happy, return the money, return products.

  • People say, year 2003, they say, this is the most stupid idea I've ever heard.

  • >> [LAUGH] >> because why you don't use credit card?

  • Guys, we don't have credit cards.

  • >> [LAUGH] >> So we made that.

  • Well, remember, today register users.

  • I mean, just register users, close one billion people using that.

  • And active, I don't tell the number.

  • >> [LAUGH] >> We're so big today on that.

  • And later, becomes the standard payment for China,

  • and then based on that, we have all the datas.

  • We have the datas, we have to build up the credit system for each individual.

  • How much you buy?

  • What you buy?

  • Is that you pay the money in time and then you sell?

  • All the system.

  • So what my agenda for the first is try to build up a credit system for China,

  • a trust system.

  • Without that, small business cannot do business, so

  • today my agenda oh my god it's a private company.

  • It's so big.

  • It's almost, if not big then Alibaba, the same size and

  • I'm happy, because this thing is changing China financial system and

  • we are also applying for licensing in the states.

  • We are going to a career, Japan and the Indian and

  • we think this is going to help millions of people in the world.

  • By the way, I'll give you one example how powerful it is.

  • We got a small loan license four years ago, giving loans.

  • We don't have deposit, giving loans.

  • Within four years, we have given 1.5 million small business loans and

  • average borrow only $5,000.

  • We make decision, whether we should give you money or not,

  • lend you money within three minutes.

  • You can borrow $0.01, borrow for one minute,

  • which all the banks got scared about that, because the cost is so low and

  • how many people work for their loan department?

  • 200 people.

  • So 200 people giving loans for 1.5 million business.

  • And this thing, I think in the future is going to

  • help millions of small businesses get a loan online based on credit and

  • the credit system we built up called Sesame Credit.

  • You buy, you sell, the credit,

  • all the things you get it and the Sesame Credit today, good thing is a lot of

  • government are giving visas to Chinese based on Sesame Credit.

  • And if you're in to rent a house, people check your Sesame Credit.

  • And the funny thing is last month, people finding boys and girls.

  • See your Sesame Credit.

  • >> [LAUGH] >> And this something will change

  • in China, feel prouder for that, but will definitely be in Thailand.

  • Yeah, this what we want.

  • >> [APPLAUSE] >> Jack,

  • on behalf of the Stanford Graduate School of Business Alumni Association,

  • we want to congratulate you and present you the award for

  • the Entrepreneurial Company of the Year.

  • >> Thank you so much.

  • >> [APPLAUSE]

  • >> Thank you.

  • [MUSIC]

[MUSIC]

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Jack Ma, Alibaba Group: Stanford GSB 2015 Entrepreneurial Company of the Year

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    richardwang に公開 2015 年 10 月 06 日
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