Hotel award-winning speech

20 18, in this cold winter, ofo ushered in a turning point of fate.

Dai Wei, the founder of ofo, also became an old lai because of the deposit and debt problems. From being heavily in debt to shocking the entire investment and financing community, he has been chased by millions of users.

Once so high-spirited, now life has collapsed, and 27-year-old Dai Wei has performed an entrepreneurial tragicomedy.

》》 1《《

Ofo originated in Peking University.

Dai Wei was born in Gao Qian, and his father, Dai Hegen, is the Party Secretary and President of China Railway and the Engineering Director of Qinghai-Tibet Railway. He is currently the Party Secretary and Chairman of China Chemical Engineering Group Co., Ltd. ..

Wei Dai's grades did not meet his father's expectations. After being successfully admitted to Peking University in the college entrance examination, he served as the organization minister of the student union of Guanghua School of Management of Peking University, and later served as the president of the student union. However, the "bribery election" during the period made a lot of noise.

According to the Beijing Times, on August 25th, 20 12, Zou Hengfu, a former professor in Peking University, posted a real-name tip-off letter signed by Yu Ji, a 20 10 undergraduate of Guanghua School of Management, Peking University, on his blog to report Dai Wei, the current president of Peking University Student Union.

According to the report letter, Dai Wei is a "college entrance examination immigrant" and Dai himself is from Anhui. Because someone in his family has an official residence, he wants to move to Beijing, and he has obtained the identity of an artistic special student through his family relationship. On the basis of "immigrants in college entrance examination +60 points", he entered Guanghua School of Management of Peking University. After entering the school, in the first year, he bribed the then president of the student union and became the organization minister of the Youth League Committee of Guanghua College. Later, in the general election of the student union, he invited more than 30 people to watch a concert in a high-end hotel, and it took about 500 thousand to be elected as the president of the student union of the school. Among them, the amount of bribes paid to the superior teacher Zhang Du alone reached 654.38+10,000 yuan.

In addition to successful bribery activities, the author also revealed that from being admitted to Guanghua School of Management of Peking University to studying under Professor Li Yining, the family of Dai Wei, an official, operated through relationships. This matter was once raging in the city, and the discipline inspection department of Peking University intervened in the investigation. Finally, reporter Yu Ji came forward to clarify that he didn't write this article, and deleted the blog and Weibo about it.

Ofo was founded on 20 14, during the postgraduate period of Dai Wei. Dai Wei has repeatedly publicly stated that the experience of teaching in Dongxia Town, Datong County, Qinghai Province is the driving force for him to establish ofo. 20 13 years, graduated from Wei Dai with a bachelor's degree, and there is still one year to go to graduate school. He made a different choice from most people: to teach mathematics in Dongxia Town, Datong County, Qinghai Province. At that time, he rode a mountain bike to and from the county town every weekend, and he fell in love with cycling from then on.

In fact, ofo is not Dai Wei's first entrepreneurial project. In his sophomore year in 2009, Dai Wei contracted out the night business hours of cafes around the school and set up a cafe that can "brush the night" to facilitate Peking University students to take a surprise exam in the cafe before the exam. 1One night in 2 yuan, hot water was provided, and I was hungry for snacks. The start-up fund was taken by Dai Wei from home, and the operation effect was good. Later, the project had to be terminated because the cafe was closed by the boss. It is said that until now, occasionally someone called David to make a reservation.

After teaching, Dai Wei returned to Peking University to study for a master's degree in economics. He and his friends began to brew a "bicycle business". Soon, ofo bicycle was born, a deeply customized cycling tourism project: cycling around Alishan and Qinghai. Even the name ofo looks like a bicycle.

But this demand is too small. Even if the account is only 6.5438+0 million yuan, what Dai Wei thinks of is not to improve efficiency, open source and reduce expenditure, but to burn money subsidies crazily to give every user a pulse. Soon, we only spent 6,543,800 yuan invested by our brother Lingwei Capital in 400 yuan. While burning money, the Dai Wei team is constantly seeking the next round of financing. However, nearly 40 investment institutions have been run, and no one is willing to invest. "By the end of April 2065438+2005, there was no money in the account, leaving around 400 yuan. It was really impossible to develop at the time. " Dai Wei said.

Burning money too fast, after the failure of the first venture, Dai Wei came to the conclusion that he must solve the real problem and hit the real pain point. Dai Wei, who has lost four or five bicycles, suddenly got inspiration, and they turned their attention to enjoying bicycles. Although this senior brother is not optimistic about this project, he still promised to lend them 6,543,800 yuan.

On September 2, 20 15, a post entitled "The 2000 Peking University people will do great things" spread in Peking University. This is the bicycle manifesto written by David and his partners Zhang Siding and Ding Xue all night. They proposed to recruit 2,000 warriors to contribute bicycles in Peking University, and these 2,000 people will have the right to use these 2,000 cars for free, and other students can use these cars for a fee. On September 7th, ofo*** bicycle was officially launched on the campus of Peking University, and more than 200 orders were received on the first day. A month later, the daily order exceeded 3000.

In order to quickly copy the ofo model to domestic universities, I borrowed 654.38+0 million from my senior brother, and it took only five months. While burning money, the Dai Wei team is constantly seeking the next round of financing. Dai Wei has borrowed 2 million to 3 million from Lingwei Capital's brother and nearly 3 million from other channels. With a debt of 6 million yuan, ofo was able to leave Peking University and enter other universities in Beijing.

》》2《《

The darling of capital chasing

After surviving the debt on 20 15, the popularity of cycling on 20 16 suddenly rose. Only then did David really knock on the door of capital.

Allen Zhu, a famous venture capitalist, took the initiative to find the door, with the first shot100000. From June 2065438 to June 2006, after coming out of the office of Jinshajiang Venture Capital, Dai Wei and another co-founder, Zhang Siding, did not speak, but looked for "Allen Zhu" and "Jinshajiang Venture Capital" by the fence in the basement of the third phase of the International Trade Center. When they confirmed that the person who had just asked them a series of questions was an early investor of Didi, Dai Wei and Zhang Siding accepted the investment. He and Zhang Siding, the co-founder of ofo, are a little dizzy because they have never seen so much money.

Allen Zhu and his invention finally stirred up the venture capital circle. Starting from 20 16, the development speed of ofo is like "opening". Ofo has completed several rounds of financing continuously:

2065438+August 2006, round A+, 1 1 ten thousand yuan;

2065438+September 2006, round B,120,000 USD;

2065438+September 2006, B+, tens of millions of dollars;

20 16 10 month, round c, 654.38+300 million USD;

2065438+March 2007, Round D, USD 450 million;

2065438+July 2007, round E, 700 million dollars.

He was a little embarrassed, from being heavily in debt, to a bunch of money-chasing institutions, to catching Didi and the high-speed rocket of Jinsha River. "We are all students and have never seen so much money. At first, we were afraid to spend money. How to spend money, how to spend money, there is no concept at all. " The partners, roommates, other disciples and friends who started a business with Dai Wei actually don't have much work experience and don't know how to spend so much money efficiently.

At that time, because of the low threshold, many players had the ambition of "fighting" and ran into the goal field one after another. People began to spend money desperately. "At that time, our idea was that no matter how much money was spent, new money had to come in." Some old employees said that from the end of 20 16 to 20 17, the cost of light marketing was hundreds of millions.

How crazy was it? Ofo spent 20 million yuan to name a satellite, and100000 yuan invited Lu Han to be the spokesperson. The advertisement of Xiao Huang car almost swept the subway station and bus stop sign in Beishangguang. During that time, ofo built a car and put it into use, covering various cities. Winning more users is even regarded as the only goal of ofo.

Dai Wei summed up his strategy in this period as two points: allocation and rolling financing. Under the indiscriminate bombing of capital, ofo has grown rapidly. According to statistics, it took Taobao eight years from its establishment to 20 1 1 daily order breakthrough10 million. It took Didi three and a half years from its establishment to March of 20 16, when 19 announced that the order volume of express trains reached10 million. The US Mission announced that it has reached this value, and the take-away transformation has been used for three years; Ofo only took one year and nine months.

Good wind, with its power, sent me to Qingyun. As a result, David's personal reputation reached its peak. According to the Hurun Rich List 20 17 released by Hurun Research Institute, Dai Wei became the first post-90s generation with a wealth of 3.5 billion yuan. In just a few years, David has changed from a childish student to a business elite. "One day, our ofo today will affect the world like Google." Dai Wei spoke out bravely.

That time was also the happiest time for ofo employees. At the annual meeting of ofo at the beginning of 20 17, Dai Wei gave an old employee a herdsman at a price of 500,000 yuan. Subsequently, awards such as Top Ten Employees, Top Ten Leaders and Top Ten party member were presented by Dai Wei himself. David is as excited as a child. At one or two o'clock in the middle of the night, after drinking heartily, Dai Wei was still in the WeChat group, QQ group and nail group, and took turns to send red envelopes.

》》3《《

All dreams have come to nothing.

Since the establishment of 20 15, ofo has gone through ten rounds of financing. In the past three years, David has spent too much money that he shouldn't have spent.

Some employees said, "For example, we have a batch of car locks that may be mailed from Beijing to a certain area. Ofo will never send mail or other express delivery. We will definitely take the SF Express, and it's fast. In fact, there is no time requirement. "

Not long after ofo got the financing, some media broke out that the executives of ofo company were equipped with Tesla. In daily operation, the ofo bicycle, worth about 600 yuan cost price, broke down and failed to be repaired in time. 2065438+From March to July 2007, ofo purchased120,000 bicycles, which required 7.2 billion RMB. Made such a huge expenditure decision, but did not care about the subsequent capital stock.

At the same time, the management problem of ofo also surfaced. "What's the biggest problem when you are in charge of a unicorn at such a young age?" At that time, Dai Wei replied: "I don't think there is a problem with personal ability, work ability or even financing ability. If there is a problem, it is in management. "

The result is a prophecy. With the expansion of the company's business scale, many employees find that the organization, management and system of the company can't keep up with the development scale of ofo. "Most of them have just graduated from universities and have little experience. They just become leaders when they enter the company, which is unfair to other backward and capable employees." A bottom-level employee of ofo privately called such a leader a "mud leg".

Ironically, one month after the outstanding employee award was awarded, three of the ten outstanding employees were fired. The reason is data fraud and corruption. "The ofo team is relatively young, and Dai Wei uses the chairman of Peking University Student Union in corporate governance. The overall management is relatively loose, casual and student-like, and some employees rely on relationships rather than abilities, "said one employee.

Management has also become one of the focuses of David and Didi. 20 16 10 when Didi entered ofo for the first time through the C round of financing and became the largest shareholder, the second "gold owner" of Dai Wei and ofo officially surfaced.

After Didi shot ofo, it attracted other investors to follow up quickly. 2065438+July 2007, Fu Qiang, former senior vice president of Didi, joined ofo bike-sharing as CEO, reporting directly to Dai Wei, and Liu Sensen, former chief financial officer of Didi, was in charge of the financial department.

The early development of ofo was relatively extensive. After the personnel of Didi settled in, it really made the process and system of ofo more standardized. However, after a honeymoon period, the contradiction between the two sides has become increasingly prominent. Gradually, Dai Wei felt that he was beginning to be overhead. The new business and acquisition were denied by Didi, the financial power of ofo was firmly controlled by Didi, and some employees of Didi were also placed in some specific operation departments of the company.

In the end, at 20 17, 1 1, Dai Wei directly made a fuss: "Everyone who drips will leave ofo." Fu Qiang and others, a bunch of executives who were stationed in ofo by Didi, were fired, which made the employees of ofo present at that time feel even more terrible. The next day, many colleagues who they thought had nothing to do with Didi did not show up as scheduled. One month after the relationship broke down, Didi announced the acquisition of Xiaolan Bicycle, and at the same time Didi launched its own bicycle brand "Green Orange".

Indulging in user expansion may not be a personal judgment error of Dai Wei, but also the result of investors' eagerness to gain benefits and constant pressure on Dai Wei. Among the investors of ofo, Allen Zhu's reputation is the most typical. Ofo did not clearly indicate that the company should take the scale of users as the first pursuit. However, Allen Zhu, an investor, repeatedly shouted from a distance to support the desperate expansion of ofo. After voting for ofo, Allen Zhu said: * * * Bicycle will end the war in 90 days, and the winner will be ofo.

Therefore, ofo has not figured out the rules of users in various cities, so it puts bicycles everywhere at will, causing a lot of waste of resources. Without understanding the domestic market, we rashly expanded overseas, and many places had to quit after landing for a few months.

Although Allen Zhu strongly supports ofo, it has been promoting the merger of ofo and mobike, saying that only the merger of ofo and mobike can make a profit. Except David, almost all shareholders support the merger. An investor was very angry: "He put his rights and interests above those of all investors." According to media reports, Cheng Wei will be the chairman, Wang Xiaofeng of mobike will be the CEO, and Dai Wei and his founding team will be out. For capital, it doesn't matter who merges, but Dai Wei can't accept this result. He once shouted from a distance: I hope that capital will respect the ideals of entrepreneurs.

Since then, Allen Zhu has repeatedly put pressure on Dai Wei in public, urging ofo to merge with mobike, but Dai Wei just ignored it. In the end, Allen Zhu sold all his shares in ofo to Ali, resigned and cashed out. "I want to run quickly and independently, which is the biggest problem of ofo," said Liu Xingliang, president of DCCI Internet Research Institute and an internet expert.

Allen Zhu's ofo was lost, and so was the last fig leaf. 2065438+February 2008, Dai Wei used his assets * * * to enjoy cycling twice as collateral in exchange for Alibaba's financing of 654.38+77 billion yuan. In March, after announcing the completion of E2- 1 round of financing of 866 million US dollars, it began to enter the market retreat period.

In less than three years, ofo went from zero to the peak of 4 billion US dollars, to a cliff-like decline of less than 65.438+0 billion US dollars, and then to 65.438+0.77 billion RMB. The development track of roller coaster is embarrassing. Layoffs, financing difficulties, shrinking overseas business, defaulting on suppliers' payment, turning to blockchain, and trying to sell themselves ... Under the constant rummaging of the media, ofo is still struggling and hanging by a thread.

Environmental change case. Last winter, Dai Wei won the 20 17 Netease Most Influential Entrepreneur Award. The awarding words are as follows: He is the founder of ofo and a representative of post-90s entrepreneurship. Regarding the future, he shouted out the loud voice that "today's ofo will affect the world like Google". This former cyclist is using his unique stubbornness to realize his dream step by step. It was his stubbornness that made the world know that there was another great invention in China called * * * enjoy riding. Even though the number of users of ofo has exceeded 200 million now, like his bicycle, he is still advancing inch by inch on the road of starting a business.

Further, one afternoon in the winter of 20 13, a man threw a question on the bus returning from Xining: if there are two choices in the future, one is to be the secretary of the provincial party Committee and the other is to be the boss of BAT, which one do you choose? David chose the latter. If Dai Wei didn't start a business, with his family background equivalent to a senior official at the ministerial level, as the cradle of his politics and the president of Peking University Student Union, his political future is bright.

In the winter of 20 18, with Don Quixote's confidence, Dai Wei issued a cry of "live on your knees". "I hope that on the day when Dai Wei bows his head, he can still hold the bargaining chip in his hand." Investor Justin said.

》》》

Finally, let's end with a passage from Dickens' A Tale of Two Cities:

"This is the best time and the worst time;

This is the age of trust, this is the age of doubt;

This is the season of light, this is the season of darkness;

This is the spring of hope, this is the winter of disappointment;

We have everything in front of us, but nothing in front of us;