Young and frivolous, David

* * * Enjoy cycling, which is not only convenient for people's life, but also the pride that China people talk about. The emergence of "* * * enjoy riding" has promoted the rapid development of "* * * enjoy the economy" and caused a temporary "* * * enjoy" fever.

However, life is like a box of chocolates, you never know what you're gonna get.

A few years ago, it was only a matter of time before ordinary people enjoyed a nine-to-five bike ride. But for Dai Wei and his ofo, it is tantamount to an amazing gap.

Watch him build tall buildings, watch him entertain guests and watch his buildings collapse. From the financial crisis, investor estrangement, lawsuits with suppliers, layoffs, reduced global business, misappropriation of user deposits, internal corruption, shrinking Beijing office, and rumors that Dai Wei resigned as the legal representative of ofo to bankruptcy and reorganization ..... Dai Wei and ofo are in jail.

start a business

Dai Wei, 199 1, from Huainan, Anhui. As an only child, Dai Wei grew up in an elite family and enjoyed unique care. Not surprisingly, like other "second generation", he can successfully inherit the resources accumulated by his parents and kill 99% people at the starting line of life.

However, he did not embark on the road of inheriting his father's footsteps after graduating from college, but chose to do something of his own.

David was a cyclist when he was in Peking University. In 2009, he entered the Finance Department of Guanghua School of Management of Peking University as an undergraduate. The first club to join Peking University was Peking University Bicycle Association, where he did bicycle training and went to Phoenix Ridge.

From this, I fell in love with cycling. In my later life, I rode long distances several times, twice riding more than 2000 kilometers.

20 14, by chance, Dai Wei and his friends brewed a "bicycle business". He collects bicycles on the campus of Peking University and enjoys these vehicles for students to use. This is the prototype of ofo bike-sharing.

At that time, Xiao Huangche was just one of many entrepreneurial projects of Peking University students, and it was not so eye-catching.

However, in 20 15, the horn of mass entrepreneurship and innovation sounded, and a surging entrepreneurial upsurge came with ambition and desire. The capital storm in Chinese mainland began to blow, and investors chased profitable projects like bloodthirsty jackals.

At this time, * * * enjoying the bicycle just became a pig on the tuyere. On June 20 15, ofo*** officially enjoyed the plan, and on June 20 15, 10 completed the A-theory investment. From then on, Dai Wei began his crazy expansion.

The huge commercial map also represents great wealth. 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, when Dai Wei was only 26 years old!

Young and promising, a business wizard, he was a great success for a while and came to Dai Wei wave after wave.

hubris

Driven by crazy capital, Qian Yibo rushed into ofo's account, with enough funds to make ofo rampage like a beast in China and even the world.

At that time, almost all cities could see the figure of Xiao Huang Che, and newspapers were full of articles advocating the arrival of unicorns.

From the end of 20 16 to 20 17, ofo spent100000 to sign Lu Han as a spokesperson, 20 million to name a satellite, and even 30 million to advertise to a certain media every year. The cost of marketing alone is several hundred million.

That was the time when ofo was the least bad for money. The advertisement of Huang Xiao Automobile almost swept the subway station and bus stop sign in Beishangguang, as if it were "opened".

The founders headed by Dai Wei are all students and have never seen so much money. They don't know how to spend the money, and the way to spend it is quite rough.

A company that has been blown up quickly by capital has revealed its shortcomings in this sudden movement, but it has been ignored in the shouts and fanaticism of everyone.

At the annual meeting, the young boss Dai suddenly shouted to a senior employee on the stage in front of 3000 ofo employees:

"I remember your dream, so I want to tell you today that your dream has come true."

Then the old employee was given a 500,000 herder at the scene, and the audience was silent first, followed by warm cheers.

Then, after drinking too much, Dai Wei released another bomb and awarded another veteran the O Hero Award of 1 10,000 option. In addition to giving herders, options and rewards, Dai Wei personally awarded "excellent employee certificates" to ten outstanding employees, each of whom received an extra four months' salary.

At one or two o'clock in the morning this evening, after drinking to the fullest, Dai Wei took turns to send red envelopes on WeChat group, QQ group and nail group.

This pleasant cultural atmosphere, like Dai Wei as the president of the student union in Peking University, has a strong student organization atmosphere. Everyone is casual, casual and happy, but there are no rules, standards and rules of commercial companies.

Soaked with satisfaction and pride, and sought after by capital, Dai Wei was also on cloud nine for a while.

That year, Dai Wei became the business elite that China talked about. In the shadow of the spotlight, the capital behind him is grinning for the moment of realization.

A strong desire for control

David has always been good at playing the host. Primary school is the monitor, and after studying in Peking University, it is also the "number one"-from the organization minister of the college to the president of the student union of the school. In various interviews, Dai Wei's thoughts have never changed.

Compared with the success of the company, he cares more about his own success, preferring to let ofo die in his own hands rather than shine in the hands of others. This persistence, stubbornness and ego make ofo miss many opportunities.

Allen Zhu brokered the match, and Dai Wei and Tencent's investment partner Xia Yao chatted happily. Tencent Investment Department has also arranged the investment committee of ofo, which is likely to enter the ofoB round of financing.

However, Xia Yao and Dai Wei have different opinions on whether ofo should enter the city. Xia Yao persuaded ofo to enter the city three times, but Davis refused.

Because of this incident, Dai Wei believes that Tencent has concerns about investing in ofo. At this point, ofo's campus model basically ran through and began to make profits, which gave him enough confidence. "Otherwise, Tencent's C round will vote again and let Jingwei advance our B round."

However, after Dai Wei rejected Tencent, Tencent turned to participate in the C round of mobike, and then led the D and E rounds of mobike.

Missed Tencent's investment and missed the best opportunity to enter the city. At the key node of the competition, ofo gave the opportunity of being the industry leader to its competitor mobike, thus falling into a passive position.

After this failure, the strong and suspicious Dai Wei chose to believe in Cheng Wei, the founder of Didi.

For a long time, David regarded Cheng Wei as his brother and called him brother. When two people meet, Dai Wei often talks for hours in Cheng Wei's office.

Dai Wei felt that he had met a mentor. He thinks that he is consistent with many of Cheng Wei's ideas, and ofo and Didi are also very similar.

Dai Wei listened to the advice of his eldest brother Cheng Wei, and accepted Didi's dispatch of executives to ofo to help ofo build a healthier system and win a huge investment from Softbank with better results.

The arrival of Didi executives has really improved the management of ofo. However, Dai Wei gradually felt that he was overhead, and the new travel projects were strongly opposed by Didi, and the financial power of ofo was firmly clamped down by Didi.

A series of actions of Didi, in Dai Wei's view, are to eat ofo. 20 17, 1 1, Dai Wei directly took his anger out on Fu Qiang, an executive sent by Didi. "Didi people have left ofo." Didi and ofo completely tore their faces.

After being "heartbroken" by Cheng Wei, Dai Wei became more distrustful of others. He insisted on his own ideas and always insisted on making his own decisions.

Ruthlessness of capital

To Dai Wei's surprise, abandoned "ofo garbage dumps" piled up all over the country, and more and more users complained that "ofo's broken car rate was too high" and turned to the arms of competitor "mobike".

Since the bicycle war, the negative news of ofo has emerged one after another. In less than a year, there have been several financial problems and a large number of exits from overseas markets, which undoubtedly confirmed the internal problems of ofo. The expansion of thunder has passed, on the contrary, ofo is accelerating its decline.

From the outside world, ofo has been dying since the end of last year. The rumors of supply chain arrears, user deposit runs and capital chain breaks have repeatedly criticized the stormy ofo. In the face of the dilemma, Dai Wei has been stubbornly resisting, but the situation of ofo has not been reversed at all.

However, the ruthless escape of capital led to the lack of money for ofo, and ofo began to experience a shortage of funds. The information that ofo misappropriated the deposit was exposed by the media, and it used more than 3 billion deposits to pay the supply chain arrears.

There are more and more debt collectors, not only dressed in black, but even some people push old people in wheelchairs to the office, screaming that they will sleep there if they don't pay back the money.

Later, the valuation of ofo dropped all the way, from the initial valuation of $2 billion to $65.438 +0.5 billion, $65.438 +0.4 billion, and then to $65.438 +0.0 billion. The arrears have reached more than 6 billion dollars. In the previous incident, the court made a "consumption restriction order" against Dai Wei, and Dai Wei was not allowed to choose planes, train soft sleepers or ships. You can't spend in star-rated hotels and other occasions, and you can't buy a house, buy a car and travel.

Nowadays, people's inner ugliness is even more disappointing than the messy cars on the street. Many people vandalized bicycles, lost their seats and handlebars, deformed tires and damaged bodies everywhere, which made people feel sad.

Faced with the surrender of powerful capital, the powerful Dai Wei is like a fighter destined to fight to the last moment. At the mobilization meeting of 100 people in mid-May, Dai Wei said, "If you don't want to fight to the end, you can leave the company now." Keeping ofo independent is Dai Wei's bottom line.

However, in the face of difficulties, Dai Wei naturally did not sit still. It began to save itself. At present, ofo has launched a commercial advertisement for the body, and ofo's App has also launched an advertisement. In addition, ofo is also trying to reduce expenses and reduce the purchase and delivery of bicycles.

However, compared with the huge volume of ofo, these measures of increasing revenue and reducing expenditure cannot fundamentally solve the current dilemma of ofo.

At present, if ofo wants to support the current huge user traffic, then there is really not much money left for Dai Wei to "burn". Dai Wei, who insists on "not selling himself", must always be careful, in addition to seeking capital to "save lives", otherwise an improper financing will also become a "puppet" of capital forces.

Tragic ending

Now 27-year-old Dai Wei and his ofo company are waiting for the dawn after darkness. Debt-ridden Dai Wei has completely lost the overall situation.

Dai Wei's vision on campus is far-reaching, but it seems a bit trivial to put the competitive experience on campus into the battle for capital in real business. Dai Wei, who walked out of the campus of Peking University, had no resistance at all in the face of strong capital.

Perhaps Dai Wei never thought that the yellow car he created could occupy the market at such a fast speed, but the faster the speed, the greater the danger.

However, * * * enjoys a bicycle without much technical content, which means it has no moat. David's main mistake was to overestimate his bargaining power with the giants.

One fact is obvious: in the collision of giants, ofo is just a small puzzle in the layout, and it is a price that can be sacrificed at any time. Faced with the pressure of capital, Dai Wei chose the way of burning money, which made ofo's predicament lose the chance of a decent ending.

When talking about the recent situation of ofo, many people began to look at the young founder inexplicably with a pity attitude. They feel that this farce is due to his youth, ignorance and inability to play games with capital.

David is really young, but he is not ignorant and there is nothing to be pitied about. This could have allowed all investors and themselves to cash out and leave the market with dignity, and users would not suffer the loss of margin. Today's chicken feathers are all caused by himself.

At present, the post-90 s startups that have emerged from the entrepreneurial tide have only survived. In the face of people submerged in the huge waves, it is only natural to be talked about after dinner, or to be talked about as a "negative textbook".

Although Dai Wei is still stubbornly resisting, the outcome may be predictable. In fact, for Dai Wei, it is far wiser to give up the irreversible decline and stay in Qingshan.

Nowadays, "abandoning one's son" and "Lao Lai" have become the labels that the 27-year-old youth can't get rid of, but the once beautiful names and legends have become jokes.