On October 18, I had the first annual summit of guests held in Beijing. According to Liu Qingfeng, the founder of HKUST, the company that has to do source technology must be mentally prepared to undergo a "dreary period." In the 17 years since HKUST was founded, Liu Qingfeng frankly stated that since its establishment, it has faced two kinds of paradoxes. One thinks that it is a matter of fact, and one thinks that it is a grass-roots team and does not understand industry, but today it has finally come to an end. Liu Qingfeng believes that any new technology has a basic trend. It takes a long-term process from concept introduction to successful business model exploration. In this process, entrepreneurs will experience a trough, and those who can persist can enjoy the technological dividend and enter the real industrial chain. It is understood that the HKUST has maintained a record since its launch. More than 30 senior executives from the director have left the company, and nearly 700 core employees have been retired from the previous round of options. The annual turnover rate is less than 1%. The following is a speech record: Hello everyone! HKUST was honored to be one of the founding shareholders of my distinguished guests. So when Wu Ting told me that today's annual meeting hopes to have some secrets to share, mainly secrets that cannot be said in the process of entrepreneurship, I asked if I could do it. ? I said that as a shareholder, this is what we should do. In the past 17 years ago, when HKUST launched its first venture, we were once very painful. At that time, the idea was to let machines and equipment listen and speak like humans, but when we had this idea for more than a year, we were almost No income. We specially opened a conference in 2001. At the meeting, we finally decided that we should do what we like and that we can do is to be the leader of the voice industry in China and even in the world. What did we set at that time? There are three articles. First, this industry will have 10 billion space in the future. We imagine that we can say that listening to people will be the most natural way we humans communicate, so it will come to 100; second, we can become the field. No.1; Third, I like it. Today, we have taken a step forward and said that we must be able to understand that we can understand and think about using artificial intelligence to change the world and build a better world. Because the underlying technologies are all pattern recognition and they are the algorithms and cores of artificial intelligence, then I want to share this story, that is to say that when the hardest time of the year, shareholders put pressure on your investors' entrepreneurship, but not all shareholders. In fact, any new technology has a basic trend. New technologies are imported from concepts, such as today's artificial intelligence, the early days of the Internet, and so on. Many entrepreneurs have failed, and many venture capitalists have lost everything. Then, at this point, people who can persist have slowly entered the real industry to grow and develop. What I want to share with entrepreneurs is that if you want to be a source technology, or a truly original technology, you must have such a curve in your heart. It must be known that when many people are chasing after you invest in many people, you actually will After experiencing a dream burst period, then you can hold on to the future and the future of a truly beautiful industry. When HKUST began its business, it was faced with paradoxes on both sides. People on the other side always said that we were proud of the sky. On the other side, we questioned us that these people are grass-roots teams. We do not understand industries at all. However, it has come to an end because the industry is about to explode, several major trends, the Internet of Things and artificial intelligence are coming, but what do I want to say in this process? In fact, we have experienced a very painful exploration of the business model. The earliest products we have come up with are songs for computers, personal learning products for personal use, computer input, and speech recognition for speech synthesis. The slogan I mentioned was that if I could speak, I would use a computer. As a result, I quickly found that our 18-person student startup team had no way to make consumer products at the time. When I remember Lei Jun, I once said one sentence, saying that in 1999 and 2000, once bought a genuine software is a good person, so you want to do consumer products, make people say it is good, but all use piracy, followed We don't know how to build marketing channels because we are a student entrepreneur or today's general technology entrepreneurs who do not have the ability and experience to build channels. At last, I felt painstakingly and said that I don’t believe in us. I believe in Lenovo and CITIC. We sold the technology to them. They pushed us to share, and they won the first pot of gold of the HKUST News. We’ve been exploring this for nearly two years. Time, so the same technology, different product forms determine the company's survival. I would like to say to entrepreneurs that you must not open up the entire industry chain to see if there is a problem in the technical market management or the business model because the pain or income of a certain period has not arrived and you get questions from all walks of life. , maybe this link is made up and you will come to life. We want to do something we like in our business, and we must first have a long-term mindset in our passion. Many times we are pressured by ourselves. The entrepreneur's psychology must be able to withstand all kinds of pressures before you can grow. When an entrepreneur continues to face such doubts, we see a lot of praise on the one hand, and on the other hand have been questioned. For entrepreneurs, when you come across such discerning introductions, you must be strong enough inside, otherwise you will be surrounded by various kinds of negative everyday, and you will not be able to do what you want. thing. Many tech entrepreneurs are the hearts of a literary youth or a science and technology youth. We have seen that in China today we have mentioned double-creation work at an unprecedented height. Why is the vast majority of China's cooperation between industry, universities, and research institutes unsuccessful? In fact, the core reason, I think we still have the technology, production and research, first of all the mentors in colleges and universities research institutes, if they just cooperate, the laboratory director is suitable for the total work, he must do the CEO, then this The industry will fail. If a company wants to cooperate with scientific research institutes, he does not understand the ability and comprehension of technology. He must rigidly engage in production and learning and fail. Next, I also want to emphasize strategic patience because we have many times to say that the biggest problem in China today is that it is too eager for quick success. All entrepreneurs think that they can make big money tomorrow and tomorrow. All investors feel that I have voted for Qianming today. It would be really difficult to get a 50% premium to enter the A round and then go public quickly. If artificial intelligence can have the right to speak in the world, China will have the right to speak in the world, and we will stand in the dominant position of the industrial chain. This dream, we will continue to go, I think in my lifetime will always insist on information flying, if the successor, I hope it continues until artificial intelligence construction, the realization of the goal of a better world. Finally, the sentence I want to give to entrepreneurs is also a word that I å¿½æ‚ every year at our annual conference and welcome meeting after I started my business in 1999. The passionate longing you sincerely foresaw and the sincere pursuit will naturally come true. We expect all entrepreneurs' dreams to come true and look forward to my guests becoming the Oak!