Jack Ma, Founder of Alibaba | The Brave Ones

When you do business, don't worry about competition. There's nowhere in this world where there's no competition. You have to get used to it. You cannot stop globalization. The world is getting so small.

If you cannot stop it, improve it. Forget about the competition today. It's like a 10,000 meters running. For the first 200 meters, don't think that guy is the competitor; keep on running. 3000 meters later, you will know is a competitor.

He's got that quality that I think unites so many people who are ultimately successful. He is relentless. The internet is opportunity for small business. He's sort of like the pied piper of the Internet in China.

Don't miss this chance. First he attracted employees. How are you doing? How are you? And then he attracted millions of businesses to build their business on the platforms. 40 countries this year.

A hundred and seventy hours. Forty… like forty six. We know that we have to be humble, we have to serve our customers. Jack Ma has done a phenomenal job to create a business that is second to none in the world.

He is the largest retailer. Investors may not like us; if customers like us, we have the future. I heard they call him crazy Jack Ma. I think it takes a little bit of craziness or madness to achieve anything.

I was born in a very normal family and poor family. Six people share $7 a month. We can only eat to one chicken a year. Was terrible. Nixon visited my city. 1972, China USA sign the- Mao Zedong and Nixon signed the agreement.

So China become open door. My city Hangzhou was one of the first cities that opened to the west. We got a lot of American tourists to visit my city. What he would do is he would befriend foreign visitors who came to Hangzhou to walk around the West Lake there.

And I learned English by being a free guide for tour guide. No more than the language, Jack was learning about the culture. The things I learned from books from China are so different from the things I learn from the American visitors.

So I started to think differently. You know in China, for so many decades, the kind of personal ambition that he exemplifies was suppressed. When Deng Xiaping came along and sort of took the top off of things and said, "It's OK to have your private ambition to make something of yourself, it won't get you in political trouble," this was a kind of an invitation from people like Jack Ma.

His goal was always to create something that would change China. When I tried to be a Policeman – reject. When I tried to be a KFC person – reject. I want to be a hotel waiter – rejected. So I get used to it.

As entrepreneur, one of the qualities I have is that when I'm rejected by people, I get used to that. The road to wherever we all end up is not always perfect. It's paved with lots of difficulty and challenge and failure and you have to summon up some sort of strength within you to believe in yourself.

Jack Ma grew up in relatively modest means and then he became a teacher. And by all accounts that's sort of where he expected to be for quite some time. Then I came to America in 1995. First a trip to the States.

And first time in my life I touched to keep all the computers. And he started searching things on the Internet. When he searched China, nothing came up in the search results. So he said to himself, "If I can put Chinese companies on the Internet and allow them to connect with business people in the U.

S. and other countries, I could create possibly a really powerful business." I called myself at that time like a blind man riding on the back of blind tigers. Without knowing anything about technology or computers, we started our the first company.

He's gone against all convention. He says that he doesn't know anything about technology. It's hard to believe. When he started his first company, called China pages, he would go knocking on the doors of government officials.

They would really just turn him away saying that what he was doing wasn't appropriate. He should just go back to maybe teaching English. This was opening day for something called Windows 95 that has something to do with computers.

With Deng now gone, China's future will be shaped by a great power struggle. Well, 1997 proved to be a watershed year for Asia, the year when the Asian economic miracle became a thing of the past.

There seems to be no stopping the speeding tech train; technology stocks keep climbing into record territory. 2000 and when the internet was starting to boom in China, a friend told me that there was a company trying to go global from an apartment in Hangzhou.

Eighteen years ago, in my apartment, I told the 18 founders that one day we would build up a site. This site would be the top 10 sites of the world. Very few people believed that we would make it happen.

Jack's greatest strength is bringing together ordinary people to do these incredible things that they never thought was possible. Most of my colleagues and 18 founders they were my students, my friends.

None of them were very successful. Among the 18 people, there were only three people who know something about computers. Being first in China was a key. You've got to remember there was not great infrastructure for even the telephone.

When Alibhai we got started and when I joined the company, trying to sell businesses in China the Internet was like trying to sell magic beans to someone. I mean they couldn't see it, they couldn't touch it, and here was this guy – this kind of interesting looking English teacher – coming door to door to try and tell people they should spend their money, several thousands of dollars, to put their company on this thing called the Internet.

What it really was was a opportunity for corporations really in other parts of the world to try to source manufacturing in China via the web. In the past eighteen years when I do Internet in China, we got a criticism every day.

You know something where you believe it, a lot of people criticize it. But if you really believe, continue to do it. Improve it. We were rejected by more than 30 venture capitalists but we are very optimistic.

We believe in the future. We believe in Internet. And we believe that if we do not succeed, somebody will. The big investment came when Masayoshi Son of Softbank met with Jack. And the story is that Masayoshi Son was in Beijing meeting with a number of Internet entrepreneurs who presented very detailed business plans, but Jack got Jack Ma got up with no presentation and just a story – a vision of what he wanted to do, what he wanted to Alibaba to become – and the Masayoshi Son got so excited about it that he pledged to invest as much as 40 million dollars in the company.

And Jack turned it down and said you know what, we only need 20 million at this time. Masa obviously gave capital to Jack Ma that he desperately needed. And also made the single greatest investment one can argue, ever.

Period. Jack Ma's played a very key role in sort of the development of the Internet in China but not as we originally imagined the Internet would develop. He has used it as a vector for commerce. So it started with some roadshows with just maybe 100 people, then 200, then thousands and more – thousands more – where finally Jack turned this into a mass movement across China where he educated small businesses about why they needed to use the Internet.

And he really created a revolution by educating his customers one person at a time. This is such a big monster. It is something that never happened in the history before. So we think we are changing China.

We're helping China to the second level. He understood what technology could do for the Chinese people in terms of affording them access to the worlds of product. And he's done it. Alibaba went from this sort of optimistic expansion phase to to this somewhat depressing phase of cutting back and I think for just a moment in time he even wondered if the company would survive.

The ecosystem of Africa, the lives is not designed by lion, tiger and elephants. Life is designed by the minor insects. For us, consumers, small business are the key. If we can serve these consumers and small businesses well, big companies will get involved.

They will start to see it coming. So if you keep good sides of shrimps, all the sharks will come. Big fish will come. When we started Alibaba B2B, we are helping small business selling things across the board.

So we think: "Which country has the best technologies on the Internet?" We say USA. So we decided to build up a huge office in San Francisco. But what happened was it created a disaster inside the company.

We had a division where half the team was in the US, half the team was in China and there was a lot of friction between the management. So we did know something wrong we say we have to shut down the office.

And it was at a time in 2000 when the Internet bust had hit us really hard and we were laying off staff around the world. A lot of analysts think the Internet bubble is ready to burst and by this time next year a huge number of those dot coms might be dot gone.

And Alibaba went from this sort of optimistic expansion phase to this somewhat depressing phase of cutting back. That was the only time I ever saw him doubt himself is when he was laying off people and I think for just a moment in time he even wondered if the company would survive.

And from that moment on he realized that being a CEO is different from being an English teacher. Being a CEO means making the tough decisions and sometimes cutting back in order to allow the company to survive.

So from that moment on, I never saw Jack doubt himself again. I watched a wonderful movie called Forrest Gump. I was touched. He said: "Life's like a box of chocolates, you know what you get.

He really does love Forrest Gump. But if you keep on getting, you will get a good chocolate. He just sees it, in some way, as a corollary for the American dream and all the things you can potentially do in life.

And I find that Forrest Gump made a fortune by catch shrimps not catch whales. So helping small business will make me like a Forrest Gump. Forrest Gump just to keep on running. Be simple, serve the people.

He can try to compare himself to Forrest Gump, he can't ever be Forrest Gump; he is right out there, right in front, doing everything that he thinks will be in a pioneering spirit. He is a pioneer much more than Forrest Gump was.

He has always had the courage to live with his decisions and to move on and to reinvent and I think that is the very definition today of bravery. In the early days, a lot of people were trying to tell him to change the way he talked, to change the way he acted – it wasn't CEO-like enough.

We should not, you know, throw out the baby because the baby is crying too much. And I watched him that just by being himself and being authentic and speaking with his own voice was something that people found refreshing and it was something that was easy for us to get behind.

President Bush is continuing his Asian tour. The death toll has risen and the mystery pneumonia like illness gripping much of Asia. China made history this morning, launching its first astronaut into orbit.

I first learned about Taobao when it was still just a secret project. The ALibaba that we all know today began as Taobao which is the marketplace by which people in China could sell things to other people.

Jack Ma, he pulled some of the key employees from all Alibaba into his office and he said: "Listen, you're going to have to go back to the original Alibaba apartment. You're going to have to work in seclusion.

You can't tell your friends, you can't tell your family. You can't even tell the other Alibaba employees about this." So when we see something is coming, you have to prepare now. He realized that eBay, sooner or later as it grew in China, would start coming after Alibaba's customers.

Very interested in China right now, it could be one of our biggest markets. My belief is you have to repair the roof while it is still sunshine. Above started free and I think by announcing we're going to be free for three years put a lot of pressure on eBay.

Point blank he said, they're not going to succeed; I'm going to get them. And eBay's reaction put out a press release saying 'free is not a business model' but in fact we knew that because we were getting so many people on tp Taobao because we were free in the early days, ultimately we could make money.

I always believe one thing. You lose only when you give up. And in the end, as a surprise to eBay, Jack decided to do a deal with Yahoo. Yahoo agreed to purchase Alibaba's shares for $1 billion in cash which not only makes Yahoo the largest strategic investor in Alibaba but also helps it grow its brand in China.

Jack's motivation for partnering with Yahoo was really, we can add that to the rest of our businesses and become a sort of an eBay plus a Google plus Yahoo all combined together. One of the reasons many many multinational companies that go to China.

They want to compete with local companies instead of making customerse happy. Jack Ma did a sort of a minor miracle in beating eBay. Another story out on eBay today it's down 0.2 percent, eBay talking about cutting off, at some point in time in the future, it's Chinese it's Chinese website.

eBay couldn't win there. They just don't know what the hell they were doing. When I'm going to succeed at something, I feel excited; I feel honored. Wow, why I have the chance. We saw that there is a huge opportunity in China because in China the banking is so inefficient we realized if we could create a payment system, it could grow to much more than a payment system – it could become a financial institution.

And this opened of course a huge door because it enabled him to- there was no way to pay for things online. People didn't yet have credit cards so with AliPay you added a very important room on his house.

And that was the room of how do we get payments made. Being creative in business is a whole other kind of creativity but creativity nonetheless. To be able envision different business models, to be able to envision how life can change.

This was a true revolution in China both in consumerism and in the Chinese economy. This is huge. The number of products on fun Alibaba is gigantic. I don't know the number but it's phenomenal.

I don't think I could ever appreciate the pressures that Jack Ma is under to be a hard-charging entrepreneur at the same time as he's a part of a communist system in some way. That takes people away.

Leaders of businesses can disappear. I believe the three things should not touch. Power, money, the glory. If you keep the power in your office, you're in trouble. If you keep the money in your own pocket you will be trouble.

If you put the glory on your head, you'll be in trouble. So when you have the money, spend the money supporting more people. When you have power, empower in the others. With the glory, let the others have that hat.

Joe it's quite a mob here. There are more than 130 press organizations waiting here to see Jack Ma. You felt like it was The Oscars. I was oohing and ahing because you have to admire that kind of thing.

The IPO of Alibaba was the single largest and biggest day that I can remember. It didn't disappoint. It went up enormously at the time. This is the beginning of Alibaba. It gave it a market value larger than that of Wal-Mart on day one.

Ma himself has become China's richest man just by the founding of Alibaba. Today he is expected to be worth north of twenty two billion dollars. This was a very big deal for China not just for Alibaba.

Today what we've got is not the money. What we've got is the trust from the people. You go to the headquarters, it's very interesting. It's all young people. I didn't see- I don't think I saw anybody in the headquarters over 30.

When we hire a lot of people, I never see their diploma, I just see whether they are optimistic, whether they want to learn new things, if they want to change things, if they want to work in teamwork.

Those people were below 30-years-old. They are the internet generation. They are the generation going to change the future. We think data is going to be so important to human life in the future. So now we just that we are the first to runner.

Compared to tomorrow, our data is nothing. Jack Ma day-to-day is not running Alibaba. He is the visionary, he is the strategic thinker about the big picture. Next 30 years, the technology is going to challenge a lot of job opportunities.

People are already unhappy because a lot of machine learning, artificial intelligence, is killing a lot of the job. People start to worry. So I think the good thing is that technology is improving people's lives.

Jack Ma is someone who always dreams big. I mean really big. A lot of us have dreams but Jack's dreams almost seem unrealistic, they're so big. Machine is good knowledge but human beings are good at wisdom.

You have to stay relevant but at the same time you also have to be a risk taker and have to shake things up a little bit. Well Alibaba what to do next 10-30 years is to enable the innovation of traditional business, transform the world, transform all the traditional retailer, manufacturer, financial sectors.

He's created one of the largest financial services companies in the country on the back of, in a sense, Alibaba. We are enabling small businesses and young people to be able to reach financial support.

They're the first private company to become bank-approved by the Chinese government. I think it's monstrous. I think it's very important but I would think that it's also probably nerve wracking.

It's great to be Goliath if you're in a open society and a free economy. It can be very problematic to be a Goliath when the other Goliath is the Chinese Communist Party. I don't think I could ever appreciate the pressures that Jack was under to be a hard-charging entrepreneur at the same time as he's part of a communist system, in some way, that takes people away, leaders of businesses, and disappears them.

It takes a lot of- a lot of fancy footwork to keep on the right side of that. So sometimes when I look at these business people doing things, I say: "Wow. I'm not I don't do things like that.

" He realized that although the Chinese government didn't like the Internet for political content or for the ability for people to criticize the government, what they did like about the Internet was that it could help create jobs and help grow the economy.

Every day more than 200 million people are shopping through a mobile phone on our site. You're seeing people in the middle of China with their smartphone pressed a few buttons and they can buy lobster from Maine or cherries from Washington.

I would argue the growth of the mobile phone was probably the single most important thing that has helped Alibaba become a giant it is. We have more than 10-20 million small businesses using our platform and 60 percent of them, this business never exist before Alibaba.

And he is so enthusiastic about what he's doing and what he's doing is pretty simple. It takes a genius to think of the simple. One of the secret sauce for Alibaba is that we have more than 48 per cent of the people in the company – they are women.

He's supporting women in an era where, you know there's still residue of disrespect for women. And I think for him to be able to bring that to China is extraordinary. I do everything to make sure that I'm- my customer happy, employee happy, the society is good.

It's healthy. Social responsibility is the key. For somebody who is sort of preposterously unlikely to have become what he's become, he's more or less stayed who is. He is someone who wants to do good not only in business but in the world.

He has the power to inspire other people. He has the ability to understand what he doesn't understand, but knows that he can find people who can and will for him. I think he saw the possibilities of a new way of not only doing business, but of life.

He's focused on these bigger issues and where are the company's going in the broad sort of arc of history. If you were to ask Jack Ma what's his greatest accomplishment, it would not be, you know, becoming the richest man in China or building a company worth hundreds of billions of dollars.

I think he might measure his own success by the impact that he's created on China rather than impact he's created on just himself and his own team. It's always scary looking far away. Oh my God, that's a difficult place.

Go there. Test. Jump into it. You never learn to swim until you're in the water. [Music] when you do business don't worry about competition there's nowhere in this world there's no competition you have to get used to it you cannot stop globalization the world is getting so small if you cannot stop it improve it out the competition today it's like a 10,000 meters of running for the first 200 meters don't think that guy is the competitor keep on running 3,000 meters later you were know who's the competitor [Music] he's got that quality that I think unites so many people who were ultimately successful he things about Internet is the opportunity for small business he's sort of like a Pied Piper of the Internet in China y'all missed this chance first he attracted employees and then he attracted millions of businesses to build their business on the platform 40 countries 14:46 research we know that we have to be humble we have to serve all of the customers Jack Ma has done a phenomenal job to create a business that is second to none in the world he is the largest retailer so investors may not like us if the customers like us we have the futures I heard the call is phase II Jack Ma I think it takes a little bit of craziness on this to achieve anything I was born a very normal family and poor family six people share $7 mouth we can only eat one chicken a year what's terrible Nixon visit to my city 1972 China USA signed Mao Zedong Nixon Sunday Agreement so China become opened oh my city honza was one of the first the cities that opened to the west we got a lot of American tourists to visit my city what he would do is he would befriend foreign visitors who came to Hangzhou to walk around the west lake there and I learned English by being the free guide for tour guide you know more than the language Jack was learning about the culture the things I learned from books from China are so different from the things I learned from the American visitors so I start to think different to me you know in China for so many decades the kind of personal ambition that he exemplifies was suppressed that when done Chao ping came along it sort of took the top off of things and said it's okay to have your private ambition to make something of yourself it won't get you in political trouble this was a kind of an invitation from people like Jack Ma his goal was always to create something that would change China when I would try to be a policeman rejected I tried to be a KFC person reject it I want to be a hotel waiter reject it so I get used to it that's entrepreneur one of the quality I have is that when I'm rejected by people I get used to that the road to wherever we all end up is not always perfect it's paved with lots of difficulty and challenge and failure and you have to summon up some sort of strength within you to believe in yourself Jack Ma grew up in relatively modest means and then he became a teacher and by all accounts that's sort of where he expected to be for quite some time then I came to America 1995 first a trip to the States and first time in my life I touched the keyboard computers and he started searching things on the internet when he searched China nothing came up in the search results so he said to himself if I can put Chinese companies on the internet and allow them to connect with business people in the US and other countries I could create possibly a really powerful business I call myself at that time called I guess a blind man riding on the back of blind Tigers without knowing anything about technology computer we study first company he's going against all Convention he says that he doesn't know anything about technology it's hard to believe when he started his first company called China pages he would go knocking on the doors of government officials it would really just turn him away saying that what he was doing wasn't appropriate and he should just go back to maybe teaching English this was opening day for something called Windows 95 it has something to do with computers with done now gone China's future will be shaped by a great power struggle 1997 proved to be a watershed year for Asia the year when the Asian economic miracle became a thing of the past there seems to be no stopping the speeding tech train technology stocks keep climbing into record territory mm when the internet was starting to boom in China a friend told me that there's a company trying to go global from an apartment in Hangzhou 18 years ago in my apartment I told the 18 founders that one day we were Bute of a site this site would be the top 10 size of the world very few people believe that we will make it happen Jack's greatest strength is bringing together ordinary people to do these incredible things that they never thought was possible most of my colleagues and 18 fighters there were my students my friends there none of them are very successful amount of 18 people there are only three people who know something about computer being first in China was a key you've got to remember there was not a great infrastructure for even the telephone when Alibaba got started and when I joined the company trying to sell businesses in China the internet was like trying to sell magic beans to someone I mean they couldn't see it they couldn't touch it and here was this guy this kind of interesting looking English teacher coming door-to-door to try and tell people they should spend their money several thousands of dollars to put their company on this thing called the Internet what it really was was a opportunity for corporations really in other parts of the world to try to source manufacturing in China via the web in the past 18 years when I do internet in China we got a criticism every day you know something will you believe it a lot of people criticize it but if you really believe continued to do it improve it we were rejected by more than 30 venture capitalists but we are very optimistic we believe in the future we believe in Internet and we believe that if we do not succeed somebody will the big investment came when Masayoshi Son of Softbank met with Jack and the story is that Massey OSHA's son was in Beijing meeting with a number of Internet entrepreneurs who presented very detailed business plans but Jack got Jack Ma got up with no presentation and just a story a vision of what he wanted to do what he wanted olive bhava to become and the Masayoshi son got so excited about it that he pledged to invest as much as forty million dollars in the company and Jack Ma turned it down and said you know what we only need 20 million at this time masa obviously gave capital to Jack Ma that he desperately needed and also made the single greatest investment one could argue ever period Jack Ma has played a very key role in sort of the development of the Internet in China but not as we originally imagined the internet would develop he has used it as a vector for commerce so it started with some road shows with just maybe a hundred people and 200 then thousands and more thousands more where finally Jack turned this into a mass movement across China where he educated small businesses about why they needed to use the Internet and he really created a revolution by educating these customers one person at a time this is such a big monster it is something that never happened in the history before so we think we are changing China we're helping China to the second level he understood what technology could do for the Chinese people in terms of affording them access to the worlds of product and he's done it Alibaba went from this sort of optimistic expansion phase to this somewhat depressing phase of cutting back but I think for just a moment in time even wondered if the company would survive [Applause] [Music] [Applause] the ecosystem of Africa the lives is not decided by a lion tiger and elephants live a designer to buy the minor thing sex for US consumers small business are the key if we can serve these consumers and small business well big companies will get involved they will start to lean on coming so if you keep good sides of shrimps all the Sharks will come big fish or come well we started Lee Bob a b2b we want we are helping small business to selling things cross the board so we think of her the where which country has the best technology on the internet we say USA so we decided to build up a huge office in San Francisco but what happened was it it created the disaster inside the company we had a division where half the team was in the u.

s. half the team was in China and there was a lot of friction between the management so we know something wrong we say we have to shut down the office and it was at a time in 2000 when the internet Boston hit us really hard and we were laying off staff around the world a lot of analysts think the internet bubble is ready to burst and by this time next year a huge number of those comms might be dot gone and Alibaba went from this sort of optimistic expansion phase to this somewhat depressing phase of cutting back but that was the only time I ever saw him doubt himself is when he was laying off people and I think for just a moment in time he even wondered if the company would survive and from that moment on he realized that being a CEO is different from any being an English teacher being a CEO means making the tough decisions and sometimes cutting back in order to allow the company to survive so from that moment on and there Jack doubt himself again I watched a wonderful movie called Forrest Gump I was touched he said likes lives like a box of chocolate you never know what you can get you really does love Forrest Gump if you keep on getting you will get away good chocolate it just sees it in some way as a corollary for the American Dream and all the things you can potentially do in life and I find the forest God made a fortune by catching shrimps not catching wills so helping small business will make me like a Forrest Gump Forrest Gump just to keep on running be simple serve the people you can try to compare himself to Forrest Gump II can't ever be Forrest Gump he is right out there right in front doing everything that he thinks will be in a pioneering spirit he is a pioneer much more than Forrest Gump was he has always had the courage to live with his decisions and to move on and to reinvent and I think that is a very definition today a bravery in the early days a lot of people were trying to tell him to change the way he talked and changed the way he acted it wasn't CEO like enough we should not the you know throughout of the baby because the babies cried too much and I watched him that just by being himself and being authentic and speaking with his own voice was something people found refreshing and it was something that was easy for us to to get behind President Bush is continuing his agent or the death toll has risen in the mystery pneumonia like illness gripping much of Asia China made history this morning launching its first astronaut in I first learned about Taobao when it was still just a secret project the Alibaba that we all know today was began as Taobao which is the marketplace by which people in China could sell things to other people Jack Ma he pulled some of the key employees from Alibaba into his office and he said listen they're gonna have to go back to the original Alibaba apartment you're gonna have to work in seclusion you can't tell your friends you can't tell your family you can't even tell the other Alibaba employees about this so when we see something is coming you have to prepare now he realized that eBay sooner or later as it grew in China would start coming after Olli Baba's customers very interested in China right now it could be one of our biggest markets my believes that you have to repair the roof why it is to sunshine talbo started freeze and I think by announcing we're gonna be free for three years put a lot of pressure on eBay point-blank he said they're not gonna succeed I'm going to get them an e base reaction was to put out a press release saying free is not a business model but in fact we knew that because we are getting so many people on to Taobao because we were free in the early days ultimately we could make money I always believe one thing you lose only way you give up and in the end as a sort of surprise to ebay Jack decided to do a deal with Yahoo Yahoo agreed to purchase Alibaba shares for 1 billion dollars in cash which not only makes Yahoo the largest strategic investor in Alibaba but also helps it grow it grow its brand in China Jack's motivation for partnering with Yahoo was really we can add that to the rest of our businesses and become a sort of an eBay plus a Google plus a Yahoo all combined together one of the reasons many many multinational companies they go to China they want to compete who's local instead of making custom happening you Jack Ma did a sort of a minor miracle in beating eBay another story out on eBay today it's down 0.

2 percent eBay talking about cutting off at some point in time in the future its Chinese its Chinese website eBay couldn't win there they just didn't know what the hell they were doing when I go to succeed or something I feel excited if your honor Wow why I have to choice we saw that there's a huge opportunity in China because in China the banking is so inefficient we realized if we could create a payment system it could grow to much more than a payment system it could become a financial institution and this opened of course a huge door because it enabled him to there was no way to pay for things online people didn't yet have credit cards so with Ali pay he added a very important room onto his house and that was the room of how do we get payments made being creative in business is a whole nother kind of creativity but creativity nonetheless to be able to envision different business models to be able to envision how life can change this was a true revolution in China both in consumerism and in the Chinese economy this is huge the number of products on on Alibaba is gigantic I don't know the number but it's phenomenal I don't think I could ever appreciate pressures that Jack Maz under to be a hard-charging entrepreneur at the same time as he's a part of a communist system in some way that takes people away leaders of businesses and [Music] [Applause] [Music] I believe the three things you should not touch power money the glory if you keep the power in your office you're being troubled if you keep the money in your own pocket you will be in trouble if you put the girl bring your hat in trouble so we have the money spend the money supporting more people when your power empower the others when the gowri put the other hat people have it up so it's quite a mom here there are more than 130 press organizations waiting here to see Jack Ma you felt like it was lose the Oscars I was very annoying because you have to admire that kind of thing the IPO of Alibaba was the single largest and the biggest day that I [Music] [Applause] it didn't disappoint it went up enormous ly at the time this is the beginning nobody Bella it gave it a market value largest amount of Walmart on day one ma himself has become China's richest man I've just by the founding of Alibaba today he is expected to be worth north of twenty two billion dollars this was a very big deal for China not just for Olli pop today what we've got is a ton of money what we've got it is the trust from the people when you go to the headquarters it's very interesting it's all young people I I didn't see I don't think I saw anybody in the headquarters over 30 when we hi lot of people I never seen that diploma I just say where they are optimistic where they want to learn new things who wanted to change things you want to work at teamwork those people for below 30 years old they are the internet generation they are the generation going to change the future we think data is going to be so important of human life in the future so now we just decide we are the earth firster running compared to tomorrow our did is nothing jack my day to day is not running Alibaba he is the visionary he is the strategic thinker about the big picture next 30 years the technology is gonna challenge a lot of job opportunities people already unhappy because a lot of machine learning artificial intelligence killing lot of job people start to worry so I think the good thing is that technology is going to improve in people's in life Jack Ma someone who always dreams big I mean really big a lot of us have dreams but Jack's dreams almost seem unrealistic they're so big machine is good knowledge but human being a good at the wisdom you have to stay relevant but at the same time you also have to be a risk-taker and you have to shake things up a little bit well Alibaba wanna do next to 1020 years is to enable the innovation of traditional business transform the world transform all the traditional retailer manufacture financing sectors is largest financial services companies in the country on the back of in a sense Alibaba we are enabling small business a young people to be able to reach financial support they're the first private company to become an Bank approved by the Chinese government I think it's monstrous I think it's very important and but I would think that it's also probably nerve-wracking it's great to be Goliath if you're in an open society and a free economy it can be very problematic to be a Goliath when the other Goliath is the Chinese Communist Party I don't think I can ever appreciate pressures that Jack Ma is under to be a hard-charging entrepreneur at the same time as he's a part of a communist system in some way that takes people away leaders of businesses and disappears it takes a lot of a lot of fancy footwork to keep on the right side of that so sometimes when I look at the lease business people doing things I say wow I'm not gonna do anything like that he realized that although the Chinese government didn't like the internet for political content or for the ability for people to criticize the government what they did like about the internet was that it could help create jobs and help grow the economy every day more than 200 million people shopping through a mobile phone on our site you're seeing people in the middle of China with their smartphone press a few buttons and they can buy a lobster from Maine or cherries from Washington I would argue the growth of the mobile phone was probably the single most important thing that it's helped Alibaba become a giant it is we have more than 10 20 million small businesses using our platform and 60% of them this business never exist before Alibaba and he is so enthusiastic about what he's doing and what he's doing is pretty simple tastes a genius to think of the simple one of the secret sauce for Alibaba is that we have more than 48% of the men of the people in the company we they are women he's supporting women in an era where you know there's still residue disrespect for women and I think for him to be able to bring that to China is extraordinary I do everything to making sure that on my customer happy I'm pretty happy the society is good it's a healthy social responsibility is the key to somebody who is preposterous ly unlikely to become what he's become he's more or less stayed who he is he is someone who wants to do good not only in business but in the world he has the power to inspire other people he has the ability to understand what he doesn't understand but knows that he can find people who can and well for him I think he saw the possibilities of a new way I'm not only doing business but of life he's focused on these bigger issues and where the company's going in the broad of our history you were to ask Jack Ma what's his greatest accomplishment it would not be you know becoming the richest man in China or building a company worth hundreds of billions of dollars I think he might measure his own success by the impact that he's created on China rather than the impact is created on just himself and his own team it's always scarce looking far away oh my god that's a difficult place go there test jumping good you never learn swim underwater [Music] [Music] [Music] you you

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