adoption of your product today internet Mumbai properties the faster university that I’ve ever had you can communicate with all of the world so I think the ideas you’ve got fantastic the only thing is that as an entrepreneur that never you know build up a good team and set the VP a big vision but my stones and you know go go on never give up you might have a lot of problems right but you can see the proper you facing your competitor will face it – yeah and you think you have a lot of tough days but you’re compared we haven’t much so you say that the competition between us that accompany this is the speed of solving the problems for us our story is very similar like everybody else we found a space on the other side we found that entrepreneurs are working in isolation everybody was working from the hope of them a coffee shop and we needed to bring them to be on top because of my business experience I like have dropped out of university secondly long story we could in a poly because I needed to pay for my siblings service and I had done a lot of manual labor before that so I start my first company I failed by my second one I failed and then my third company started working which was buying domain names from Bulgaria and shop buying them at about $35 and selling them at hundred and fifty dollars Intel the reason was business opportunity was because people didn’t have credit cards this was the only company that accepted Western Union so I’d asked you want a domain name our cellular domain name come and get the domain name for the twelve dollars sell it one hundred and fifty and support it for a year and then I was lucky enough to meet Anna who is right over here and she invested $50,000 for an incubation hub yes so that was the beginning yeah so Anna invested fifty thousand euros for an incubation hub we agree that would bring all the young enterpreneurs we can so we share a lot of knowledge and skills donkeys actually these are the young entrepreneurs thank you very much some ladies and gentlemen last year September we the supported assistance of some of the most buff people in the world I managed to get the Jaguar to be a special envoy of untied for youth and small business in that act it becomes the most the most expensive employee I have ever had with the status of an assistantship treasurer of the United Nations one of the main things that made me look for Jack and I shared with him over two years of inside Davos World Economic Forum is not this stupid is ugly the story he has to tell the tenacity are saying falling is ordinary rising after fallen is what text genius what takes guts and it in the reality of the marketplaces most small businesses of high mortality rates very many businesses faint but how would you keep trying again after just fair that’s not a tip I thought needed to be told to the wife but there was a second thing some of you have just listened to me in the other room mentioned by the end of 2015 a global electronic commerce reached 1525 trillion US dollars that’s roughly close to the combined world of the top 100 enterprises in the world as I bring Jack Ma on his first ever trip to Africa actually originally we were supposed to have the entire trip in Arabic but because of Kenya’s ability to suspend economics when he failed to an election I said okay we’ll have this trip to Ronda but on our way there we must stop in Kenya and I’m glad the tool we created this possibility and our stop to Kenya for me was first and foremost to give Jack a chance to talk to this audience and to this give this audience a chance to interrogate Jack first let’s tell us your story just the first three years we’ve watched the YouTube videos will love them were inspired by them just the first three years how did you do this how did you do this we want to hear it first time don’t we yes I think that’s a very good place to study thank you well thank you very much I just this is my first morning in Africa and now expecting this day for a long long time well this is the best gift I’ve ever got from a doctor catuey that this morning talking to you guys reminds me of my early days and I see from your eyes from your heart which you tell it’s the passion the inspirations the dream do you have I remember 1995 when I came back from the states I visit the USA for one for 29 days and I discover the internet so I came back to China and say I want to do something called internet but there is no such word called internet before and there’s no such a work on internet on the dictionary so the cup the government does not let me to register company called internet since I had a no background on technology no nothing back computer even to today I know very little about computers because I don’t think you have to know anything before you do it the great thing I see from your eyes said I know you don’t have a lot of no house and those people have a lot of no house don’t want to do it the entrepreneurs you started with a dream you start with a belief I also have to start with a group of people believe the dream so I came back to China and I say I want to do something called Internet China was not even connected to internet 1994 so it’s very difficult to convince some people there’s something called Internet that was tough people say you’re telling a lie but I know this thing exists and I know it takes time to coming some people by convincing people is not a convincing people by words you have to convince me by real results I made a lot of speech in the early days and even then now I still talking to a lot of lot of people I came here today here not to sell in China products because you have got enough Chinese products I came here to share with you the entrepreneur spirit in the dreams this is what I learned from the other part of the world I learned from the American dreams I learned from a many other startups in the whole world that the streamed of how they do it I think the very important is that making sure your dream can be realized making sure your dream make steps by step every week every month and making sure that your employees believe in making sure your customer happy because you are in if your customer happy your employees are happy the shareholder will be happy do not try to spin all the time we saw shareholders spend enough time with your customers spending enough time with the employees and even do not spend a lot of time with competitors because you are we are also early-stage the best way to compete to fight against their competitor is your customers it’s your colleagues so those early days was tough I was the number seven guy in China connected the Internet the speed was so slow you were never in magicus in order to prove I was not the thief Italian people telling lie so I invited the TV friends my mind I’ve got some university schoolmates they work in the TV station so I invite them to come to my room and say with a tweezer camera and I want to tell there is something called Internet it took us three hours and a half to download the first front page of my website but at least approved there’s internet there’s yesterday when I arrived in Nairobi the speed of internet Oh was so fast it’s so fast you guys are lucky this was so better so much better than the days when I started and I think with the such a great infrastructure of the internet you have with the so many people in the world today know by the internet there today were but more than billion people are already online but at that time total China less than like 500 people using the internet it’s difficult but as I said just in the other room everybody when you have a dream you have to dream globally but you have to wing locally you have to survive today but you also have to think about the future if you do not think about the future if you do not have a vision for 10 years later what will you be you will never have a great people follow you and join your company but if you cannot survive you go nowhere right no matter how big dream is it is up telling a lie so the thing I proved when I started my business I felt for 1995 I fool I started the cup first into the company do not a workout so I joined the government for what working for 13 miles as a part-time contractor did not a workout so 1999 I study my in my apartment and I I know I may not succeed but I told my 18 founders that first even if we feel deep many people some people will win Internet is the future ecommerce in the future no matter you like a lot 80% or 90% of business in extra 30 years will be online and no matter what the world the best way to serve the world is Internet so I know that if I can have like I cannot make it somebody will make it so I continue to make it and then the second thing I prove tried to prove is that if Jacquemont can be succeed says succeed 80% of the young people can be successful we don’t have money we don’t have a relationship I don’t have a powerful rich father even though we don’t have a rich father or uncle then can sponsor us everything we do is the 18 founders we believe the future will make progress even among the 18 founders we only have a three engineers amount of three engineers only one of them had a three years experience a university study computer the other two they are like amateur computer they when they open it they don’t know how to fix it start from there – – today we have twenty five thousand engineers in our company and nobody come to buy and the self for the first two weeks terrible we build an e-commerce company nobody comes to sell so we have to list our own products on their way to the for two weeks nobody come to buy so we have to buy ourselves and then the first first dip my mouth some people come to sell things on our site we buy everything so I buy a whole house of rubbish for the home house we started nobody believed ecommerce and to today or last year we sold 550 billion US dollars from nothing to 550 billion dollars and I think compared to yesterday was big sales but come ten years later we are nothing this is what I want to say the great ideas I heard in the next room inspired me and changed mine you are guys at the hope of Africa and I believe 15 years ago 13 years 18 years in my apartment I told my team we are the hope of China because we are the guys without any resources if we can make it the most people can make it if most people like us who is out of money was our resources only with the dream and belief if we can make succeed China will be successful you guys said the hope of the Africa because what I see I did not steal to you guys a lot of money because a great intrapreneurs should not have a money if you have a money of mine this ice is US dollars this ice I’m beat and you’re talking about the English Pounds nobody will work reply if you have a good dream if you have a plan to making things making progress things will happen and I changed my mind to this morn just ER half an hour there I would do more things in Africa and the only thing I want to do is not to sell products here and I will enable you to sell your dreams all of the world in Africa supporting entrepreneurs is always my my dream because I know how tough it is to be an entrepreneur it is difficult I never cry I said I only make my competitors cried you see if I cry I probably die a hundred times just we have to encourage our team and I say making sure that we that we can survive tomorrow as I said before I answer question I want to say this is my belief and this is what I tell every day to myself today is difficult tomorrow is much more difficult but the day of tomorrow is beautiful most people died tomorrow evening even today as my size for our company’s size I still believe today’s very difficult I have more problems than anybody here can imagine you say oh now you are big you make a billions of dollars every you know quarter I have much more problems than you have much more headache than you have when I was young 18 years ago I thought what if I can make my company bigger then I have I can Sega lie on the beach I have a lot of people work for me I thought that would now the combin is getting bigger my problem is getting bigger I’m getting much busier but this is our life one day where you pick up the job as entrepreneur you know this is your life you pick up don’t complain where is the opportunity the opportunity always lies in the place where people complain if you solve the plot complaint you got a problem you got a opportunity this is what I believe and also as entrepreneur I think most of the projects I heard there is about platform you are guys are building the platform you know the essence of building the platform the lot of people in China want to play they build up a platform dude the difference between build a company a bit of a platform is a platform is to enable others make other people happy a company is to make yourself happy this is difference between 20 century to the first eccentric if the 21st century if you want to be successful making sure your employees are successful making sure your customers I’m a successful because he’s using your services if you can make your custom successful in price successful your platform will be successful this is the essence and remember that empower others you are empowering yourself now you are empowering a platform thank you so any questions you have thank you very much the question so question pigtails minutia you have a question about leadership so there’s a there’s a lot of entrepreneurs in the room today and I’m one as well we discussed our business a little bit earlier one of the struggles that a lot of our entrepreneurs are finding is how to become leaders and there’s I really believe it a big distinguishing factor between entrepreneurs and and and good leaders so my question is are there any leadership principles you know that that have contributed to your success as a leader not as entrepreneur leader does never fixed a style right some leaders good speaking somebody they’ll never speak by actions leader leadership doesn’t have style everybody can be a leader a good leader should have a vision the vision is that vision not met this is very good because we’re not working the company where everybody was disappointed I have to tell them I have to see before the other people see the opportunity where everybody excited I have to see the disaster especially as a senior of like an a in Alibaba Group my job is to see the problems of the future so and kill the problems before the disaster come so a leader must have a vision a leader should inspire team a leader should discipline a team I learned my management skill one day I was talking to the the famous General of the United States he was talking to us group of people say how do you discipline your lieutenant he’s a general the guy who lead the first Iraq war what’s he’s a pole caught pollen caught ya pollen coldness he said you as a leader you have to get up early before the lieutenant you have to sleep before the loot lieutenant late default after the lieutenant you have to eat before they are after the lieutenant to eat but if I have a problem with the lieutenant what are you gonna do fix him remove him and fight him leadership is not only bad inspiring leadership is those people who join your company you have to create a valley for him you have to making sure in three years he will be different not because his job is different because if the people are not different the products will never be different I told many people when they join Alibaba I say guys I don’t know fortunate or unfortunate enjoy Alibaba we work much longer than the others much higher where the more problems and most of the companies if you can survive in the Alibaba you can survive at any company in the world because life is tough we never promise you will be rich you’ll be successful you will promise promoted but we will promise you you will be a problem you have a wrong you’re making mistake you have a terrible boss we all promised so you set the expectation they have a good vision so that is the way we manage the company and I think where you hide good people the COO people believe the vision there we go so when I visited a company where there is a good CEO or not I do not listen to the CEO I listen to his people if the people believe the vision all the people believe this guy if the people believe in the vision if the people believe this guy this company has hope I’m good a good entrepreneur can’t always tell good stories I don’t need a listen story from you guys I can tell your people right if your people any young people your company he can tell me the vision he can tell me what they’re doing that is a good company that’s leadership leadership making sure everybody when they sleep when they drink when they talk when they go to toilet they talk to your vision and they believe it great most people who work for me you hear what has just been saying I hope you believe in me so I’m gonna take one question you made the first ten thousand dollars in the first month you’re happy because we know us and no much money but you wonder when these starts to stop but you start when you know the right time stop paying yourself because most entrepreneurs that have realized that they don’t get a grant or funding or the medal little money they’re making this like you know what I want a better Ranger over the sub buying too many things they don’t need but when do you when is the right time for you to know that you can start paying yourself to myself yes good question a lot of startups complained that they never get the money from banks never get the money from the other venture capitalists well rejected by banks rejected by your venture capital is very normal you’ve gotten money from these guys nah normal why people want us help you right there’s no reason people help you you get a help because you earn them credit you under repetition so borrow money from your friends families that’s the second first of step as everybody if you cannot even borrow money for your friends relatives you guys have a problem nobody trusts you right so I heard you borrowed three two thousand one thousand dollars that’s good that that means you have this trust from those people that around you at least you got somebody so that’s how the seeding money CD money means you have to grow what does the seed is not the money that money is what that money is the trust of the seed you have to use your money very carefully and then spend the money I I tell you the true story that are why I did 18 founders I told 18 people the day when we have the first two meeting I say guys now put all your money on the table nobody is allowed to borrow money from your parents I don’t want to spend their pension nobody is allowed to borrow money from friends that’s your saving no matter how much money you have put on the table keep ten mouths job lot living experience in your pocket because 10 months later if we cannot raise money or make money we all go together looking for jobs and you have to live five minutes driving a walking distance from my of my apartment so I call you your con and people say we don’t go home we sleep there and then we gather fifty thousand dollars we thought we can last for ten miles but we only lasted three months even if we spend every cent very carefully this remember good days always come very late tough days always come early no matter how much you how safe the money spent very quickly so we do not have paid for this first eight Mouse even if when we raise the money from venture capitalists five million dollars our first round we do not have K pay and then we start to pay five hundred and B which is like six to sixty dollars a month sixty dollars what my CFO today his vice chair of the company he’s paid at that time like three hundred thousand US dollars paint and you pay he joined the mean I say I cannot a pay your money he said okay I cannot even pay you five hundred I’m be for one month he said okay so we all agreed for the first year we don’t have a pain when we start having the pay we pay the employee first when we have a race month when we have certain money that we think we can survive for two years I told the team all right let’s start to pay but we can never compare our pay with the other company people say I Jack you know Microsoft to pay to us that much that you only compares that much as a police go to Microsoft but for us we give options we give shares my share in the company early days well that got close to 60% today my shirt is only 7% I give all my shares to the people because my investor did not believe one of my key investors he did not believe in giving shares to the colleagues he said no no no no check don’t give Church to the call to the in price I say I have to say if you if you want to give you give I don’t give as I give even I’ve give my shares today I think I don’t know how many what is my stock price yesterday a hundred some $50 something we start from one cent from the first day one cent to today would divide a lot probably like five hundred eight hundred dollars when I give them one cent to too many in price those people love the one cent they are colleagues they say I am ok with 509 be $50 a month I love the share options I want to shares those people on the dollars they don’t want options you know they are not your people so I give a lot of shares to people I remember one day when we want to dissolve USA office in Silicon Valley because we’ve made a mistake have an office in America I said guys either you bring two thousand US dollars back oh one cent for each shares everybody say give me $2,000 nobody want Ari Papa shares I know we hide the wrong people when we’re profitable I’ll close enough profitable we start to give you if you are profitable without even paying your customer we are in priced properly you are not profitable at all a real business you should never rely on your cutting your colleagues have a tiny so early days of Alibaba our pay in our city is below average but our options good and then when we’re profitable we say we should be better a little bit better than the average pay of our city because we don’t want today even as today I think Alibaba is the richest company in our city we can pay them very good but we still keep them we don’t want to unbalance the city we don’t want to get every company the high good people join us this is the ecosystem so we encourage our colleagues when they’re five years old or one if when they stay in the five years or ten years we encourage them to join the other company even a competitor because in this way that you are get a new fresh into and those people for five years ten years because they are so tight who as we working so hard that for five years in Alibaba is like 15 years in any other company so we have to let them go pain think about before you break even you have to think for your customer in price because they have wife they have kids their family to raise you can be crazy your people cannot can be crazy but you as the chip as the founder and CEO you have to carry your colleagues only when you’re careful the colleagues your colleagues will care for your improv will care for your customers that’s what we I guess that’s ours a standing ovation guys thank you so much and all the best yeah I think you guys have a great great dreams and keep on doing that and Alibaba will do anything we can to enable guys so we have gone ahead and we’ve met your parents of two baby elephants we adopted two baby elephants because a lot of these people here are like small baby elephants small businesses that want to grow to big giant businesses like Alibaba so the significance of the gifts we’re about to give is the fact that all your small businesses can become big giant elephants which are giant and gentle you pay attention to your customers you pay attention to your employees and any pay attention to your shareholders and so I will I will ask dr.

QT to come and you have a baby elephant that you can take care of for a young baby in Vegas you will receive emails from us and from the David Sheldrick foundation about the growth of the baby elephant as much as you’ll hear the news from this country Jack thank you very much on behalf of this ecosystem you have a baby metal baby tatu baby metal that’s your baby elephant for the next one year you receive email updates through JSON or yourself and you’ll get to know how the baby elephant is doing it’s a David tragic foundation if you ever decide to come into the country just go there say I don’t see my baby and they’ll be shown what you’re l thank you guys this is Alibaba top down or we call the smallest beautifulness as small as powerful great thank you thank you very much and thank you so much for Duke you supporting all these intrapreneurship a lot of things I can learn from you and thank you very much honor I receive this on your behalf guy is small and beautiful so we’re going to do a quick selfie okay we are selfie people we are selfie generation you

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