Jin Wei has worked in technology industry for more than ten years. Like most guys, he was interested in automobile since childhood, and that could be an important reason why he started his own business. Before co-founding “ok car insurance”, he was a serial entrepreneur as digital retail shopping guidance, covering fields of real-estate website, and tourism. Even if he was involved in different fields, he was always in charge of technology.
Graduated from east China University of science and technology, he entered internet industry. In 2008, he started to invest in stocks which aroused her great interests. After that, he tended to find some connections between finance and automobiles.
After several researches, Jin Wei together with co-founders found that auto insurance had a large potential. At present, whether from the user experience, or the maturity of the industry and the development of space, Jin Wei thought that the current Internet auto insurance was relatively less developed. Auto insurance was not like the Internet financial management. After several years of development, from Yuebao, it has become a mature internet industry.
Car insurance, including other insurance, is still the product of the former Internet era, because the insurance technology interface from the outset is not an Internet interface. The insurance concept still stucks in the software level where user needs to pay continuously. And the more they use, the more they need to pay, which is contrary to the concept of the internet.
Margin cost of internet is approximately to zero. The more users paid, the more they should enjoy free service. Jin Wei denoted that the traditional insurance industry had been unable to keep up with the rhythm of the Internet. So he felt that the industry itself had a great opportunity to do more things.
Last year, Jin Wei happened to see a piece of news about Audi Innovation Lab in Wechat, and he believed that this contest matched development direction of his company, in terms of industry and innovation. Although he held an easy attitude toward the contest, the whole team progressed to the final.
Recalling the memories of last year, the first word came into his mind was “professional”. From the early stage of planning to the final implement, the whole team was professional and it turned out to be an impressive innovative contest.
On August 13th, Shanghai, Jin Wei was invited as a representative of the previous players participating in the "Audi Innovation Lab 2017", and he shared his entrepreneurial stories and experiences with the audience. For Jin Wei himself, the biggest harvest of participating this contest was being able to meet many industry like-minded friends, learning from each other. This year he also introduced a lot of their friends to join Audi Innovation Lab.
This year, "Audi Innovation Lab" has four major topics: "big data, digital retail, location based services, mobility", respectively corresponding to Shanghai, Hangzhou, Beijing, Shenzhen four recruitments. In a period of 5 months, many entrepreneurs will compete with each other fiercely and only the best companies can stand out.
Unlike the past, this year, Audi offers the latest benefits for the contestants - the semi-finalists will start a 47-day “try-out” with Audi to enable entrepreneurs to validate their products or services in a broader business environment, deepen integration of Audi's actual business, and jointly define and test the new business model. Audi Innovation Lab also helps entrepreneurs find more accurate user groups, expose products and brands, gain the opportunity for direct investment from well-known venture capital firms and become a potential supplier to the Audi / Volkswagen system.
In Shanghai recruitment, the first stop of this competition, we invited three big names who were Hu Tangjun, managing director of Gobi partners, Zheng Can, director of linear venture, Deng Yuanwen, head of connected mobility and retail, Fang Pingchao, Managing Director Angel Fund Investor of entrepreneur China, to be the examiners. And they gave some advice on participants.
Insight 1: how to select real valuable projects?
In Zheng Can’s view, the value of the project, first of all, it should have a sense of leading, but the leader must be able to develop the products in the existing environment. Many young entrepreneurs held a hammer everywhere to find nails and cut into some improper places, which made it more difficult to gain market’s recognition.
Fang Pingchao held another point that we should evaluate team’s experiences. That’s to say, from the person and the team, we could tell whether their previous experiences matched the project they were doing or not. Secondly, we should look at whether this project resolved a problem in the real life.
Hu Tangjun paid more attention to whether a project could solve a real problem, whether it could provide values to users or the entire industry. The cutting point at best could be clear and accurate, because a small point of entry was probably not satisfied now.
Insight 2: What is the proportion of the distribution of benefits on the big data industry chain in auto field?
On this issue, Hu Tangjun and Zheng can agreed with each other. They all believed that the car's own data was still in the relatively early stage. From data collection, storage, analysis to the final application, the truth was that profits were shared by different parties in the value chain. Now the car still did not achieve telematics, with cars, roads, and the city's infrastructure being built. It was relatively hard to realize unmanned driving in a short term so that it did not come to a profit distribution stage.
Hu Tangjun, Managing Director of Gobi Partners
Insight3: facing big names, what qualities should novices have to realize corner overtaking?
Corner overtaking had risks. Zheng Can thought that if a young entrepreneur could collect new data or more effectively collect data and in the same storage and analysis, solving problems that OEMs and insurance companies could not would be a good opportunity.
Hu Tangjun believed that in a new field, with its own ecology not been built, so in the process of 0 to 1, entrepreneurs had many opportunities, as long as they could find some personal pain points, and fight against giants with their own services and efficiencies.
And Fang Ping tide's view was more interesting. He felt that young entrepreneurs in the face of the giants should work out specific strategies according to the status quo. But the entrepreneur should first acknowledged their core competencies. This competence was unique compared with giants. If so, the business had values.
Fang Pingchao, managing director and angle fund investor of entrepreneur China
Insight 4: the most anticipated player this year
It was not the first time for Hu Tangjun to attend Audi Innovation Lab. He had seen too many entrepreneurs on the stage. This year, he incline to see more entrepreneurs to make full use of Audi’s resources and made piercing points with both Audi and market clear to investors.
Zheng Can was more willing to find that project could find a good piercing point, the narrower, and the better. The prerequisite was that the pain point should be an existing one in the real life.
Fang Pingchao had read thousands of business plans on the platform of entrepreneur China. What he suggested was that entrepreneurs tended to resolve problems that covered users, corporates and industry chains. Therefore, he anticipated more start-ups which could solve real problems.
Audience took down the notes immediately
Not before everyone understood these insights well, shanghai recruitment roadshow had started. The followings were four projects in shanghai roadshow:
Project 1: Percipio
Participant: VP Xu Tao
Project Description: Provides 3D vision for deep camera and related software support, through the highly scalable and scalable hardware and software technology for the robot, intelligent security, industrial control, three-dimensional modeling, visual SLAM, Handshake and other markets to provide services.
Hu Tangjun appreciated the first project
Project 2: Jiao Technology
Participant: Wang Xuekun, founder of Jiao Technology
Project Description: By connecting the post-market intelligent hardware equipment and building a data platform, it provided operational services to the post-market intelligent hardware and provided B-and C-segment with mobility data-based services. By using massive mobility data, coupled with other images and sensor data to establish real-time high dynamic spatial relationship database, it provided high freshness, high precision, accurate cost of real-time map service, and first established Mas as a Service (MAAS) industry service standards, served in automatic driving field.
Jiao Technology gained a one and only unanimous pass at the scene
Project 3: Yujing automobile
Participant: Li Xiaotian, CPO of Yujing Automobile
Project Description: Through HAAS to build China's largest car network after the terminal industry chain, through the DAAS cloud data computing services to build the driver credit system, we opened an exclusive billions of dollars of real road industry and mobile car network security evidence industry for unmanned vehicles to provide the full amount of second-class GPS base data, as Baidu Apollo plan Apollo high-precision dynamic data provider.
Zheng Can gave valuable advice to participants
Project 4: Chezhiliao
Participant: Fan Menghui, CEO of Chezhiliao
Project introduction: starting from a Q&A platform, we set up a team of technicians, relying on large data system to collect information, through which the owner could directly do the one-to-one consulting. According to the owner of the narrative situation, self-built team of technicians could provide accurate solution based on their experiences.
Audience seemed to be interested in this project.
Being overwhelmed by participants’ impressive presentations, I believe that you are encouraged to give a try. We look forward to see you in the next three recruitments! Now the project recruiting channel has been opened for you, click to join。
About Audi Innovation Lab
The competition is sponsored by Audi (China), aiming at providing high quality projects in the automotive and related fields with innovative business models, providing resources from Audi and well-known venture capital firms to help start-up companies grow rapidly and achieve sustainable development. After five years of accumulation, this competition will be more in-depth integration with the actual business of the Audi, jointly define and test new business model, expand new areas of cooperation, and Audi in the innovation strategy symbiotic, so as to better serve the majority of Chinese auto market users.
"Audi Innovation Lab 2017" will focus on potential start-ups and pioneer entrepreneurs, recruiting potential business plans in four directions, such as location services (LBS), Big data, digital retail, mobility. IDG Capital, Northern Light Venture Capital, Legend capital, FreeS Fund, Gobi Partners and linear Venture and other domestic first-line investment institutions will jointly selected high-quality innovative projects. Outstanding projects / teams in the competition can not only get the business opportunities and incentives offered by Audi, but also have the potential to be invested by well-known venture capital firms, and have the opportunity to cooperate with the Audi and become a potential supplier to the Audi.
August 7, "Audi Innovation Lab 2017" recruiting will kick off. Submit your wonderful program. Have entrepreneurial funds and industry experts help you make a difference!