Judy Technology CEO Zheng Weifeng said in an interview recently that any industry will experience the bubble burst process, but this is precisely the opportunity for the drone industry. Stay alert in good times, stand up to killing; stay optimistic and watch calmly in adversity. So 2016 is a very good year. Zheng Weifeng: After the burst of the capital bubble, drones will usher in an excellent period of development. Artificial intelligence is an important area for future technological outbreaks, and it is also an investment battlefield for the key layout of Innocore. We invest in Didi, on the one hand, Di Di's years of technical accumulation, and the background of artificial intelligence, big data, and VR, and there are important innovations in drones, robots, and other products. On the other hand, based on the trust of the founder, Zheng Weifeng, he has visited many countries and companies in the past year in order to make products. From his continuous learning entrepreneurs, we are in the field of robotics and artificial intelligence. Investment also has a deeper understanding. — Li Zhuying Founding Partner of Nuo Angel Fund Oral: Zheng Weifeng, founder and CEO of Judi I really liked 2016 because many people calm down. In fact, whether it is an entrepreneur or an investor, it must go through a period of prosperity. The essence of an enterprise is to create value. You create value and you can reap rewards. My personal background is computer graphics, so one of the earliest businesses of Yudi is industrial-grade VR. Recently, many VR companies began to have problems. The bubble problem encountered by the VR industry is actually the same with all industries. At first, everyone looked at the Blue Ocean and rushed in. The final result was that the bubble broke and 99% of the companies were dumped. Any industry will experience the bubble burst process, but this time is precisely the opportunity. Just as in 2014, the Red Sea, which looks like a drone, is coming. Everyone is rushing in to invest in drones. In 2016, all talked about the cold wave of capital. People who entered the industry in the wave may fail, but he will calm down a lot, unlike some people who are impulsive and entrepreneurial. Bubbles are good at this time. The bubble in 2016 made many people calm down. It also made many people who do not have the qualities of being true leaders and entrepreneurs to see the reality. For example, if a graduate school can't decide whether or not you will Business success. The most bovine entrepreneurs are more likely to grow barbarously, rather than hatching in incubators, such as Bill Gates and Sun Yiyi. Of course, the course of experience is still very painful because the entire capital market is cold and it is not easy to do anything. But as long as you can think backwards, calmly tell yourself this time must be the best time, people are not so impetuous. This time entrepreneurs must pay attention to how to make money. To make money, you must have one or two innovative and successful products. But innovation means having a price, it is possible to fail, what amortization fails? Only by making money can we amortize the R&D costs of innovative products. Is it not possible to make money without innovation? The only way is to plagiarize or follow-up. Others have finished the market and you have to kill it at a low price. At the beginning of the venture, many people felt that entrepreneurship was an adventure. I think entrepreneurship is a hedge, what is the concept of so-called risk aversion? After you come in, you must minimize the risk. The worst result you can afford is that it will not happen. Stay alert in good times, stand up to killing; stay optimistic and watch calmly in adversity. So I think 2016 is a very good year. For me, the two most important issues are no problem and the company will develop very well. The first is strategy, and the second is cash flow. Drone replaces the camera When Judi was the first to start a business, there was no money and no resources. To put it bluntly, it was to give you two-three-five. What do you want to do? Entrepreneurship is such an iterative process. 
Of course, you will encounter problems. For example, the expansion of personnel has increased from one hundred employees in 2013 to three or five hundred in 2015 and 2016. A large number of staff increase will require more professional managers to bring teams. Therefore, we have introduced many executives of foreign companies one after another, but we have a principle when selecting these executives, that is, we must be able to quickly adjust to the entrepreneurial mentality, that is, no resources to find ways to create resources. There are also some executives who themselves have experienced entrepreneurship. They know how to create one thing from zero to one. Because of this stage, Judy is from zero to one. So one of the important conditions for our selection of partners is that if you are looking for a good platform, it may not be suitable for you. If you are willing to create a good platform with us, then you come to fight with us. Only if you are the creator of this platform will you grow with the company. The drone market is now growing at a rate ten times per year. As new consumption is upgraded, the quality of the mobile phone's image is getting better and better. Some cameras and card machines have been gradually replaced by mobile phones. When our level can't tell the difference between camera shooting and cell phone shooting, it won't take the camera anymore. Then, when everyone's travel backpack makes room for space, it needs more powerful tools. At this time, drones are on the stage. Therefore, drones will be smaller and smaller, more and more lightweight, more and more powerful shooting capabilities, more and more intelligent. It will become an essential tool for everyone to go out, just like the previous SLR camera. Therefore, the market capacity of today's cameras may be the volume of the drone market in the future. Technology companies face global competition What was the most difficult choice in the past 2016? It is technology. For example, our PowrEgg is one of the smallest platters in the UAV. The legs are particularly thin, and the legs are automatically retracted while flying. The automatic retractable feet bring extra weight, but the flying time is not yet Affected. In addition to the strict structural requirements, we also have high requirements for the painting of PowerEgg, which must be the same as the artwork. Consumer drones are used to fly, so when we imagine PowerEgg product features, we want to solve the pain points when users use them. So I decided to simplify the operation of drones. First, it was easy to use, and the second was to design something special. In order to take better shots, we did a 360-degree pan and tilt so that users could get more room for shooting. Aerial drone is a consumer product. An important characteristic of consumer goods is to let users have the urge to consume. Therefore, we have made great efforts in the operation and design, and finally realized a lot of functions that seemed impossible at first. Grab the user's pain points to achieve the easiest to use, while creating a unique shape, which is PowerEgg "is better, not as different" point. Because of this early idea, although we encountered many difficulties in the process of cost reduction and also caused the product to be delayed several times, we still chose to persist in order to bring the best and most varied experiences to users. Our company has a global R&D team with R&D teams in Australia, the United States, and Europe. Many people asked me why they are deploying R&D teams in so many regions. My answer is: Because what I am doing requires global resources, we need to look at the problem from a global perspective. I can't find a good team at home and I look abroad. Since we are selling products globally, we must use global resources from the very beginning. In the combination of software and hardware in the high-tech industry, the region is not so strong. Such as drones, it is available to consumers around the world, as long as the product can meet the needs of users flying, shooting, drones regardless of national boundaries. Therefore, since the establishment of the company, Judi has followed the path of globalization. Judy's current business is divided into three regions, and North America, Europe, Asia Pacific, and foreign countries account for 70% of the business. In North America, the United States accounts for more than 90% of North American market share; in the Asia Pacific region (China, Japan, South Korea, Southeast Asia, Singapore, Malaysia, etc.), China accounts for about 60%-70%. By the end of 2017, the company plans to have two or three series of products. The UAV counts one of the series. Currently there is Power Eye gold eye, which is a professional aerial drone; and the PowerEgg Jumbo mentioned above. The egg drone is Judi's first consumer-grade drone; and PowerBee, a drone for commercial formation flying, can support more than 100 aircraft in centimetre-precise positioning and formation flying. It can be said that UAVs extend the human eye, allowing us to look at the world from another perspective; our two other series of products, the main lifestyle robots, from the functional point of view, is also to extend the direction of human ability to do. For example, if humans want to extend their legs, they invented automobiles, planes, trains, and ships; they want to extend their brains, and invent computers. This is also the direction of the future of JD. Most industrial robot companies today are original industrial automation companies. The so-called drone, that is, the original aircraft, adds some more intelligent sensors, more intelligent controllers, and does not require anyone to operate it. For example, there is no navigation, you can only fly by hand. Now that you have GPS navigation, you can position it accurately. Without vision and radar obstacle avoidance functions, you can now avoid obstacles automatically and have a gradual iterative process. But there is a key point, no matter how smart the current product, the final decision is still being done by the operator to determine the next action of the machine. Therefore, Judy's strategy is to develop in the direction of human-controlled robots that make human decision-making. Our products will be combined with automated devices or mechanical technology, as well as big data analysis technology, coupled with artificial intelligence algorithms, chip development capabilities, APP and other Internet technologies, it will be a cross-border integration process. Judy will continue to solve the pain points of humans one by one along this road. So finally let me review 2016. First, I think the Blue Ocean era of this category of drones really started. After the competition, the Blue Ocean is the real blue ocean. There are not many companies that have achieved drones. Or that not many survive. At the same time, the situation is also different. The era of taking hundreds of thousands or millions of ventures has passed. At least consumer drones are needed. There is no investment of one or two billion yuan, and it is almost impossible to succeed. Only the choice of the market, the user's choice is the king. So I wouldn't be superstitious about investing in so-called Big Bull investors. That doesn't prove anything, and it won't prove that users will choose you.
Of course, you will encounter problems. For example, the expansion of personnel has increased from one hundred employees in 2013 to three or five hundred in 2015 and 2016. A large number of staff increase will require more professional managers to bring teams. Therefore, we have introduced many executives of foreign companies one after another, but we have a principle when selecting these executives, that is, we must be able to quickly adjust to the entrepreneurial mentality, that is, no resources to find ways to create resources. There are also some executives who themselves have experienced entrepreneurship. They know how to create one thing from zero to one. Because of this stage, Judy is from zero to one. So one of the important conditions for our selection of partners is that if you are looking for a good platform, it may not be suitable for you. If you are willing to create a good platform with us, then you come to fight with us. Only if you are the creator of this platform will you grow with the company. The drone market is now growing at a rate ten times per year. As new consumption is upgraded, the quality of the mobile phone's image is getting better and better. Some cameras and card machines have been gradually replaced by mobile phones. When our level can't tell the difference between camera shooting and cell phone shooting, it won't take the camera anymore. Then, when everyone's travel backpack makes room for space, it needs more powerful tools. At this time, drones are on the stage. Therefore, drones will be smaller and smaller, more and more lightweight, more and more powerful shooting capabilities, more and more intelligent. It will become an essential tool for everyone to go out, just like the previous SLR camera. Therefore, the market capacity of today's cameras may be the volume of the drone market in the future. Technology companies face global competition What was the most difficult choice in the past 2016? It is technology. For example, our PowrEgg is one of the smallest platters in the UAV. The legs are particularly thin, and the legs are automatically retracted while flying. The automatic retractable feet bring extra weight, but the flying time is not yet Affected. In addition to the strict structural requirements, we also have high requirements for the painting of PowerEgg, which must be the same as the artwork. Consumer drones are used to fly, so when we imagine PowerEgg product features, we want to solve the pain points when users use them. So I decided to simplify the operation of drones. First, it was easy to use, and the second was to design something special. In order to take better shots, we did a 360-degree pan and tilt so that users could get more room for shooting. Aerial drone is a consumer product. An important characteristic of consumer goods is to let users have the urge to consume. Therefore, we have made great efforts in the operation and design, and finally realized a lot of functions that seemed impossible at first. Grab the user's pain points to achieve the easiest to use, while creating a unique shape, which is PowerEgg "is better, not as different" point. Because of this early idea, although we encountered many difficulties in the process of cost reduction and also caused the product to be delayed several times, we still chose to persist in order to bring the best and most varied experiences to users. Our company has a global R&D team with R&D teams in Australia, the United States, and Europe. Many people asked me why they are deploying R&D teams in so many regions. My answer is: Because what I am doing requires global resources, we need to look at the problem from a global perspective. I can't find a good team at home and I look abroad. Since we are selling products globally, we must use global resources from the very beginning. In the combination of software and hardware in the high-tech industry, the region is not so strong. Such as drones, it is available to consumers around the world, as long as the product can meet the needs of users flying, shooting, drones regardless of national boundaries. Therefore, since the establishment of the company, Judi has followed the path of globalization. Judy's current business is divided into three regions, and North America, Europe, Asia Pacific, and foreign countries account for 70% of the business. In North America, the United States accounts for more than 90% of North American market share; in the Asia Pacific region (China, Japan, South Korea, Southeast Asia, Singapore, Malaysia, etc.), China accounts for about 60%-70%. By the end of 2017, the company plans to have two or three series of products. The UAV counts one of the series. Currently there is Power Eye gold eye, which is a professional aerial drone; and the PowerEgg Jumbo mentioned above. The egg drone is Judi's first consumer-grade drone; and PowerBee, a drone for commercial formation flying, can support more than 100 aircraft in centimetre-precise positioning and formation flying. It can be said that UAVs extend the human eye, allowing us to look at the world from another perspective; our two other series of products, the main lifestyle robots, from the functional point of view, is also to extend the direction of human ability to do. For example, if humans want to extend their legs, they invented automobiles, planes, trains, and ships; they want to extend their brains, and invent computers. This is also the direction of the future of JD. Most industrial robot companies today are original industrial automation companies. The so-called drone, that is, the original aircraft, adds some more intelligent sensors, more intelligent controllers, and does not require anyone to operate it. For example, there is no navigation, you can only fly by hand. Now that you have GPS navigation, you can position it accurately. Without vision and radar obstacle avoidance functions, you can now avoid obstacles automatically and have a gradual iterative process. But there is a key point, no matter how smart the current product, the final decision is still being done by the operator to determine the next action of the machine. Therefore, Judy's strategy is to develop in the direction of human-controlled robots that make human decision-making. Our products will be combined with automated devices or mechanical technology, as well as big data analysis technology, coupled with artificial intelligence algorithms, chip development capabilities, APP and other Internet technologies, it will be a cross-border integration process. Judy will continue to solve the pain points of humans one by one along this road. So finally let me review 2016. First, I think the Blue Ocean era of this category of drones really started. After the competition, the Blue Ocean is the real blue ocean. There are not many companies that have achieved drones. Or that not many survive. At the same time, the situation is also different. The era of taking hundreds of thousands or millions of ventures has passed. At least consumer drones are needed. There is no investment of one or two billion yuan, and it is almost impossible to succeed. Only the choice of the market, the user's choice is the king. So I wouldn't be superstitious about investing in so-called Big Bull investors. That doesn't prove anything, and it won't prove that users will choose you.
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