Lei Jun, the renowned Internet tycoon and CEO of Xiaomi, had a lot to say in the recent Global Internet Mobile Conference, where he shared his thoughts on a number of topics.

For example, Mr. Lei claims that traditional business logic does not apply to the Internet. There is certainly some truth to that. Focusing on monetization instead of product and growth is almost certainly the best way to stop the momentum.

However, to lose money in the beginning is nothing out of the ordinary. In fact, Silicon Valley’s recent failed bid to disrupt the energy sector shows that, if anything, it’s the technology people that usually expect to spend a little in the beginning and make a lot  (think Google), whereas traditional businesses know that they have to spend money to make money.

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Yang Wang

Yang is currently the brand and media director at Elitime Media & Consulting. He has published and translated seven books, and several of his works have been translated and published in areas such...