Let me tell you about the very rich. They are different from you and me. And this is the story about how rich people want to make it big and make it bigger.

Huxiu, the latest addition to China’s burgeoning online media outlets which focusing on business reports, detailed the decline and fall of 17 Chinese internet ventures a couple of weeks ago. Businesses fail, so new ventures fail is no news. To paraphrase Tolstoy, every unfortunate company is unfortunate in its own way, so you can’t really hope to prevent future mistakes by compiling past failures. With that being said, however, some failures are so representative of China, they have to be discussed in some detail. A case in point is failure #17: Woyo.

You can’t make this stuff up. Woyo’s goal was to become “supersized e-commerce platform that could satisfy a person’s every need from cradle to grave. Accompanied by providing content and social networks, Woyo will become a combination of Sina, Taobao, and Renren”.

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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...