“There are many failures along the way, but failure is not the opposite of success; it's part of success.”
In the ever-churning landscape of technology, few figures have ascended as rapidly as Zhang Yiming. A name once unknown outside China, Zhang is now synonymous with global innovation, having built ByteDance, the company behind the ubiquitous TikTok, into a tech behemoth. His story is one of audacious vision, relentless drive, and a keen understanding of the digital pulse.
Born in 1983, Zhang's journey began not in the gleaming headquarters of Silicon Valley, but in the humble confines of a university dorm room. Zhang's entrepreneurial journey began with his work at Kuxun, a travel website, where he rose to the position of technical director. He later worked for Microsoft but left due to feeling stifled by corporate rules. His first company, 99fang.com, was a real estate search business that he started after leaving Kuxun. In 2012, Zhang founded ByteDance with the mission to "Inspire Creativity and enrich Life". He led the team in developing the startup's first flagship product, Jinri Toutiao (literally "Today's Headlines"), which became the largest general news platform in China, armed with a thirst for knowledge and a talent for coding, he laid the foundation for ByteDance. His initial forays into the tech world, however, were marked by restlessness – a constant search for the next big thing. As Zhang himself once said,
"The best way to predict the future is to invent it."
This quote embodies his approach, a willingness to experiment and disrupt, a quality that would propel him to the forefront of the tech industry.
Zhang's genius lies not just in creating new products, but in understanding what users crave. ByteDance's flagship product, Toutiao, revolutionized news consumption by employing AI-powered algorithms to curate personalized feeds. This focus on user experience became a hallmark of the company. When it came to video content, Zhang saw the potential for short-form, engaging videos long before others. Zhang's success with ByteDance is marked by his ability to spot opportunities in the video business. He directed his company into the field by developing multiple video products much loved by users, such as Douyin and Xigua Video. Douyin, known as TikTok in the US, has more than 600 million users who create and consume content daily3.In 2015, ByteDance launched its first non-China product, marking the first step of the company's global development. TikTok was launched around the globe and gained a widespread reputation immediately, becoming a significant player in the global short video business.TikTok, capitalized on this by offering a platform for users to express themselves creatively through bite-sized videos. The app's meteoric rise, garnering over a billion users worldwide, is a testament to Zhang's ability to tap into a global desire for connection and self-expression.
But what exactly did Zhang do right? Here are some key takeaways:
Merging AI with User Experience: By harnessing the power of artificial intelligence, Zhang personalized the user experience, ensuring users were constantly engaged.
Focus on Mobile-First Content: Recognizing the dominance of mobile devices, Zhang prioritized creating content easily accessible on smartphones.
Embracing Short-Form Content: Understanding the shrinking attention spans of users, he championed short-form video content, a format perfectly suited for the mobile age.
Building a Global Vision: From the outset, Zhang envisioned ByteDance as a global company, not just a Chinese one. This international outlook fueled the company's phenomenal growth.
Zhang Yiming's story offers valuable lessons for aspiring entrepreneurs:
Follow Your Passion: Zhang's journey is a testament to the power of pursuing your passion. His relentless drive and love for technology-fueled his success.
Embrace Innovation: Don't be afraid to disrupt the status quo. Zhang's willingness to experiment and challenge existing paradigms is what propelled ByteDance to the forefront.
Focus on the User: Understanding user needs and desires is paramount. By prioritizing user experience, Zhang ensured his products resonated with a global audience.
Think Big, Start Small: Global ambitions are great, but successful execution starts with a strong foundation. Zhang meticulously built ByteDance, brick by brick, before scaling it into a behemoth.
Awards and Achievements
Zhang has been recognized for his contributions to the tech industry, with Forbes including him in its 2013 China 30 Under 30 list and Fortune magazine's 40 Under 40 list in 2018. He was also named one of Time magazine's 100 Most Influential People of 2019
Conclusion
Zhang Yiming's story is an inspiration for anyone with a dream and a laptop. His ability to identify trends, leverage technology, and prioritize user experience has transformed him from a dorm-room coder into a global tech icon. As ByteDance continues to evolve, one thing remains certain: Zhang Yiming's legacy will be etched in the annals of technological innovation.
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Sumit Poddar
Chief Investment Officer & Smallcase Portfolio Manager
Tikona Capital
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