Got bicycle, will travel.

[Jman888]

i still dun think they can last 3 yrs.

 

 

dun play play...100 million bikes by 2030

 

business still burning investor cash but already considered a successful multi millionaire entrepreneur

 

 

 CNA Insider

You won’t last 3 days, they told ofo co-founder, now a multimillionaire at 25

 

 

 

BEIJING: When Dai Wei founded ofo with his fellow Peking University cycling club members in 2014, they had only 400 yuan (US$60) in the bank.

 

“When I look back on the last 12 and 24 months, it was full of difficulties. I suffered every day (plagued) by different problems,” said the 25-year-old CEO of one of China’s largest bike-sharing companies.

 

 

Three years on, what started out as a passion for cycling and a desire for a more environmentally-friendly mode of public transportation has become a multi-national company worth over US$1 billion.

 

Ofo now has a fleet of more than six million xiao huang che, or “little yellow bikes”, worldwide, with app users making 25 million trips a day.

 

On the interview programme Conversation With (watch the episode here), Dai Wei said that ofo is expected to break even by this year, and will start earning a profit by 2018. 

 

 

Ofo now has a fleet of more than 6 million yellow bicycles.

 

 

Its business model’s success has attracted big-name investors like Alibaba and Chinese ride-sharing giant Didi Chuxing. Earlier this month (July), ofo raised more than US$700 million in a round of fundings.

 

Ofo’s success is part of the global bike-sharing boom in recent years. In China alone, there are at least six major bike-sharing companies. Fellow Chinese bike-sharing start-up Mobike, which launched in 2015, is also valued at more than US$1 billion and has got investors like tech juggernaut Tencent.

 

CONVINCING THE SCEPTICS

 

But the road to success was not an easy one – Dai Wei’s family and friends were initially sceptical of his vision.

 

“At that time, all of my teachers, my classmates and even my family – they didn’t believe we could survive for three days,” recounted the young man who graduated from Peking University’s Guanghua School of Management just last year.

 

“They told me, ‘if you put the bikes on the streets, all the bikes will be stolen in three days. So you won't be able to survive for three days.’”

 

 

It also took more than one-and-a-half years for Dai Wei to convince his parents of ofo’s viability.

 

“Every time I came home, my parents and I would have a long conversation about whether I should get an internship in some big company, or apply for a full-time job or start a business. We talked about it until the end of last year,” he said.

 

“OFO IS GOING TO BE LIKE ANDROID”

 

The streets of many big Chinese cities like Beijing are now clogged with hundreds and thousands of brightly-coloured bikes, which are mostly provided by the various bike-sharing apps trying to increase their market share.

 

However, bike-sharing companies are facing pushback – some see the sheer number of bikes on the streets as a public nuisance. In March, thousands of illegally parked bicycles were impounded in Shanghai.

 

 

Bike-sharing is booming in major cities of China like Beijing.

 

Similarly, in Singapore, authorities have also impounded more than 100 errantly parked bikes from bike-sharing companies.

 

Despite tightened regulations, the cut-throat race to win over users to the app is still a numbers game – and Dai Wei has devised a plan to win.

 

The self-professed idealist sees ofo’s future as a platform for other bike-sharing companies to manage their business.

 

An example would be in Hangzhou, where ofo is working with a local bike-sharing company called Qibei, Dai Wei noted. In the city, people can use ofo’s app to scan and unlock Qibei’s bikes.

 

“Ofo is going to be like Android,” Dai Wei predicted.

 

“We will provide the standard API to different local bike sharing companies … we have the management system ability because we manage six million bikes now, and no other companies can manage that many bikes and they don’t have experience.”

 

 

Dai Wei thinks ofo can provide other bike-sharing firms with the management system ability and experience that no other has.

IT’S ALL NUMBERS

 

When asked if ofo’s business model was a sustainable one given the frequent reports of stolen or vandalised bikes, Dai Wei said that “all the things are numbers, are maths”.

 

In June, a 14-year-old was arrested in Singapore for allegedly throwing an ofo bike from a high-rise building.

 

Said Dai Wei matter-of-factly: “We have to calculate everything: What percentage of the bikes may be stolen, or broken up. If you calculate everything in your model, you can have a number for the profit. And now after two years of operation, I can say our business model has really worked.”

 

His vision?

 

“100 million bikes by 2030,” Dai Wei said with a big toothy grin.

 

 

[Kusje]

 

dun play play...100 million bikes by 2030

 

business still burning investor cash but already considered a successful multi millionaire entrepreneur

 

 

 

I've been laughing at uber for the same reasons since they started out.

 

Still laughing now but going to be out of breath soon 

 

Then again, I was also laughing at groupon back in 2010/11 and where are they now? 

Edited August 29, 2017 by Kusje

[Mustank]

 

[Mason016]

One fine day, some siao lang...

 

 

[Nzy]

I've been laughing at uber for the same reasons since they started out.

 

Still laughing now but going to be out of breath soon 

 

Then again, I was also laughing at groupon back in 2010/11 and where are they now? 

 

They got acquired by Fave.

i still dun think they can last 3 yrs.

 

There is a new one right? Sgbike. Haven't seen their bikes yet.

Edited August 29, 2017 by Nzy

[The_Bear]

 

My humble ride. Give me a honk if you see me on the road.

 

 

[Friendstar]

FullSizeRender.jpg

 

My humble ride. Give me a honk if you see me on the road.

Looks like a real workhorse!

[Dtitan]

FullSizeRender.jpg

 

My humble ride. Give me a honk if you see me on the road.

I was looking for hydrid bicycle last year, finally bought from Giant Escape 2.

Riding abt 2 times a week, but not losing any weight( still ard 82kg, me 1.8m)

Mayb when I ride normally with certain objectives e.g. From Tampines to maxwell hawker to eat...

 

Longest ever did alone was abt 70 km, hope 1 day can break the 100km egg...

 

Mayb we can ride together someday.....

[The_Bear]

I was looking for hydrid bicycle last year, finally bought from Giant Escape 2.

Riding abt 2 times a week, but not losing any weight( still ard 82kg, me 1.8m)

Mayb when I ride normally with certain objectives e.g. From Tampines to maxwell hawker to eat...

 

Longest ever did alone was abt 70 km, hope 1 day can break the 100km egg...

 

Mayb we can ride together someday.....

I looked at the Escape 2 too. Cannot remember why I passed it. Probably because Polygon throws in more stuffs at a lower price point. Or I wanted something with front suspension with hydraulic disc brakes. In fact now, I am looikng for something close to Escape 2.

 

We can always arrange for a ride to nowhere.

[Dtitan]

I looked at the Escape 2 too. Cannot remember why I passed it. Probably because Polygon throws in more stuffs at a lower price point. Or I wanted something with front suspension with hydraulic disc brakes. In fact now, I am looikng for something close to Escape 2.

 

We can always arrange for a ride to nowhere.

It's a great bike, not so fast (can't catch roadie even I try to)

 

Ride to nowhere sound interesting... haha

 

How to u maintain yr strength if dun eat at rest point?

I tried snack (biscuit) but still feels very hungry....

[The_Bear]

It's a great bike, not so fast (can't catch roadie even I try to)

 

Ride to nowhere sound interesting... haha

 

How to u maintain yr strength if dun eat at rest point?

I tried snack (biscuit) but still feels very hungry....

Maybe I have excess fats to burn. I do eat regular meals if I am out for a longer time. I keep 1 or 2 of these to keep the energy and morale up on very long rides > 80km.

 

 

If i recall correctly, you can get them ar Choc Spot. 3 for $5.

[inlinesix]

I was looking for hydrid bicycle last year, finally bought from Giant Escape 2.

Riding abt 2 times a week, but not losing any weight( still ard 82kg, me 1.8m)

Mayb when I ride normally with certain objectives e.g. From Tampines to maxwell hawker to eat...

 

Longest ever did alone was abt 70 km, hope 1 day can break the 100km egg...

 

Mayb we can ride together someday.....

 

Have cereal 1 hour before ride.

 

Bring along Chocolate bars & have it around half way mark.

 

I rode 100km with 2 gels in between only.

[inlinesix]

I looked at the Escape 2 too. Cannot remember why I passed it. Probably because Polygon throws in more stuffs at a lower price point. Or I wanted something with front suspension with hydraulic disc brakes. In fact now, I am looikng for something close to Escape 2.

 

We can always arrange for a ride to nowhere.

 

Unless off-road, no need front susp.

 

Hydraulic disk brakes also add on to the weight of the bike.

 

In addition, it is hard to ride with MTB groupset on road.

[Lala81]

lol bring a bunch of bananas 

[Adrianli]

Unless off-road, no need front susp.

 

Hydraulic disk brakes also add on to the weight of the bike.

 

In addition, it is hard to ride with MTB groupset on road.

 

Just wondering, nowadays you guys ride on the road no need jump over obstacle or ride down the stairs? I used to ride with full suspension MTB. Will jump over steps, hop over pavements with no slopes and ride down a 1 storey flight of stairs. Thatz urban riding for me.

 

If no front suspension, very painful on the arms on landing.

[The_Bear]

Unless off-road, no need front susp.

 

Hydraulic disk brakes also add on to the weight of the bike.

 

In addition, it is hard to ride with MTB groupset on road.

You are right but most beginners try to stay off the road. Mostly due to the insane amount of BoBos we see on the road everyday. PCN and pavements have their humps and uneven-ness. I chose hydraulic disc brakes becos they look more awesome

[inlinesix]

Just wondering, nowadays you guys ride on the road no need jump over obstacle or ride down the stairs? I used to ride with full suspension MTB. Will jump over steps, hop over pavements with no slopes and ride down a 1 storey flight of stairs. Thatz urban riding for me.

 

If no front suspension, very painful on the arms on landing.

 

Other than humps & pot hole, no need to jump over obstacle.

 

Yours is X game.

 

Mine is road riding.

[inlinesix]

You are right but most beginners try to stay off the road. Mostly due to the insane amount of BoBos we see on the road everyday. PCN and pavements have their humps and uneven-ness. I chose hydraulic disc brakes becos they look more awesome

Edited August 30, 2017 by Davidtch