【China Startup】Smart bicycle-sharing on campus | 当共享经济融入现代
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Dai Wei is a leading figure among youths who strive to achieve their goals against all odds. The co-founder and CEO of “ofo” was able to steer his passion for cycling towards a successful career path –but his entrepreneurial ride was nothing short on speedbumps.
“Most of the freshmen choose to buy bicycles at the beginning of their university life,” says Zhang Siding, co-founder of ofo.
Cycling is more than just a hobby for the Peking University student. It represents a lifestyle. His zeal for pedaling, and the overwhelming sensation of freedom the activity provides him with, allowed the young man to break free from the shackles of conforming to mainstream expectations regarding career choices.
Instead of hunting for traditional jobs, he committed himself to hatching business ideas –a decision that brought him challenges and joy.
In 2014, Dai had a light-bulb moment about a business project with two members of the university’s Cycling Association, and the trio ventured in setting up a cycling travel agency.
They catered for tourism on two wheels, allowing travelers to experience places like Taiwan and Jeju islands in an unconventional way. But there were obstacles they couldn’t avoid. Safety risks and lack of professional training were issues that forced the gang of three to eventually back-pedal.
They agreed to change course, and take a turn from urban streets and mountainous tracks to the lanes and alleys of Peking University –an environment they knew all too well.
Firsthand experience as students made Dai and his now business partners aware of two facts: bicycles are essential for traveling around campus, and students can easily lose track of their two-wheelers.
“I lost five bicycles during my university life. For some of them, I simply could not remember where they were parked after long holidays,” Dai recalls.
2015 saw the birth of “ofo,” an internal bicycle sharing service aimed at providing a better experience moving around campus.
Dai wanted to unlock the potentials of peer-to-peer-based sharing of access to bicycles, and promote the concept of having a ride anytime anywhere.
“Many bicycles are abandoned after students graduate.”- Zhang Siding, co-founder of ofo.
The team found that abandoned bicycles could make up for the shortage of vehicles. Graduation season at Peking University, for example, is an occasion for turning abandoned bicycles from a headache into an asset.
The platform simultaneously runs two user-based systems. Those willing to offer their bicycles for collective use can enjoy each other’s vehicles for free, while those who have no bicycles to share are asked to put a deposit of 99 yuan (15 US dollars) and pay a small fee for every ride of the “ofo” bicycles.
“College students are always ready to accept and try new things.” – Dai Wei, CEO of ofo.
Dai believes that campuses can be a heaven for business starters. You get all kinds of resources from outside to meet the demand of a much smaller market on campus. In this way, the team can operate with lower risks.
The difficulties students face in their everyday life can generate new opportunities for businesses, he states. The novice entrepreneur says young people are more likely to engage in novel and fresh experiences, allowing business-savvy minds to tap into these needs and create a symbiotic relationship between customers and service-providers.
The creative approach to campus commuting landed “ofo” 9 million yuan (1.37 million US dollars) in pre-A-Round funding at the end of 2015. From Peking University, their business quickly expanded to nearly 100 campuses nationwide, mostly in big cities like Beijing, Xi’an, Shanghai, and Guangzhou. And the master minds behind “ofo” aim to be able to serve 500 campuses by the end of 2016.
“When we create better solutions in the future, people outside campuses can become our clients.”- Dai Wei, CEO of ofo.
Dai is well aware of the challenges he will face down the road, and has buckled up for the upcoming ride. He says he is eyeing to increase the user base of “ofo” and proof test his service for possible glitches.
But until he perfects the operational mechanism of his startup, Dai is in no rush to rev his engine and navigate “ofo” outside campuses to the city streets.
“I think college students in China should be bold enough to taste new things, and they can allow themselves to try anything fresh whenever they get ready.” – Dai Wei, CEO of ofo.
The entrepreneurial world can definitely take notes from the willingness of new college graduates to go big. Getting involved in business with lack of relevant experience has always been a controversial topic drawing stark opinions from pro- and anti-camps. As a 25-year-old entrepreneur who braved the waters of entrepreneurship while still at school, Wei believes that “there is always a way out as long as you have a strong mind.”