1. People Matter More and More Why is the valuation of the internet industry significantly higher than that of manufacturing? Among equally excellent companies in their respective industries, Tencent’s PE is as high as 30+, while Gree’s PE is only 10+. The internet industry is characterized by being asset-light: no expensive complex equipment, no need for large production plants.

1. About the Service Industry The primary sector, represented by agriculture, solves the problem of survival; the secondary sector, represented by industry, solves the problem of efficiency; the tertiary sector, represented by services, solves other people’s problems. Unless some factor puts people’s physical existence under threat, the service industry has extremely broad room to grow.

1. Understanding ToB It is only because money has become harder and harder to make from ToC that ToB has flourished. The era in which a single idea could be turned into a good product and ultimately accepted by everyone has been crushed beneath the wheels. In the early days of the internet, a single portal directory made Sohu, a single chat tool made Tencent, and even hao123 — nothing more than a handful of jump pages — sold for tens of millions.

The team I am on is responsible for SaaS development. We have a few flagship SaaS products and also some supporting ones. The flagship SaaS products have complex architectures, large technical challenges, and heavy staffing, and they are the focus of our KPIs. But a flagship project cannot stay the flagship forever — projects have life cycles and phases.

1. What Agile Development Is In the traditional software development model, the cycle from raising a requirement to final delivery is long. The waterfall model proceeds through six steps: requirements analysis, design, coding, integration, testing, and maintenance. Once a requirement changes, the work invested earlier is not only wasted but also hard to adjust.