Opinion     

Jack Ma's story is not complete yet

China Daily, October 30, 2014

• Jack Ma, Alibaba's CEO.

  
  
  

  Jack Ma, the founder of Alibaba Group, is the richest man in Chinese mainland with his net wealth increasing to $19.5 billion this year, according to Forbes. His fortune exploded after Alibaba's record initial public offering in New York which raised about $25 billion.

  Many have asked: When will the world see the next Bill Gates or Steve Jobs, who exemplify the American dream of success, wealth and influence by individuals starting from modest beginnings, and will China see such a home-grown role model? Ma represents that role model and will influence the way Chinese people realize the Chinese Dream in the next decade.

  Ma's story reads like a fairy tale: He was born in an ordinary family, studied at an ordinary primary school in Hangzhou, Zhejiang province, and earned his first money as an undistinguished English teacher. Ma says he is still proud of those days and his $20 a month earnings. His rise up the social ladder should make people realize the importance of learning from the happenings in the rest of the world.

  Although China had achieved 20 years of stellar economic progress by turn of the last century, when Ma founded his company 15 years ago, he knew that his country lagged behind the US in technology and commercial know-how. He taught himself English and researched American business models to understand what eBay, Amazon and PayPal were achieving. He tested the name Alibaba with strangers on the streets of San Francisco and got the right answers: The name conjured up images of "open sesame" and was expected to give people access to all kinds of treasures. An inspired branding followed, as did the riches.

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