 All right, so let's talk about 10 times better product. And my name is Andrews. I am a video product of Carousel. I'm at Carousel for six months already, so I came to the Southeast Asia and Singapore in particular pretty recently. It's exciting region, and it's a super exciting product. And I will use the product of Carousel as an example of how the 10-time better product looks like Weiss and Desperer. And how we think about also the possible next generation for the product like us in the future. Very shortly about me and my previous experience. For the last four years, before I joined Carousel, I had a product at the Vintage, which is a peer-to-peer fashion marketplace, actually the biggest in the world. Connecting women who have too much fashion in their clothes is that they don't actually use the wear and enabling them to buy and sell online, too. So very similar, actually went through the desktop to mobile transition, and it was a very interesting journey. Before that, I worked with Eskimi, which is the mobile social network and ad network in Africa, particularly big in Nigeria. And earlier, I've spent quite a few years working with Nokia and seeing other 10-time better products appear in the market suddenly. And now, you probably, like, I don't know how many of you still know Nokia as a company. So 10-time changes happened quite a few times in my career. I love them. They allow products to improve. They allow people to improve. And that's great. So let's try to look at that a bit. First of all, I find quite a lot of people who believe in that there can be transformations where you have times where they experience, 10 times where they experience, and people who think that things evolve and that 10-time better products are actually myths. I'm not sure how much here in the audience actually believe that there are 10-time better products. Can someone raise their hands for believers? No one? OK, we have at least five or five people. But there are a lot of skeptics. There are a lot of skeptics thinking about that. Even products like iPhone were not 10-time better products. But at the same time, there are a lot of believers. Like, there's this guy called Ken Orton, who's a really, really strong person in product management. And he did a good presentation about how to do 10 times better product management. And if you are interested in the topic after my presentation, I really encourage you to look at that presentation, which was in the Mind the Product Conference, I think, two years ago. So what are the examples of 10-time better products? What do I consider in Lenovo? And we work in the company consider as other 10-time better products in the past. So there is iPhone. When iPhone arrived, any smartphone, any other smartphone in the market, suddenly was not as active anymore. And iPhone was so much better that people floydly wanted that thing. And especially as iPhone evolution went through in the next couple of years after the launch, it was the product we have. And that I saw from the other side working with Nokia and seeing their reaction, they're being slow to react. So Facebook, probably like Snapchat, or Grab. And for example, Tesla Model S, I think are good examples of these things. Next to that, and it made some pretentious, but I believe that Carousel is a 10-time better product. And let me explain you why. But before that, just a few facts about Carousel. So we are the company that operates in 90 cities, enabling people like everyone here in this room to buy and sell online. Basically, we are inspiring the world to start selling. And a lot of people who sell on Carousel are doing that for the first time. We have tens of millions of listings. And a lot of them actually got sold already. So the platform actually works. It's widespread in countries like Singapore and Hong Kong. It's a dominant platform for the people to sell online, when they have the stuff that they no longer need. Looking into the classifier as a space, looking into the products that were in the past that enable people to sell online, actually we went through a few generations already. It's not the first time in the history that there are products that are 10 times better than anything else in that particular market at that point of time. So these generations, we consider the first generation to be newspapers. So if you look 20 years ago, that was a dominant product. If you wanted to sell something, then we went into the online stage. And now we are in the mobile stage. And Carousel is representative of that mobile stage. So for hundreds of years, if you wanted to sell something, we had to, most of the time, place an ad on the newspaper. And that was the tedious process. You had to get in touch with the newspaper office. You had to pay somehow. So you usually had to visit the newspaper office to do that. And you had to wait until you had the peers and so on. So it wasn't a great experience. And 20 years ago, or actually 21 years ago, 10 times better product appeared to sell online. And that product actually hasn't changed a lot since then. And the product is called Craigslist. Craigslist is often called as the ugliest product on the internet. But I believe it or not, it was 10 times better product 20 years ago. And it's still so good that it allows it to be super ugly and be successful. It's $1,800 million business a year. So looking into Craigslist and looking at why it was, why it's sent out better than newspapers, why it was such a generational change when Craigslist appeared, there were quite a few things. So quite a few things that are very important for the people want to sell, the stuff that they don't need. So first thing that changed with Craigslist was time that it actually takes to post something, to actually get something in front of the man. So suddenly, instead of you waiting to newspaper to print or you going to the newspaper's office and so on, you could just fill in the form online and it's here. Second thing that changed and was very factless, was the time posted, which means like how long is my listing visible to other people. It's not about just today's newspaper that you throw away or put in a different room in your house the next day. It stays for a lot longer time. And as there are more listings to be discovered, there's a search function that is very powerful. So suddenly you have a product that works much better for a person to sell and to sell online in this case. So what about the next generation that came afterwards? And the generation that was actually started in 2012 and Carousel was one of the first in the world to do that. It also brought or used free changes in the process that enabled the market and enabled the product to actually be 10 times better than whatever is there. 10 times better than Craigslist, for example. So the first thing that actually changed with the arrival of mobile and that mobile classified platforms used heavily is the audience. So probably everyone in this room knows the impact of the smartphones that there's just a lot more people using online through the smartphone than the people who were using desktop before and accessing the internet that way. So the broad audience improved a lot, but that's not the full story. The other part of the story is that suddenly what actually happened is that if you were looking into the time spent on the internet and the usage of the internet products, it was really male dominant. And now the things have actually shifted to the use of the internet and the use of the internet products and the app time spent online to being woman dominant. So women are actually using products more and they're spending more time in doing that. So this actually, for products like Carousel, it opened a lot more new opportunities to actually serve the customer that wasn't actually served at the classified products well before. Second thing that changed a lot was sensors that you have on the phone. So the most obvious sensor, and we leverage that sensor a lot on the Carousel app, we leverage that in communicating that what's so good about Carousel is the camera and our Snapless cell promise that it's super easy to list. So camera and GPS sensor, for example, they have location shorten the time to list a lot. So suddenly, you know, if you want to sell something, it's much easier. So let's say if you are a woman who has a dress on her clothes and doesn't wear that dress anymore, first of all, there are products, there starts to appear products that are dedicated to you or tailored to you that you also have time and access to use which was the audience point before, but there is also a much easier way to put that thing for sale because if you're selling a dress, the picture is very important. It's much more important than, for example, selling a mobile phone or something else. And if you wanted to sell a dress before and if you wanted to sell a dress on Craigslist, you had to find your digital camera. You usually had to charge that camera then you had to find the SD card or something that, you know, you store somewhere and you take the picture, you connect that camera to your computer, you transfer the files, then you complete them kind of complicated form and then it's online. With the app and with all the apps that appeared with this generation became like suddenly so much easier and it actually allowed people to launch totally new categories like women's fashion which was not a viable category at all before the mobile generation of classifieds. The third thing that happened with mobile was the principle that people are always on, always online and the concept like chat became possible than buying and selling online. And this facilitated the transaction process and improved transaction process and success rates inside the transactions a lot. And why? Because the time to response from either side, buyer or seller, shorter from a matter of hours to a matter of minutes or sometimes even seconds in terms of both averages and the actual facts that people face in the market. So all in all, when you complete these things, you get to the point where the product that is in the market, like carousel, is actually 10 times better than whatever is there at that point of time. So in Singapore's case, it was probably a gun tree. There was actually some crazy presence too but the product could just take off even if there were players in the market who had more money to throw out marketing and things like that. The product itself is just so much better that people flocked there and people used the product because of all the advantages that I described you. But the thing about 10 times is that 10 times doesn't last. So when the iPhone was launched, it was a 10 times better product than whatever was there. But then Google did Android and with Android, no, you can always argue who is better, like iPhone, iOS or Android is a platform of all the manufacturers that manufacture the phones, but it's there and it's not that everyone is choosing iPhone anymore. The same with Snapchat, like, Snapchat is doing IPO pretty soon but their growth and their perspective future prospect is kind of difficult because Facebook basically are solving the same user problems with basically the same features and doing that pretty good. So people are shifting from Snapchat and to use Instagram stars for example and maybe some of them will use WhatsApp statuses or other tools. So the key here is 10 times doesn't last. Doesn't last for carousel too. So there's let go, there is a product like OfferUp, there's Spock and there's a lot more in the market. And it's just about having 10% better product or 20% better product and things like that. And in products or in markets where the network effects are very strong, then whoever is the first in the market, whoever is doing, has these like six or 12 months advantage of going in there and then it's winning even if it has like 10% or 10% worse product. So we have a great product, carousel, to be successful in Southeast Asia and we are growing and improving that product. But if we think about entering US for example, it's very complicated because carousel so far has raised more than 40 million dollars while the companies that they're here, let go and OfferUp, together have more than 500 million dollars raised just within the US market. Just to upset the Craigslist who are doing, as I said, like who are 800 million dollars a year business. So how do you, how do you solve that? How do you inspire the next billion in the world to start selling when you can't enter markets even when you develop better and better product? It's what we have. So the key here is that is doing it again. Thinking about what is the next generational shift that you can introduce to the market and trying to leverage that. And when we think about this and when we think about how do we create the next 10 times better product in classifies market, we think about it based on a few ideas, principles that I will share in a few of the next slides. So one thing that was actually shared by Zook earlier I think this week in the Facebook manifesto is that we always overestimate what we can do in two years and we always underestimate what's possible in 10 years. What it boils down to it's it boils down to that I think we always overestimate what we can do with the simple iteration of things. So we get so obsessed about our processes or our things about improving what you currently have, the screen that you have or the conversion from one step to another that we then miss the bold for the huge change, the huge opportunities to get to 10X. And that was stated very well by Peter Field who is saying that everything is all right with iteration but iteration without the bold plan won't take you from zero to one. And if you want to create a 10 times better product even if you are successful company as Carousel growing in the region and not having any problems whatsoever with that at that point of time you're still a zero if you consider yourself in the 10 years perspective. So you have to get there, you have to be 10 times better. And how usually 10 times better product looks like? They are often very similar to what people use at that point. So it may be a different kind of platform, it may be a different design, different offering but 90% is usually the same. And only 10% is new. And quite often they combine things that are much better and things that are slightly worse. So if you look at the iPhone as an example you know, when iPhone launched it was like kind of 90% the same as any other smartphone at that point like Windows, Sparget PCs and the first products by Nokia were very similar. But the iPhone and Apple leveraged their meaning that percent to create enormous advantage. At the same time, some of the things are much better like the use of capacitive screens and the interface and everything but some of the things were really worse. Like no 3G is just one of the examples with what kind of product Apple started. So taking that into account we understand that when we try to do something we try not to innovate everything in the process. So for example we had some of the chat earlier about what do you do about user problems and what if the user needs change but that's the key. How can you focus on the user needs if you don't think will change in the next 10 years and when you focus on that that's an opportunity often to leverage some of the things and create a better product. So in our case, it all comes down to thinking about what user problems can we actually think about laws of physics. What are the user problems that like gravity will not probably change pretty soon and what are the trends? What are the generational changes that are going around us that we can leverage and actually match with these user problems. And we believe when we match them that's when the magic happens and that's what history at least in the market we operate and the market we understand shows us in that. So one, you know, a bit of off topic understanding this for me is Formula One. Not sure how many of you are familiar with Formula One or watch it. Anyone? Okay, we have some people in the room. So I'm a big fan of F1. F1 is actually why I'm here in Singapore. Like I came here September 2015 and everywhere I go I meet with interesting founders, interesting people working in the product field and I scheduled a meeting with Suri that had to last for half an hour and then we ended up discussing marketplace as products for two and a half hours. And then the rest is history and I'm now working at Carousel. But what Formula One showed me and I watched Formula One from 1992 is that there's always a talk that we need to change the rules. Because when we change the rules everyone has a chance and the field will be equal. Like suddenly you'll have racing going on. It won't be anymore Mercedes team winning all the races. But the paradox of that is that rules get rewritten every few years to equalize. But what eventually happens is that the result always, the result of that always is the biggest differences between teams and you know, if you look at the last few years before that. And actually when things don't change and when the rules are not changed for a few years that's when the differences between teams in the relative terms is the smallest. So teams are actually get equal as the years pass after the big introduction to the rule changes and everything. So the key question here is the key thesis is that what are the usually the big themes and the big changes that we are facing that will create these opportunities to create something that is 10 times better than anything in the market. And 10 times better than whatever the user is facing at any point of time. So it's also very important to pick real problems. So what are the real problem examples when you think about them in Carousel? So one example is that I'm not really inspired to sell. Like I don't want to sell maybe I even have nothing to sell. The other one which is super big is that I don't know what to sell. Like a lot of people think that Carousel is a cool product because nearly everyone in Singapore uses that. So if you don't use that, you think, okay something is wrong with me but I don't know what to sell. And when we interview, when we talk with users that's one of the things that we face. And we believe that we will face this after 10 years too in any other market. Another thing is that people are really bad at pricing stuff. There's the theme that is going through thousands of years that if you're doing something for the first time you're not so good at that. And the worst thing about trade, most of the time the trade between people is that when some people are just starting they just don't know how to price. And they end up being at the wrong side of the creation. And the wrong pricing leads to less success. So for example we at Carousel we see that the new people that sell in Carousel they tend to price their stuff depending on the category 18% or 25% higher than others in the market. And that leads them to be nearly two times less successful than others in the market. So that's a huge problem. And if you solve that problem, that's straight away a 2x opportunity. The other example is that I want to spend just zero time selling. The moment I list, that's the moment I get the money for the item. That's the crucial need that's coming from the user. And another one is people just don't trust other people. And how do you get around that? And in a lot of companies that I worked for, a lot of the companies I talked with, these kind of questions they're very often just pushed aside because they look as not solvable questions. How do you solve that kind of existential question that people don't trust other people? It seems very hard. It's very hard to fit into two-week sprint cycles, water planning and everything. But that's a very important theme to look at these problems, not to forget them and to look at them if you want to create actually 10 times better product. Because the 10 times better product has actually happened through these things most of the time. So as I said, one thing is the user problem. Another thing is themes and trends and observing and understanding them. So what are the themes that we are looking at in Carousel? I think a lot of people in this room are probably looking at a lot of the same stuff that's going around. So first theme is that we in the world, we are going through from the mobile first to AI first wall. And there are several different ways to think about that. Like one way to think about that, oh, AI, let's launch an AI team, let's do some cool stuff on AI, and some magic will happen. But the way we think at Carousel, we think about matching them with every user problem that we want to face. So if the problem is, I don't know how to price stuff, we have to match it, we have to create a much better experience using AI by that. And we have to have engineers in every team that understand that and are able to leverage that. So how can we enable that is a big theme for us if you want to create an next generation product. Another big theme that is going around is that C2C is becoming a real alternative to B2C in commerce or e-commerce. So one thing that is very clear here in Southeast Asia is that if you want to travel from point A to B, traveling with just a random guy who signed up on Grab or Uber is a viable way to do that. And effective way to do that, more effective than getting a taxi. But was this a thought 10 years ago or 15 years ago? It was not a thought because people are afraid of other people and so on. So we face these problems, but these problems these times look actually soluble. Another example is the Airbnb where actually staying at someone else's house is as viable thing as it is in booking a hotel. It's a real alternative and people are choosing. We believe the same will happen with buying and selling online. When you are selling as a person, right now you don't look like a formidable competitor to a commerce player like Lazada or Amazon or whatever, but we believe that our job and one of the next initial shifts that will happen is how can we enable you to be at the same place without putting a lot of additional effort and ideally without putting any effort at all. Here are things like fintech evolution with wallets, new payment methods, Bitcoin coming eventually or some other cryptocurrency will come in to enable these transactions to become much easier. How can you as a person accept credit card payments without all the hassle? How can you ensure the delivery easily? How can you exit your skyscraper in CBD and just put in the package inside the maybe pedestrian drone coming from social technologies? And so on and the last big theme that is actually developed here in Google's office too at Apple is also working on the same thing is what we call visual reality and methods reality. And AR in our view is 10 times better thing than we are. 10 times better, a bigger opportunity and why because it combines what's visual and what's real and especially in our field we believe it can be a big game changer. And you know after one or two years the iPhone that you have or the Google phone that you have can sense the environment and can overlay the visual stuff on that environment and that will be a great thing. So how do we leverage that? How do we think about that? So one example is the carry lens. Think that we built as a product in carousel and we were thinking hard, okay how can we solve problems like I just don't know what to sell? Like a lot of people download our apps and then we actually don't know what's sellable or what's doable and so on. And the theme came with the concept of matching the problem of what to sell the AI and AR in a sense that the first experience that you have when you launch a carousel app, the 10 times better version of carousel so to say is that you launch it and the app is actually scanning your environment and it opens in the camera mode. And it actually detects the objects that are in the room. And it also suggests you how much can you get for that object. So in this case it's just a dog stuff toy and so on. So this is all just the product app and just the concept. But we believe things like that will be what the next generation of classifies will look like. So how can you make selling super easy by using the latest technology and latest things that are there. And technology is still one or two years away from that. So in order for us to work successfully we need guys here working on Google Tango to be also successful because all of these things will match together in that. But that's where the opportunity lies. So to sum this up, the philosophy that's here is how can we think about user problems that are as laws of physics that don't change and will not change for the next 10 years. How we cannot miss the trends that are basically rules being rewritten to read that and matching them and actually creating the 10 times better product. Thank you. That's it. You can get in touch with me on Twitter and LinkedIn and just a reminder that there's still some tickets remaining to get on the rocket ship called Carousel. You can find the link and tickets there. So you got about five minutes of question. Thanks for your lunch. I guess lunch was better than presentation, right? That's a question. You were saying you have so many millions of listings. So when somebody searches for a product, how do you decide what to give priority? Like, do you give more priority to your existing sellers, your loyal sellers, or the new sellers to save your attention or just how, what are your... Yes, so in our case, that's for right now is that there is no, not a lot of more statistical logic than just recency of the listings. And that's an interesting paradox how recency actually works in products like ours. And I think that's also one of the opportunities how can we create a 10 times better product with directly different things. And because recency plays a magical role in distribution of attention in the marketplace. So how can you ensure that every person actually gets more or less equal attention in there? But at the same time, some people like new sellers are not getting enough of attention because they are disadvantaged from the start because maybe the price a bit wrongly, maybe they don't have the trust capital and so on. So we also experiment in the ways giving them more attention and so on. So there are different factors coming in place. And I think that's one of the things for Carousel to improve in how do we rank things? But currently it's mostly a very simple stuff. So you list here a lot of problems regarding how to sell. So for example, I don't want to sell. I don't want the price how to sell. But this is all the problems of sales person. I don't want to find the problems of the person who want to buy something particular. So how do you address it? That, you know, the problems that they list addresses the attitude and the key customer that we sell, in our case. So we think that in our case, the biggest value that we create in the end is for individual seller. So for the person, like, you know, everyone is in this room when they want to sell something. So that's even just even narrower group than, you know, any possible seller. But for sure, for these people to be successful, we also need to solve the buyer problems too. I just didn't list these problems here. And we, because we don't prioritize them as high as these ones. Another question is how to make a right choice between a 10% growth and a 10-time growth. So evolution can only give you a 10% better product. And to take 10 times better product, you have to revolutionize, right? But how to make a right choice? How to make it science, not again? Because it's easy to fall to, like, survivor trap. You succeeded the previous clients when you did the 10 times better product. How did you make a nice judgment in a big company and more source and statement you did the next revolutionary product that a 10 times better, how to make it a choice? I think it's a question that has an answer. Probably depends. I don't see a scientific way of doing that. It really depends on the company's priorities and the state of the company and how much of the luxury does the company have to think about, you know, 10-year horizon, how big does it want to get? Because, for example, Carousel, as a company, as a product, we still have a much better product in a lot of the markets that we operate. However, even at this point, we understand that we don't have a better product in the US and nobody else has. So you make a strategic judgment of how important it is for you to be there and what value can it create. And out of that, you evaluate the chance of being there by going into the very, very high-risk things like the next. So because we value this and we believe that's important for us in the future to leverage our ambition to inspire the next billions to start selling online. We invest in that particular amount of our time. So in essence, it is a gamble. It's a gamble you just make over it. You allocate some of your time, the amount of your time you think is viable, to pursue that gamble of being able to serve bigger audience. So you guys, this is time to stop. And we have to end this session here. And we will thank you for all of your time. And you can also catch me later if you still have questions. I'm happy to answer them. Thank you.