JCNews #52 - Jio, l’incroyable playbook

Chers amis, fans de bonnes lectures,

Bienvenue aux 53 personnes qui nous ont rejoints depuis mardi dernier ! Si vous lisez ceci et n’êtes pas encore inscrit, rejoignez vite les 2804 personnes qui ont déjà eu la bonne idée de le faire. C’est juste ici !

Cette semaine encore, je vous propose mes lectures les plus intéressantes, en mettant notamment l’accent sur un article principal et en vous partageant mon avis dessus. J’espère que cela vous sera utile.

Ecrivez-moi pour en parler, sur Linkedin ou sur Twitter. Bonne lecture à tous !

JCNews #52 cover visualJ

💡Must-read de la semaine

👉 Reliance: la porte d’entrée de l’Inde (Not Boring)

Jio is the new gem of Reliance portfolio, despite the fact that it makes up only 8.9% of revenue and 25% of profits. (...) Between 2010 and 2017, Reliance spent $32 billion of its own money and debt to build out a nationwide 4G network focused exclusively on data.

Reliance’s strategy with Jio was the classic technology play: massive upfront costs with near-zero marginal costs. It spent $32 billion to build a 4G network that covers all of India, and offered three to six months of free data and voice to acquire as many customers as quickly as possible.

Je suis un grand fan de cette façon de penser. Comment pouvons-nous appliquer des coûts d'investissement massifs qui vont nous aider à avoir un coût marginal très bas pour servir nos membres ? Toute entreprise tech devrait se poser la question.

When Jio officially launched in 2016, the impact was massive. By offering three and even six months of free data and voice, Jio grew from 1.5 million subscribers in its first quarter to 398 million subscribers in the quarter ended June 30, 2020(although the FT points out that potentially one-fifth of those users are now inactive, largely due to price increases).

Comment peut-on rendre un produit tellement bien, qu’il se développe en masse?

When Jio launched in 2016, the average Indian used 400MB of data per month. As of June this year, Jio users were consuming an average of 11.3GB, a nearly 30x increase.

C’est une bonne comparaison pour certaines de nos nouvelles fonctionnalités innovantes. Une fonctionnalité peut-elle complètement changer (10x, 30x) la façon dont les gens interagissent avec l’app ?

In just four years, Mukesh built a legacy-defining telco that generates $9.4 billion at a 33% EBITDA margin. Jio did about as much in 2019-20 EBITDA as Twitter did in 2019 revenue.

New Reliance Playbook: Use balance sheet and cheap debt to spend on high upfront fixed costs and spread them out over millions, and potentially billions, of customers at low marginal cost.

Build up a complex, capital-intensive business using local know-how, logistics expertise, and connections. Aggregate hard-to-wrangle Indian demand and supply.

Sell access to that demand to international companies and investors via investment and strategic partnership.

Il est important de comprendre son propre playbook. Où sommes-nous les meilleurs ? Faire des produits qui plaisent ? Bien comprendre la réglementation ? Être capable de penser à long terme ?

It is also piloting JioMart in 200 cities across India, powering local kiranas, which are like small, family-run bodegas, to physically overhaul them in 48 hours, set up and manage delivery operations, offer 7% lower prices than competitors, digitally track inventory, and auto-replenish based on inventory levels.

JioMart’s approach, combining elements of Amazon, Shopify, and DoorDash to empower instead of replace the local vendors might be the ultimate form of retail entropy wrangling.

C’est une bonne question à se poser pour toute entreprise : comment créer des boucles positives avec les autres acteurs, plutôt que se mettre en opposition ?

Jio is first and foremost a national telco built from the ground up that skipped legacy telephony systems and opted to go data-only through 4G, and soon 5G, infrastructure.

That decision created a significantly lower cost structure that allows Jio to undercut competitors and deliver voice and data and world-low rates. Four years after its 2016 launch, it is the #1 mobile provider in India and the #2 largest mobile provider in the world.

Comment passer directement à la prochaine étape technologique ? Sur quoi parier ?

Device. With Google and Qualcomm, Jio is building an affordable smartphone for the Indian market.

Product/Service. Jio will work with Facebook and its WhatsApp subsidiary to build the Super App through which Indian consumers do everything they need to do online.

Healthcare. Jio HealthHub, Facebook’s Preventative Health Tool, Jio Health

Jio profite maintenant de sa position pour faire des partenariats structurels avec les GAFA, et utilise cela pour renforcer sa position de point d’accès au marché.

The country is expected to have the most software developers in the world by 2023, and companies like Pesto are training Indian developers to be remote employees for US startups and tech companies, upgrading them from outsourced resources to full-fledged members of the team.

Faut-il commencer à regarder comment recruter en Inde ? L’avez-vous déjà fait ?


🏯Construire une entreprise

En plus d’articles triés sur le volet, je partage un principe de leadership d’Alan par semaine. Le même que je partage en interne et à nos investisseurs tous les mercredis.

👉 Les Alaners visent la lune et construisent la fusée (Healthy Business)

  • Penser petit est une prophétie auto-réalisatrice.
  • Personne ne sait ce qui va se passer à l’avenir. Nous avons la capacité d'influencer l'avenir par les décisions que nous prenons, et devons prendre ces décisions sans connaître cet avenir. Mais nous avons de la chance : c'est nous qui construisons notre propre avenir et nous avons le contrôle de notre destin.
  • Comme l'a dit Dwight D. Eisenhower : "Les plans ne sont rien. C’est la planification qui compte". Chez Alan, nous ne planifions pas trop lourdement l'avenir, mais nous définissons les choses les plus importantes pour nous, pour gagner sur le long terme.

👉 Comment mesurer l’engagement en SaaS (c’est différent du B2C) (David Sacks)

Free trials or freemium users are more likely to convert to paid accounts when they have high engagement. Once paid, highly engaged accounts are also less likely to churn.

L’engagement est la north star de tout produit gratuit.

For consumer products that monetize an audience, a DAU/MAU (the ratio of daily active users to monthly active users) exceeding 50% is considered the Holy Grail. (...) This is Facebook-level engagement, or what some investors call a “daily habit.”

It is rare to see a SaaS product — even a valuable one — with 50% DAU/MAU (...) Hence it takes a little work to adapt this B2C metric for B2B SaaS.

Mais comment mesurer l’engagement sur un produit SaaS B2B ? Les usages sont très différents et cet article explique les clés pour le faire.

Let’s look at company X: Enthusiastic customer references told us that they used the product every day, so we were expecting high engagement numbers. However, Company X reported a DAU/MAU of only 24%.

1. Adjust for the effect of weekends and holidays. The best way to do this is not to change the formula but simply to graph it. (...) What’s important is not the troughs, or even the average of the curves, but rather the average of the crests. This is when people are working.

2. Separate Customer Engagement from User Engagement. When DAU/MAU is limited to paid users only, we can call this “Customer Engagement” rather than User Engagement.

3. Look at Customer Engagement for key accounts. Next we looked at the DAU/MAU charts for each of the top 10 customers of Company X. Most accounts showed engagement levels above the average, with some cresting as high as 70%.

4. Look at DAU/WAU as well as DAU/MAU. Finally, you should chart Customer Engagement for the top 10 accounts to understand what the best case looks like.

What is a good result? A SaaS product should strive to be used all 5 workdays in the week by its users. You should have key customer accounts near this level, a trend toward this level in other customer accounts, and an explanation for customer accounts where engagement isn’t trending in the right direction.

Across all users at paid customers, a SaaS product with excellent engagement might have a DAU/WAU that crests at about 60% (3 workdays per week) and a DAU/MAU that crests about 40% (8 workdays per month).

Construire les bonnes métriques (avec le bon retraitement) est la clé de toute mesure. Une mauvaise métrique peut faire prendre des décisions catastrophiques en partant d’une très bonne intention. Chez Alan, nous essayons de passer du temps à définir les métriques que nous suivons (et c’est très difficile). Une fois décidées, elles sont accessibles à tous, et partagées toutes les semaines.

👉 Jeff Bezos sur la taille des paris qu’il faut faire plus l’entreprise grandit (Business Insider)

  • "Amazon will be experimenting at the right scale for a company of our size if we occasionally have multibillion-dollar failures,"
  • This philosophy — that it's better to have failed than to never have tried in the first place — is core to how Bezos looks at his own life.
  • "This kind of large-scale risk taking is part of the service we as a large company can provide to our customers and to society," he said. "We will work hard to make them good bets, but not all good bets will ultimately pay out."

🗞Dans l’actu

📱Monde des technologies

👉 Comment a16z a construit son média : focus sur la qualité (Monday Note)

  • The firm’s editorial team has eight people, including five editors in charge of the verticals A16z wants to focus on: fintech, crypto, consumer, enterprise, and biology.
  • She quickly decided that, in order to get reach and credibility, the show should not be Marc+Ben’s show but would need to be open to the outside world.
  • Unlike commercial podcasts, there is no mandatory clickbait or catchy headlines in an A16z episode and it has nothing to do with the self-serving-vitriolic/introspective performances that often afflict the sector. Each episode requires heavy post-production.
  • “I strongly believe every episode needs an arc: beginning, middle, and end.”
  • We have five levers in a podcast: arc/ length/ framing, content/ substance, energy (across guests), charisma (key voices), *freshness/differentiated/insights.

🏥 Santé

👉 Oscar (assurance santé aux US) va faire son IPO en 2021 (Bloomberg)

  • The startup has raised an estimated $1.64 billion to date.
  • Last week, Oscar raised $140 million in venture funding in a round led by Tiger Global Management at an undisclosed valuation. Other investors that participated in the deal include Dragoneer Investment Group, Founders Fund and Coatue Management.
  • Oscar was last valued at $3.2 billion in March 2018

📕📺Livres et docus

👉 Netflix vs. the World (IMDB) raconte l’histoire des débuts de Netflix, du combat avec Blockbuster avec quelques interviews croisées intéressantes.


C’est déjà fini. Bonne semaine et à vous de jouer maintenant ! Invitez vos amis à s’inscrire, ici. Et bien sûr, une très belle année 2021 à tous !

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