new opportunities in high tech
Growing up, Taiping could hardly imagine making a fortune by any means, let alone talking to his phone. Born on the plains, he left school in fifth grade and worked as a herder, security guard and truck driver. He spoke very little Mandarin, China’s main language, because the teachers at his school mainly taught in Mongolian.
In 2015, the then 30-year-old Taiping decided to borrow $15,000 to make and sell his own beef jerky after noticing that his town’s scenic grasslands were attracting tourists. But after a few weeks, the tourist season ended.
Then a friend introduced him to Kuaishou.
Pronounced kwai-show, the app started as China’s first short video platform, where users shared clips of dancing, cooking, harvesting crops, and more. Taiping quickly saw the business potential. He began posting pre-recorded videos about the jerky and sending it out to people who messaged him to buy it.
Soon another opportunity presented itself. Kuaishou himself has also been looking for ways to monetize, introducing his live streaming around the time he joined Taiping. Initially, streamers made money purely by performing, trying to attract fans who could send them virtual tips. The platform has been cut. But in time, some streamers began performing outlandish stunts to keep viewers engaged, like eating light bulbs or discussing topics considered taboo, such as teenage pregnancy.
Chinese authorities have ordered the company to clean up over what they call “indecent” content. Kuaishou explored a new direction and started selling in 2018. You can capitalize on the popularity of live streaming by encouraging streamers to sell their products, but in a more predictable context.
