From Local Search to Global Phenomenon: The ByteDance Success Story

ByteDance is most famous for TikTok (known as Douyin in China), which was launched in 2016. TikTok quickly became one of the world's most popular social media platforms, with more than a billion monthly active users. 

Behind these impressive numbers stands China's leading technology company, and the person who contributed to this success is Zhang Yiming. With a net worth of $49.3 billion, ByteDance founder Zhang Yiming has become China's richest man in 2024.

Starting as an ordinary engineer Zhang Yiming was born in 1983 in Fujian, China, to parents who were both government employees. Zhang Yiming's middle name means "to surprise everyone from the first time." However, to achieve his current success, this tech entrepreneur had to face many challenges along his development journey. 

Zhang's childhood was filled with conversations with his parents about new technology trends and the importance of innovation. At that time, China was going through a period of economic and social reform (1979 - 1991). Fujian, Zhang's hometown, was one of the first regions to open up to the world. These early experiences shaped his understanding of technology and business, as he witnessed firsthand how changes in society could create new opportunities. Growing up in this environment of transformation helped Zhang develop a mindset focused on innovation and adaptation to change.

Growing up during China's transformation period greatly influenced Zhang's mindset. Like many other entrepreneurs, Zhang started from humble beginnings and experienced several failures before achieving significant success.

In 2001, Zhang Yiming gained admission to study Microelectronics at Nankai University - a prestigious institution under China's Ministry of Education in Tianjin. However, his lack of interest in the subject and the disappointment he faced during practical experiments led him to switch his major to Software Engineering, from which he graduated in 2005. In February 2006, he joined a startup called Kuxun, where he developed valuable skills that would shape his future. "Initially, I was just a regular engineer, but by the second year, I was managing 40-50 people and was responsible for back-end technology and many product features," Zhang recalled. 

To improve his company management skills, Zhang Yiming resigned from Kuxun in 2008 and moved to Microsoft. However, he struggled to adapt to the working culture there. 

As a result, after just six months, he accepted an offer to work at Fanfou - a website that was known as the Chinese version of Twitter. This decision marked another important step in his journey, though he was still searching for the right path to make his mark in the technology industry.

At Fanfou, Zhang Yiming conducted thorough research on thousands of leading websites worldwide, based on reports from reputable ranking systems. Through this analysis, he developed his own insights and began drafting plans for his own website. Four years later, Zhang moved to 99fang.com, a real estate search website that sparked his entrepreneurial spirit. His work there helped him enhance his leadership abilities and understanding of company operations.

In 2012, Zhang Yiming established ByteDance in Beijing, with the vision of creating an AI-powered news aggregation platform. This idea stemmed from his observation that smartphone users were struggling to find information, while Baidu, which held a near-monopoly, was increasingly focused on advertising.

In August 2012, ByteDance launched its news app Toutiao, which attracted more than 13 million daily users within two years. Toutiao differentiated itself from Baidu through its personalized information recommendation system. "We push information through recommendations, not through search queries," Zhang explained.

Zhang's vision extended far beyond local boundaries. In 2015, ByteDance launched TikTok (known as Douyin in China), a platform that lets users edit and share short videos. The product quickly gained popularity among Generation Z users.

TikTok became a global phenomenon in 2021, leading the iOS app rankings in the US and surpassing both YouTube and Tinder in revenue. ByteDance, now valued at $75 billion according to Pitchbook, has become the world's most valuable private company. The company owns several other platforms, including FlipChat, Duoshan, and Douyin. 

Zhang Yiming's story teaches us important lessons about long-term vision and creative innovation, making him a role model in global tech entrepreneurship.

Beyond his business success, the Chinese billionaire actively contributes to society. In 2021, Yiming donated $1.85 billion to establish an education fund called "Fang Mei" in his hometown of Longyan, as reported by the South China Morning Post.

The All-China Federation of Industry and Commerce and the United Front Work Department recognized Zhang Yiming's achievements by including him in their list of 100 entrepreneurs. They praised him for his "significant contributions to private sector development" over the past 40 years.

However, in May 2021, Zhang Yiming unexpectedly announced his departure from the CEO position at ByteDance. Within just six months, the Chinese billionaire also stepped down as ByteDance's Chairman, though he continued to participate in developing long-term strategies for the group.

Explaining his resignation, he shared: "The truth is that I lack some of the skills needed to be an ideal manager. I prefer solitary activities like browsing the internet, reading books, listening to music, and reflecting on possible future scenarios." He also mentioned that he could better serve the company in a role that doesn't directly involve managing people.

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Source: doisongphapluat.nguoiduatin.vn, 21/01/2025, https://doisongphapluat.nguoiduatin.vn/chan-dung-cha-de-kin-tieng-cua-tiktok-tu-ky-su-vo-danh-lam-nen-startup-tram-ty-usd-a501195.html