Views from Boao: CEO of ofo on future of bike-sharing economy

World
Europe

By CGTN's Chen Chen and Lester Xu

‍Dai Wei, founder and CEO of bike-sharing firm ofo, has a grand vision of the future - a world where bikes dominate the streets, but individuals will never have to buy one again.

Speaking exclusively to CGTN on March 24, he set out ambitious goals for his company over the next three years.

Dai Wei, founder and CEO of bike-sharing firm ofo /CGTN Photo

“This year, ofo will serve more than 200 cities in China, and more than 20 countries in the world. By 2020, we hope that no one in the world will have to buy bikes anymore. All short trips can be made via bike-sharing. And personal need to purchase bikes would be narrowed down to sports or mountain bikes," he said.

In the late 1980s, China’s pedal-pushing population exceeded 500 million, that is, one out of two inhabitants owned a bike.

CFP Photo

As the country’s middle-class exploded in the following years, the traditional mode of transport was quietly abandoned in favor of more time-efficient motor vehicles — at least before traffic jams became an urban nightmare.

The two-wheelers, however, have now retaken the streets. China’s major cities have been swarmed with millions of brightly-colored bikes, dotting the roads and weaving through the queues.

Cheap as the charge is — typically as little as one yuan (10 US cents) — the scheme's value lies in its convenience. The rider can drop the bike off in any public space.

ofo debuted online at Peking University on September 7, 2015. Dai Wei says bike-sharing “wasn’t a thing back then.” Eighteen months later, and the company operates more than 2.5 million bikes worldwide.

The name was created because "ofo" looks like a bike, and the company’s bicycles are colored yellow as a safety measure.

CFP Photo

The Didi-backed bike-sharing service attracts investors who share the same vision of the sharing economy.

“Investors will be our shareholders. We need to be responsible for the company’s development. So communication is important,” Dai Wei said.

Apple CEO TIm Cook visits ofo headquarters in Beijing on March 21, 2017. /Weibo Photo

It has also caught the attention of Apple CEO Tim Cook, who visited the company’s headquarters and had some words of advice. “We learned about the operating philosophy of Apple and ideas on its future,” said Dai Wei. “Some of his thoughts were very beneficial to us.”

ofo raised 450 million US dollars earlier this month, and saw its valuation pass the one billion US dollar mark.

“The bike is like a universal language. You see ofo looks like a bike,” Dai Wei said. "We hope all countries and ethnic groups can understand that ofo is related to bikes. We hope to bring convenience to all people in the world.”

2376km