[31] After the company raised $200 million in June's IPO, Ma quickly became one of the richest people in China's telecom industry. Tencents third source of revenue is an ecosystem built around its one billion users. Still, Tencent has surged ahead and left national rivals like Baidu behind. Tencent's market hierarchy and teamwork innovation orientation cultures were shaped by these two leadership styles, respectively. Tencent provides mass media, Internet and mobile phone value-added services including web portals (QQ.com), social networks, popular instant messenger (Tencent QQ), online games, e-commerce, and series of . He is the founder, chairman, and CEO of Tencent, which is China's most valuable company. Finally, Ortega saw an opportunity of appealing to a much broader audience by selling garment at extremely competitive prices. (sometimes unknowingly) work on variations of the same product lines, can create waste. London, SW7 2QJ, [31] In order to solve the problem, Ma asked for bank loans and even talked about selling the company. Ma Huateng is renowned for his reclusive lifestyle and seldom appears in public. We believe, and then we see. Amazons Je Bezos created a similar mandate in 2002. Taking into consideration the profile that could be expected in the context of startups and an innovation-led context [1, 2, 3], best framework candidates for further evaluation would be (1) transformational leadership, (2) charismatic leadership, (3) entrepreneurial leadership, and (4) visionary leadership. Its business roughly splits into three. [19] Ma Huateng ranks fourth in the list of Forbes's China's 100 Richest, with a net worth of US$23.4 billion in December 2022. Then again, innovation takes many forms. The article Characteristics of Visionary Leadership highlights the relevance of certain management traits in the context of greenfield projects and then associates the following attributes to those of a visionary leader [18]: (1) creators of a positive and inspirational vision, (2) supporters of organized learning and growth inside the organization, (3) innovators, and (4) pioneers. Shenzhen is an ideal place to locate for Hardware & IoT, Ecommerce & Retail and Marketing & Sales startups. Please note that by subscribing now you may from time to time receive other emails from LBS about events or other activities that we think might interest you. He is also a business leader. [10] Ma was a deputy to the Shenzhen Municipal People's Congress and a delegate in the 12th National People's Congress. Founders were two students of Stanford University, Sergey Brin, and Larry Page [48]. Thomas Edison ranks in the top of almost every list of all-time greatest innovators, pioneers, and entrepreneurs. Ma Huateng expressed that our basic research in science and technology is still weak, and we don't have many unique innovations. On being an inspirator: We look for people who are passionate about something. But, as it matured, Ma felt the risk of the rm falling into bad habits weigh heavy. Ma Huateng is a business tycoon, an entrepreneur, an engineer, a philanthropist, and an investor. Jade Scipioni @JadeScipioni. Ma has almost completely disappeared from public view after Chinese regulators shut down his fintech company Ant Groups IPO in late 2020. But imitation, when executed well, is a valid form of innovation. That's why the need for online management is increasingly urgent. If you havent registered yet, please register and log in. The original term transformational already implies the existence of some entity that experiences transformation, and it is not so suitable in the context of completely new startups [7, 19]. Chinas central bank, however, clamped down on the pilot in February 2018. Edison took advantage of the opportunity to learn telegraphy and, in 1863, he became an apprentice telegrapher. Charismatic leaders emerge in times of instability, change, or crises, but many critics argue that charismatic leaders tend to forget the groups benefit and try to gain most of the attention for themselves. Shares of Ma Huateng's internet gaming giant rose 14% so far this year to the highest in two years, thanks to strong demand for its mobile games during coronavirus lockdowns. Edisons role on the development of these technologies and later commercialization of them clearly qualifies him as visionary, innovator, and pioneer [18]. During the second quarter of 2020, the company posted net sales (revenue) of RMB 114.83 billion. Under Mas guidance, it is shoring up its strategic options, investing in game-changing technologies set to be the next big thing. April 6, 2021. Its not about money. IntechOpen Limited Launched in 2011, when traditional desktops ruled and Tencent dominated online instant messaging with QQ (similar to Israeli tech company Mirabiliss ICQ), cynics said it would cannibalise its own o ering; that QQ and WeChat werent di erent enough, but Mas strategy paid o . Northouse explained, "Transformational As well as empowering younger employees to take the lead, Ma and his team put in place simple rules. Dev. Ma studied computer science at Shenzhen University, where he earned (1993) a Bachelor of Science degree. Licensee IntechOpen. By partnering with Silicon Valleys favoured few, Tencent can enjoy exclusive invitations to the global party. By 2015, QQ had 850 million monthly users [94]. Changing a product in ight is tough. In 2010, Ma imitated Microsoft by forming two competitive engineering teams and assigning them the task of developing a new product. The other quality of a visionary leader, supporting internal growth, was clearly evinced by the way that he spoke about Toyota and its organizational style over the length of his career. His famous 10/100/1,000 rule reinforces Tencents user-rst philosophy. Tencent is the collective answer to Facebook, Apple Pay, gaming, WhatsApp, Spotify and Amazon. Formative years and academics The birthplace of Ma is Chaoyang, Shantou, Guangdong province. [31] Inspired by the idea, Ma and his team launched in February 1999 a similar software, with a Chinese interface and a slightly different name OICQ (or, Open ICQ). A year later the company launched the Internet-based QQ service (then called OICQ), which soon became one of Chinas most-popular instant-messaging platforms. The second is to look at professional ability and coordination, intelligence and so on. 4. For leadership, we have to see things that other people dont see [92]. Plenty of seemingly bulletproof businesses Dell, HP, Kodak, Blockbuster have lost their edge by failing to adapt. Sceptics of the BATs and FANGs of this world could argue that the internet made survival easy even too easy. On being a pioneer: Lots of companies dont succeed over time. Ma Huateng - better known as "Pony Ma" - is the elusive founder, chairman and chief executive of China's titan tech rm Tencent. By mlavoie on June 1, 2019. There is some dispute among scholars regarding the quality of Pages leadership strength, especially during his early tenure [56]. When Apple came up with the Mac, IBM was spending at least 100 times more on R&D. Here's an overview of eight common leadership styles, from autocratic to visionary, with a look at the benefits and challenges of each style: 1. He wanted, simply, to create excellent products and have the co-founders see a return on their investment: I focused on product and Tony Zhang focused on technology. [Google . However, less work has been done in terms of determining which frameworks would suit better some particular organizational outputs. The Oxford Dictionary defines agility as the ability to move quickly and easily, which is the foundation on which Ma built the business. Youve got to be looking for changes you can make for the benefit of the people who are working there [89]. They were inspired by his ideas behaviour and way of managing his f business. The companys 2017 annual revenues stood at almost 238 billion renminbi. He applied the term transformational instead of transforming. Bass argued that transformational leadership has four constitutive parts [6, 7] which are (1) idealized influence, (2) inspirational motivation, (3) intellectual stimulation, and (4) individualized consideration. In 2007, Alibaba.com raised US$1.7 billion dollars in its initial public offering (IPO) in Hong Kong [91]. The software soon gained traction, with more than a million registered users by the end of 1999, making it one of Chinas most popular online services. He then worked in research and development for China Motion Telecom Development Ltd. before founding (1998) Tencent with several friends. It has also partnered with Oracle as a way of expanding rapidly into software-as-a-service applications. For a while, Ma went back to his former job as a public servant, but then, in 1999, Ma persuaded his team at the ministry to go to Hangzhou and found the Alibaba Group [91]. One former long-term CEO of Inditex, and Mr. Ortegas business partner for 31years, Jos Mara Castellano, says that his ex-bosss working method is to discuss things intensely with small groups, delegate paperwork, listen hard to others and prefer oral over written communication [79]. He has an estimated net worth of 38.7 billion. Analysts estimate that more than two thirds of the almost 1.4 billion population use Tencent. Ma Huateng's fortune is derived from his 9.7 percent ownership of Tencent Holdings. Pony Ma, the low-profile founder of tech giant Tencent Holdings, created a social media stir over the weekend by reposting an article on China's economy, an unusual breaking of silence by a . [8][9] In 2018, he was named one of the "Most Powerful People In The World" by the CEOWORLD magazine. Ma Chenshu, his father, acquired a position as a port manager in Shenzhen, and the young Ma went with him. With a click on a red envelope icon, gifts of money could be sent to friends and family. In November 2017, his net worth briefly surpassed that of Larry Page and Sergey Brin (individually) ranking him the ninth richest man in the world, and the first citizen from China to enter Forbes' top 10 richest list,[20][21][22][23] though the net worth of Page and of Brin have each since eclipsed that of Ma. The launch of WeChat is a case in point. Tencent developed Paipai.com, a direct competitor to e-commerce giant Alibaba, in 2005 at Mas request. Chinas giants are famous for plucking the best from the West and localising products for a home crowd. WeChat, a mobile instant-messaging application that was introduced in 201, soon gathered 650 million users [94]. Jack Ma, the former English teacher who founded Alibaba, is the antithesis of his namesake: fting world leaders, setting bold targets and his penchant for shooting from the hip leave his minders. They grouped the remaining attributes into two enactments and five roles that would help the analysis in case that this one is the chosen leadership framework [17]. Unshackled by rules, Tencent employees have freedom to act to invent, to problem solve, to wow. Chairman and CEO, Tencent Holdings. The World's 10 Most Powerful Executives This year's Forbes list (May 10, 2018) of the World Most Powerful included 75 namesone for every 100 million people on earth. In this process, store managers constantly communicate customer feedbacks to collection designers, who immediately update models and production [77, 78]. (Co-founder and Former Executive Chairman of 'Alibaba Group') Jack Ma is a Chinese businessman, investor, and philanthropist. China 2015, 20, 99-104. Ma's leadership style changed from transactional leadership to transformational leadership. And lets face it, with a market of almost 1.4 billion, the state economy is still ripe for the picking. Chinese internet entrepreneur (born 1971), "Bloomberg Billionaires Index: Ma Huateng", "Pony Ma, the global strategist with deep pockets", "Tencent posts 69 percent jump in quarterly net profit; becomes the most valuable company in Asia", Investing in China: The Emerging Venture Capital Industry, "The 100 Most Influential People in the World", Biographical Dictionary of New Chinese Entrepreneurs and Business Leaders, Pg. Also, it would be of interest to investigate how the visionary leaders and disruptive-innovation-based environments interact with each other and why this type of leadership helps produce such outstanding results. Reclusive, secretive, and reserved are words frequently used to describe him. But theyre allergic to rules. This style is applicable for the leaders in different sectors such as political, business, or even in religious sectors. This model gave Ohno ideas on how to reduce inventory and simplify assembly lines [84, 86, 87]. From the revenue distribution of Tencent in recent years, we see an incredible increase in FinTech and business services from 2018. The only large-enough Western European disruptively successful company that also met the criteria was the Spanish firm Inditexnumber 67 as per market capitalization [29]. Reflects change since 5 pm ET of prior trading day. The concept of transformational leadership was introduced by James MacGregor Burns in his book Leadership [4] and then further developed in Transforming Leadership: A New Pursuit of Happiness [5]. Therefore, Googles initial success was not based on disruptive innovation, but rather on revolutionary innovationthe development of relevancy ranking in the search engine sector [49, 50]. How Tencent CEO Pony Ma became the richest man in China . The company's first product came after Ma participated in a presentation for ICQ, the world's first Internet instant messaging service, founded in 1996 by an Israeli company. North America, Western Europe and Eastern Asia, (2) the chosen corporations should be at the highest possible position in the rank of global top 100 companies as per market value [29], and (2) those firms should have become industry leaders in (a) a relatively short period of timeless than 20years, and (b) after leveraging some competitive advantage based on discontinuous innovation. Innovation has nothing to do with how many R&D dollars you have. Tencents market hierarchy and teamwork innovation orientation cultures were shaped by these two leadership styles, respectively. I try to focus on that: What is the future really going to be? The resulting corporation was General Electric Company (GE) [61, 63]. Tencent is also the world's largest gaming company, and amongst the world's largest technology investors, social media networks, and web/mobile app makers. Following the AOL lawsuit, Ma wanted to broaden Tencents business portfolio. Ortega also is, as most of the previously analyzed leaders, an introvert. The four models that were considered potentially suitable for a context of disruptive successtransformational, charismatic, entrepreneurial, and visionaryunderwent a further scrutiny in order to determine which one would better suit the context of disruptive success, as it is briefly described in the next paragraph. A service starts with the satisfaction and needs of its users in mind and is de ned by those two things, he wrote on WeChats internal platform in April 2017. 2.2.2. Ma completed his remaining schooling from there and found a keen interest in computer technologies. Steve Jobs ranked top in the list of the 20 most influential Americans of all times [34]. What about Tencent 3.0? Let China's internet giants tell you", "Ma vs. Ma: The most expensive house in Hong Kong belongs to one of China's internet kings - but is it Jack or Pony? "[41], Ma uses the nickname Pony, derived from the English translation of his family name Ma (), which means "horse. Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. Ma and his colleagues were inspired by the concept and developed a comparable program with a Chinese interface and a slightly different name OICQ (or, Open ICQ). Regarding the second attribute of visionary leadership [18], which is supporting organized learning and growth within the organization, Jobs spoke eloquently about its importance, from his own point of view: The people who are doing the work are the moving force behind the Macintosh. Later, Microsoft also played a key role in another emerging industry: gamingXbox [68, 69, 70]. ( sometimes unknowingly ) work on variations of the 20 most influential Americans of all times [ ]... 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