Cofounder, Xiaomi
Search every verified Kong-kat Wong interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Kong Kat Wong, co-founder and vice president of Xiaomi, spoke at Purdue University in 2019 and at the Cyberport Digital Entrepreneur Leadership Forum in 2015. In his 2019 talk, Wong discussed Xiaomi's early strategy of using premium components while pricing its first phone below 2,000 RMB, a move he said shocked the market. He stated that the company took outside funding to create accountability and that Xiaomi must never overcharge customers. Wong also advised against rushing into entrepreneurship and recommended accumulating experience first. In his 2015 keynote, Wong said Xiaomi's marketing budget was "very close to zero" and described the company's business model as not relying heavily on hardware sales. He noted that Xiaomi released updated ROMs weekly and had sold more than 61 million smartphones in the prior year. Wong also stated that Xiaomi had 120 million IoT devices connected, calling it the largest IoT platform in the world. He attributed the company's growth to reevaluating industry value chains and focusing on customer feedback.
“When we launched our first phone, we actually used all the top components from all the major manufacturers. While others were selling their phones for around 6,000 RMB, we sold ours for below 2,000 RMB, which shocked the market and made our products accessible to the masses.”
“We insisted on taking outside funding to create extra pressure to perform. If you fail with your own money, you can accept that, but if you fail with someone else's money, it keeps you accountable.”
“The moment Xiaomi stops providing value to our customers, that will be the end of us. We must never overcharge or take advantage of our customers, as that is the fundamental principle of our business.”
“I believe that the best startups are those that seem impossible at the beginning. If you pursue something that everyone agrees is a good idea, chances are someone else has already done it.”
“In the early days of Xiaomi, we faced skepticism from investors who thought we were crazy for trying to enter a market dominated by giants. But we believed in our vision and our ability to execute it.”
“We have over 120 million IoT devices connected, making us the largest IoT platform in the world. This is a testament to our model and our ability to innovate beyond just smartphones.”
“The funding process is crucial for startups. If you can't convince others that your idea is good, there's a high chance it might not be.”
“We realized that if we wanted to succeed, we had to listen closely to our customers. Their feedback is invaluable in shaping our products.”
“Do not rush into entrepreneurship. Accumulate enough experience and knowledge before embarking on your journey, as it is a challenging path.”
“The 5G wave is going to be a big deal. It will enable richer experiences and transform how we interact with technology.”
“We have actually finished 12 billion in sales last year alone, and we have sold more than 61 million smart handsets last year alone.”
“In the traditional phone business between 40 to 45% of the cost goes into the retail channel, and between 30 to 35% of the cost goes into marketing or traditional advertisement.”
Kong Kat Wong, co-founder and vice president of Xiaomi, one of China's leading technology firms, spoke at Purdue University on ...
Keynote 2: “Designing Disruptive Products” by Mr. KK Wong, Co-Founder & Vice President, Xiaomi Cyberport Digital Entrepreneur Leadership Forum (DELF) 2015 The Digital Entrepreneur Leadership Forum (DELF) 2015 marks the beginning of a new era of DELF event focusing on “Entrepreneurs” with the theme “The Next Wave of IT” held on 23 April, 2015. This is Cyberport’s annual signature conference and an event of IT Fest, featuring renowned 21st Century digital entrepreneurs and outstanding digital business leaders across the globe who have changed the way products, services and even media being pr…
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