Liu Jingkang's one gram of gold
The gift on the table feels light in hand, but it carries great weight.
It's a specially made piece of paper with 1 gram of real gold forcibly pressed into its fibers. There's a line printed on it, paying tribute to the person sitting across: The most famous loser in China.
The one giving the gift is Liu Jingkang, the post - 90s founder of Insta360.
Not long ago, he took his company to ring the bell on the STAR Market and even showed off by holding a panoramic camera to grab the spotlight. The one receiving the gift is Luo Yonghao, an old - timer from the post - 70s generation. In order to pay off debts, he has been quite busy in live - streaming rooms and talk shows in recent years.
At first glance, this seems like a scene of commercial mutual flattery where the "newcomer" pays tribute to the "veteran". But after watching the 4 - hour marathon conversation, Zhiyuan believes it's more like a long - awaited reunion of two "oddballs".
They are kindred spirits at heart, with an "aggressive personality" that makes them feel uncomfortable if they don't do something out of the ordinary. In this increasingly precise business world where everyone is cautious and afraid of making mistakes, how can a company maintain that wild, rough, and even somewhat reckless creativity?
Perhaps the answer lies in Insta360's latest slogan: Think Bold.
01
Most people see Liu Jingkang as a standard "child from a good family": a graduate of a prestigious university, a technical expert, and worth billions in his early 30s.
In Luo Yonghao's eyes, the most valuable thing about this guy is his eagerness to stir up trouble, which at that age is usually called "show - off".
Back in 2012 on the campus of Nanjing University, Liu Jingkang was definitely a headache for the teachers. In his sophomore year, to prove his prowess, he exploited a loophole to hack into the email of the academic affairs officer and got hold of the final exam papers of the whole school at once.
He didn't change the scores, nor did he sell the papers for money. He just wanted to write a blog to show off: Look, this is how I got in.
As expected, things went too far. Although the school was lenient and didn't expel him, he was given a "probation on campus" punishment, which almost made his father cry in front of the teachers.
That's not all.
On his last day of internship at Tencent Shanghai Research Institute, out of boredom, he cracked Zhou Hongyi's phone number through the keystroke sounds. Fortunately, the Internet environment back then was still wild and inclusive. Instead of calling the police, Zhou Hongyi and Li Kaifu both extended an olive branch to him.
You may wonder why a technical genius would do such a thing that "hurts himself as much as it does the enemy".
Liu Jingkang very honestly analyzed his mindset back then during the conversation: The evaluation system at that time was externally - oriented. Because he was afraid of setbacks, he needed to do such cool - looking things to get others' "wow" and build his confidence.
This is what is called "show - off". In essence, it is an excessive creativity that hasn't found a proper outlet.
Luo Yonghao can really relate to this. As a representative of the "aggressive personality" in the past, Luo even mentioned Steve Jobs in the program, that young man who would give the middle finger under the IBM building.
In his view, the well - behaved "good students" who follow the rules and play it safe often can't create disruptive products. This kind of "aggressive" personality, as long as it doesn't cross the legal and moral bottom lines, is actually the most precious vitality for innovators.
If Liu Jingkang had been a well - behaved child back then, he might just be a senior engineer in a big company now. It was precisely his desire to "take apart the world and see" that made him dare to take on seemingly impossible challenges later.
After starting his business, Liu Jingkang evolved this externally - oriented "show - off" into internally - oriented creation. He later found a more advanced way to show off: Hack into the business world monopolized by giants.
02
Can this "unorthodox approach" that worked well in school still work on the real - life business battlefield?
Looking back at 2016, it was the era when GoPro was extremely popular. At that time, all the competitors who wanted to challenge it had the same thought process: Focus on cost - performance or focus on parameters. Simply put, they wanted to make a cheaper or higher - pixel GoPro.
In business, this is called a "finite game", and it's also the fastest way to fail. Because you're trying to defeat the rule - maker within the rules set by others.
Liu Jingkang had a very unique idea.
He didn't intend to "kill" GoPro, and he didn't even want to compete with GoPro on the same level. He keenly captured a pain point ignored by the giants: Most ordinary people can't shoot good sports videos not because the picture quality is not good enough, but because they can't capture the moments.
Think about it. When skiing, cycling, or skydiving, when you're about to fly out, do you still have to hold the camera to find the angle and look at the viewfinder? This is a disaster for non - professionals.
So, Insta360 came up with its first killer move: The panoramic action camera.
Its core concept is "shoot first, then frame". You don't need to know about composition or look at the screen. Just hold up the camera, and it will record all the 360 - degree surrounding scenes. You can choose the angle later while lying on the sofa at home.
This directly lowers the threshold of photography from the "technical level" to the "fool - proof level".
This is just the first step. In Liu Jingkang's mind, there is a clear battle map: The biggest circle in the middle represents GoPro. Instead of directly charging into this circle to fight head - on, he drew "three circles" around it to surround it.
The first circle is the panoramic camera (X series).
It solves the problem of "unable to compose" in scenarios like skiing and riding motorcycles. In this field, the panoramic camera has a dimensionality - reducing strike on traditional action cameras because it gives users a "god's - eye view".
The second circle is the thumb - sized camera (GO series).
Liu Jingkang noticed that many people don't want to be strapped with chest and head mounts like special forces, as it's too heavy and embarrassing. So, they made a camera as small as a thumb that can be magnetically attached to the chest.
This product reduces the psychological burden of shooting during cycling, running, or taking care of kids, and attracts a large number of lightweight users.
The last circle is the wide - angle camera (Ace series). After accumulating enough technology, they finally went back to GoPro's territory and made a wide - angle camera with a flip - screen, using Leica colors and AI noise reduction to meet the needs of Vlog creators.
This may seem like a precise "encirclement", but from Liu Jingkang's perspective, it's actually a "market expansion".
He said a very far - sighted thing during the conversation: Our goal is not to kill GoPro. After the panoramic camera appeared, it didn't completely replace traditional cameras. Instead, it increased the number of people with cameras on the ski slopes.
So, the three circles together created a much larger market than the original GoPro market. As the new rule - maker, Insta360 naturally reaped the biggest benefits.
During this process, there's a small but extremely explosive innovation that has to be mentioned: The invisible selfie stick.
Before Insta360, no one thought the selfie stick was high - tech. But through algorithms, Insta360 "erased" the stick in the gaps of the panoramic image stitching, giving users a very deceptive experience:
You're holding the stick to take the picture, but the final image looks like there's a low - altitude drone following you.
This is an extremely smart "cheat", using a very low - cost (a stick) to meet users' extremely expensive psychological needs (wanting to look cool and professional).
From the show - off of a hacker teenager to the encirclement on the business battlefield, every breakthrough of Liu Jingkang seems to verify the same principle: Don't compete for the first place in a crowded track. Go to the uncharted area and define your uniqueness.
Logically, after winning against GoPro with this strategy, life should be comfortable. But for someone with an "aggressive personality", the biggest fear is having no opponent. So, he set his sights on the seemingly insurmountable mountain: DJI.
03
If competing with GoPro was for survival, then making drones is like seeking death. In the drone field, DJI is not just a giant; it's a god.
On this track, there are countless failures. Whether it's 3D Robotics abroad or various startups in China, those who tried to enter the consumer - grade drone market have basically failed.
Liu Jingkang himself is more aware of this than anyone else. He admitted during the conversation: According to the inductive method, doing this will most likely end in failure, and the cost is extremely high, possibly burning 20% - 30% of the company's annual profit.
Then you may ask: Since the panoramic camera has been making a lot of money, why take the risk of dragging the company down to provoke this undefeatable overlord?
Here, Zhiyuan wants to mention Liu Jingkang's famous theory of the carriage and the automobile.
He gave an example: If you ask a person riding a horse what they need, they'll tell you they want a horse that doesn't sleep, doesn't eat, and runs faster, and preferably with a shock - absorbing seat.
If you do as they say, you'll get caught in the "parameter race" and create a "super - horse". But what's the real need of the customer? It's to get from point A to point B faster. So, the real innovation is not to make a better carriage but to make an automobile.
In Liu Jingkang's eyes, handheld cameras, whether it's GoPro or Insta360's own panoramic camera, are essentially "carriages".
Why? Because you have to be on - site and hold it with your hand. When you go to Disney to watch the fireworks and want to record it, you're staring at the small phone screen. This is absurd.
The ultimate form of imaging is the automobile, which must be an invisible, fully - automatic photography robot that can fly and follow like a shadow, allowing you to enjoy the scenery with your own eyes while it records everything.
And under the current technological path, drones are the only carriers close to this ultimate form. So, for this vision, even though DJI is very powerful, this step must be taken. It's to avoid being eliminated in the future "automobile era".
Besides the vision, there's also a very rational strategic consideration: Use the most difficult battles to train the strongest soldiers.
In 2019, Liu Jingkang visited Japan and Taiwan for an inspection. He found that those long - standing enterprises that have survived for decades have one thing in common: They have an inheritable "ability stack".
What does it mean?
For example, a company in the optics field first made film cameras, then digital cameras, and later automotive lenses and medical equipment. The technology changes, but the core optical ability keeps evolving.
Liu Jingkang realized that investing in drones is essentially investing in Insta360's "ability stack".
Drones involve very complex flight control, image transmission, and obstacle - avoidance algorithms. If you can survive in this most difficult battlefield, your engineering ability, supply - chain management ability, and even your understanding of the physical world will have a qualitative leap.
These abilities can be reused in any new product category in the future. This is the real moat for a company to cross economic cycles.
This battle is not about defeating DJI. Before deciding to make drones, Liu Jingkang asked a very sharp question to the senior management team internally, and this detail really touched me:
If DJI promises not to make panoramic cameras (leave us alone), can we promise not to make drones (leave them alone)? Everyone's answer was surprisingly consistent: We still have to do it.
Why? Because customers have the demand, and it's the future of imaging.
At that moment, the logic of business competition gave way to a sense of mission. They are no longer just a camera company trying to hold on to its territory. This is the courage of Think Bold and an explorer.
Knowing it's impossible but still doing it because they see something more important than winning or losing. But after pressing this "courage button", Liu Jingkang has to face a new and more unsolvable opponent: AI.
If DJI is the overlord in the physical world, AI is trying to eliminate the need for physical shooting.
Now, generative AI has evolved to a terrifying level. One day, I can write a few lines of code at home to generate a perfect photo of "me having coffee under the Eiffel Tower", with impeccable lighting and details. Do I still need to spend thousands of dollars on a camera and tens of thousands of dollars to fly there to take the photo?
Even drones may be disrupted. If AI can algorithmically create a perfect "tracking shot", then the physical "tracking shot" may no longer be needed.
04
In an era when the cost of "fake" is approaching zero, does the value foundation of cameras still exist? The science - and - engineering guy Liu Jingkang gave a very counter - intuitive sociological answer: The stronger AI gets, the more expensive "reality" becomes.
He straightforwardly breaks down the core need of image sharing into one word: Show - off.
Don't laugh. It's not a derogatory term. Sharing life is essentially about presenting a better version of oneself and getting social currency. But in the AI era, "show - off" is experiencing inflation.
Previously, when you posted a carefully - retouched landscape photo, people thought it was amazing because there were thresholds for photo - retouching and going to that place. Now, AI can generate Hollywood - level special effects with one click.
When everyone can easily "show off" and seem amazing, "show - off" becomes worthless. It's like when everyone becomes a billionaire, money is just paper, and people start comparing who has rare antiques at home.
Liu Jingkang gave a very insightful example:
There's a very popular type of video on Douyin. The first half shows a cool game scene generated by AI, where the protagonist flies and moves like a superhero. But the second half suddenly changes the style and seamlessly connects to a real - life shot of someone skiing, even if they fall on their face.
Why is this video popular? Is it because the AI in the first half is well - done? No. That's the norm. The key lies in the real fall in the second half.
So, AI raises the lower limit of visual experience, but what people ultimately compete for is still the non - cheat - able upper limit: the real backflip, the real sunrise over the snow - capped mountains, the physical risks and emotional tremors that can't be replaced by algorithms even with advanced technology. These are the scarce resources.
Besides "show - off", there's also "creation".
Many people are worried that AI will make photographers unemployed. Liu Jingkang gave an example: If you just want to eat bread, you can buy one (using AI to generate). But why do so many people still learn baking?
Because the process of "kneading the dough" itself is a pleasure.
AI may divert those who just want to "eat bread", but it can never replace those who enjoy "hand - made" things. The same goes for photography. The process of adjusting the aperture and capturing the moment is meaningful in itself.
More importantly, recording is not just about existence but also about reality.
AI can't replace the blurry and poorly - lit moment when your child calls you "dad" for the first time. That moment is an exclusive memory and evidence of your real existence in this world. No matter how powerful AI's computing power is, it can't create this kind of weight.
So, Liu Jingkang is