“连姥姥都问我，你知道DeepSeek吗？”

Core Viewpoint - The emergence of DeepSeek has significantly impacted MiniMax and other large model companies, prompting introspection on their performance and strategic choices [5][6]. Group 1: Challenges and Reflections - MiniMax's founder, Yan Junjie, faced numerous challenges during the startup phase, including the bankruptcy of Silicon Valley Bank, which affected payroll [3]. - The team recognized that their performance was hindered by a lack of deep thinking and lowered expectations, contrasting with DeepSeek's unique insights and technical accumulation [6][8]. Group 2: Team Morale and Incentives - To boost team morale during tough times, Yan emphasized the importance of encouragement and financial incentives, stating that monetary rewards are effective [7]. - In September, MiniMax initiated a million-dollar stock option incentive program, offering varying amounts based on employee contributions, covering various roles within the company [7]. Group 3: Strategic Direction - MiniMax's approach involves a unique strategy of ToC (Technology of Communication) and international expansion, with their Talkie application gaining significant user traction overseas [8]. - The company experienced a period of indecision regarding whether to prioritize technology or product development, ultimately deciding on a technology-driven approach despite the associated risks [8][9]. Group 4: Market Position and Talent - The gap between domestic large model companies and top international models is narrowing, with Chinese companies achieving this with significantly lower investment [12]. - Yan highlighted the importance of local AI talent, noting that many key contributors to success in companies like DeepSeek and MiniMax are homegrown, often in their first jobs [12]. Group 5: Future Outlook - Yan remains optimistic about the future of AGI, noting that the number of companies in the large model space is decreasing, leading to a more concentrated market [13]. - The AI industry is not merely an extension of the internet; the core product in the large model era is the model itself, with blurred boundaries between roles in product management, development, and algorithms [14].