张朝阳：走过迷失，重构自己｜我们的四分之一世纪

Core Viewpoint - The article reflects on Zhang Chaoyang's journey from a rebellious student at MIT to becoming a prominent figure in the Chinese internet industry, highlighting his experiences of self-exile and return, as well as his reflections on entrepreneurship and personal growth over the past 25 years [1][4]. Group 1: Early Life and Education - Zhang Chaoyang grew up in a factory area in Xi'an, struggled with studies but eventually entered Tsinghua University, and later pursued a PhD at MIT, where he developed an interest in computers and the internet [6][8]. - His exposure to American culture and the internet during his studies influenced the entertainment-oriented direction of Sohu [6][8]. Group 2: Entrepreneurial Journey - In the mid-1990s, Zhang returned to China to start Sohu, facing significant challenges in securing funding as the concept of venture capital was not well established in China at the time [8][9]. - Sohu became the first Chinese startup to attract venture capital, with investments from notable figures including MIT professors and IDG [11]. - The company launched its strategic product "Sohu" after several iterations, positioning itself as a guide in the Chinese internet space [13]. Group 3: Growth and Challenges - Sohu went public on NASDAQ in 2000, raising significant capital, but faced challenges in monetizing its business model due to infrastructure limitations [14][15]. - The company initially generated revenue through partnerships with telecom operators and online gaming, which helped stabilize its cash flow [15][17]. Group 4: Crisis and Reflection - Zhang experienced a personal and professional crisis around 2011, leading to a period of self-reflection and a reevaluation of his values and priorities [21][22]. - He recognized the importance of deeply engaging with product development, which he had neglected during his earlier success [22]. Group 5: Return and Transformation - After a long hiatus, Zhang returned to the public eye in 2019, focusing on personal responsibility and the company's direction, emphasizing a disciplined lifestyle and hands-on involvement in product development [21][24]. - He has been actively engaging with audiences through live streaming and educational content, aiming to revitalize Sohu's brand and offerings [22][23]. Group 6: Future Outlook - Zhang is cautious about the AI wave, preferring to focus on video social platforms rather than blindly following trends, while maintaining a commitment to ethical business practices [27][29]. - The company is in a phase of transformation, with Zhang emphasizing a culture of passion-driven work rather than mere performance metrics [29].