Weee!: Larry Liu

In this episode, Guy Raz interviews Larry Liu, co-founder and CEO of We, a leading online Asian grocery platform valued at over $4 billion. Larry's journey began as a child in Wuhan, China, where he dreamed of living in the U.S. After moving to the States in 2003, he started selling items on eBay to supplement his income while working at Intel. His first entrepreneurial attempt ended in failure, forcing him to rethink his approach.

Through a serendipitous series of events, he and his friends recognized a market opportunity for group purchasing among Asian immigrants, particularly using WeChat. Initially attempting a group-buying model, Larry soon realized that customers were mainly looking for affordable access to Asian products. This insight drove a pivotal transformation in his business model to a traditional grocery delivery service, which included the establishment of warehouses and a new logistics strategy.

The company faced several challenges, especially during the early days when they operated on lean resources. Larry personally participated in every aspect of the business, from deliveries to managing warehousing. Despite significant growth, they experienced a major setback in 2017 when they nearly ran out of funds. After a personal injury and a moment of reflection, Larry reoriented the company's focus on directly addressing the needs of consumers.

The COVID-19 pandemic brought a surge of interest in We, as more consumers sought online grocery options. This unexpected demand prompted the company to expand its reach beyond its initial target market of Chinese-Americans to serve other immigrant communities. Through community engagement, thoughtful product selection, and innovative marketing using WeChat, We achieved substantial growth and even profitability. Larry shares insights about luck versus hard work in entrepreneurship, emphasizing the importance of being in the right place at the right time while acknowledging the value of resilience and creativity in overcoming challenges.