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You know, Baidu was founded at the beginning of 2000,
百度成立于2000年初
and quickly NASDAQ reached its historical high of 5,000.
不久，纳斯达克指数创下5000点的新高
I remember it was March of 2000.
那是2000年的3月
Then it dropped to about 1100 a little over a year later.
但是，一年多时间里又跌回1100点
That is a very difficult time for people
对于互联网行业来说
in the Internet industry.
那是一段困难时期
I think it's much severe than what you have experienced in
甚至比过去两年的经济形势
the past year or two for the general economic situation.
还要严峻
During that time, it's just the very early
那段时期
days of Baidu's startup experience.
正逢百度成立
That's why when we officially entered the recession or the
由于金融危机而导致的经济衰退
challenging situation caused by the financial crisis,
使得公司处于困境
I keep asking myself, "What should we do?"
我一直自问，我们能做些什么？
What I learned during the last downturn,
能从上一次经济萧条中学到什么
especially in the early 2000
特别是在2000年初
that when the Internet bubble burst,
互联网泡沫破灭的时候
I guess, some of you still remember,
大家可能还记得
it's quite an experience for many of the companies and many
那是一段不平常的经历
of the people who work for those Internet companies.
对互联网产业影响深刻
We were lucky to raise the first round of
幸运的是，我们在泡沫破灭之前
money before the Internet bubble burst.
完成了第一轮融资
But the challenge is that we really didn't
但问题是
have a business model at that time.
那时公司没有一个商业模式
We didn't have a feasible business model,
或者说没有一个
let's put it this way,
可行的商业模式
because when we started,
因为公司成立初期的商业模式
the business model is to provide the backend search
是给门户网站公司
technology to the portal companies in China.
提供后台搜索技术
We did that, we came up with very good
我们开发了
Chinese search engine technology,
很好的中文搜索引擎技术
and we signed up a lot of the Chinese portals
并在短期内，和许多门户网站公司
in a very short period of time.
签了合约
That includes SINA, Sohu, Netease, Yahoo!
包括，新浪，搜狐，网易，雅虎中国
China, and any major portal company
以及其他主要的
you can think of in China.
门户网站公司
