How to Start Your Business in China Jiangtao Yu, Ph.D.
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Transcript of How to Start Your Business in China Jiangtao Yu, Ph.D.
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How to Start Your Business in China
Jiangtao Yu, Ph.D.
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Why do we want to go back?
• Family, friends… and food?• Natural & social bonding;• Glass-ceiling in US;• Government policies;• Technology development;• Business opportunities.
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The reality• Taking care of family? – Parents: Pollution and poor health-care
system;–Husband and wife: Separation;– Kids: Completely different child
education system;
• Delicious food?– Yeah, but not safe…
• Business opportunities?– Great opportunities, no glass ceiling,
but very complicated.
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Who can go back with higher success rate?
• Internet and… pretty ladies???
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The only sustainable reason for returnees is:
We still have dream…
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• Getting to know China– Technology
development trend– Government policies–Market opportunities– Find a local person you
can trust and team up
• Be well prepared–Mentally, physically– Financially– Technologically
How to start your business in China?
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The three essences of success
• Timing• Location• Connections
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Getting started: Timing your project
• You need a 5-year plan;
• Start preparation NOW, make a few steps move, don’t wait until window is closed;
• Go back to China when you feel relatively confident, don’t jump into the “pond” without thinking.
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Seed money
• From US– SBR;– Family & Friends;– Angel, Venture Capital;
• From China– Angel, VCs;– Government support;– Industry investors.
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Find a location
• Where economy is relatively developed– Yangtze Delta Region is probably your
top choice;
• Where you feel comfortable and trustworthy– Can be or around your hometown; or
shop around, keep communicating until you finalize your decision;
• Where you have platform support to lower cost– Especially important for Biomedical
start-ups.
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Build up connections
• Connections are not simply teamwork; it’s a NET-work…– Focus on your strength
(mostly technology) but know how to deal with people;
– Team up with some marketing /sales gurus or build up firewall;
– Know politics and… watch CCTV news!
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Other resources
• Pay attention to policy trend– 1000-plan (state,
province, local city, high-tech park);
– Government support;
– Government grants;
– Innovation funds for small business;
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Reverse culture shock• Under-developed
healthcare/education system• Dealing with complicated
government system• Sitting in meetings with no
sense• Training “job-hoppers”• Spending a lot of time on
dinner table with hard liquor• Karaoke and got drunk…
Do you think you still have time for R&D?
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浙江清华长三角研究院• Yangtze Delta Region Institute of
Tsinghua University, Zhejiang– Located in Jiaxing City, Zhejiang (right in
the middle of Shanghai and Hangzhou)– Four research directions: Biomedical,
Environmental, IT, and Advanced manufacturing
– Four innovation centers: Silicon Valley, Ningbo, Hangzhou, Taizhou
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What do we do?• To recruit overseas talents and facilitate
them to overcome the reverse culture shock – “Talent-Inn”;
• To incubate early projects, help them find right location and local partners and negotiate better funding terms from government/VCs /industry investors – “International Incubator”;
• To provide seed money for early projects from overseas – “Zhejiang Haihe Venture Investment Management Co., Ltd.”;
• To outsource high-tech projects from China to US.
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Case study 1
• An internet storage start-up company– Incubated 1.5 years;– Got 10M RMB government funding
(with terms) and 10M RMB VC investment by the end of last year;
– Early investment valued up more than 10 times.
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Case study 2
• An internet service provider start-up company– Recruited CEO/CTO for the company;–Helped the company to negotiate terms
with local government to build up the largest data center in the Yangtze Delta Region;
–Net Income 7.7M RMB last year, ~30M RMB this year
– Investment valued up 12 times by year end.
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Case Study 3
• A medical device start-up company– Incubated 0.5 year;– Signed term sheet with 20M RMB
investment;– Investment valued up ~100 times if
deal is executed…– But…project is on-hold now.
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Case Study 4
• A mobile image search start-up company– Incubated 1 year;– Got 2M RMB government funding 1
year ago;– In talk with VCs and signed term sheet
with 2M $ investment;– Investment valued up ~5 times.
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For whom interested in “International Incubator”
• Please contact – Jiangtao Yu, 408-881-2706 (US Cell),
158-0573-7618 (China Cell), [email protected];