Since tech innovator William Bao Bean has joined early 2015 the ChinaAccelerator, a global venture accelerator in Shanghai, a stream of exciting events has developed. In Technode he explains why China is now the place to be for technological innovation.
William’s approach to China doesn’t resemble the “import and adapt” strategy attempted by global internet giants like Facebook, Google and Yahoo. Instead of introducing established foreign companies to Chinese market, William believes the key is inviting the innovation process to China. He joined Chinaccelerator, a global venture accelerator based in Shanghai, which helps entrepreneurial teams coming from all parts of the world to take advantage of proximity to the Chinese market.
While China is infamous for copycats, William pointed out that China is also the largest mobile first and mobile only market in the world. There are 649 million internet users in China, and a consumer’s first internet experience is often mobile instead of PC, especially in rural areas.
“Their internet experience is different form someone in Europe and the U.S., so the requirements and the user experience has to be different.”
As a US-born Chinese, William first came to China 20 years ago to improve his language. He started his career as an equity research analyst and then as a technology investment analyst, working for investment institutions like Softbank China & India Holdings and Singtel Innov8, successively. William then joined SOS Ventures, a US$235m accelerator focused venture capital fund, and became the managing director of Chinaccelerator, China’s early-stage startup accelerator…
“I guess the biggest problems that foreigners have when they come to China is that they think their way is right and other people’s way is wrong, and it important to understand there’s more than one way to do things”, said William. A lot of international companies and entrepreneurs come to China, they think they have the solution while in fact the market does not like their solution.
“If one is to succeed in China, the lean startup approach is very important. When you identify a problem, you come up an solution, then you test it in the market, you let the market to validate your idea.”
“In the US, we have three steps in firing at your goals, getting ready is your strategy, aiming-tactics, firing-execution. China places more importance on execution. Their method is running around and see what you hit. Don’t spend all your times on your tactics.”
Are you looking for more innovation experts at the China Speakers Bureau? Do check out this list.