The internet in China has been dominated by four huge players, Alibaba, Tencent, Baidu and Sina Weibo. After crushing their domestic competitors, they are now ready for the online world war, says VC William Bao Bean at Next16 the German audience about startups. “You’re under-funded, too slow and don’t work hard enough.”
Next16:
Think of it as a world war, says William. Each of the big four were good at one thing in the beginning – and it was different for all of them. The first generation entrepreneurs didn’t retire and become VCs. They stayed and crushed the competition. And now they’re fighting with each other. Then they’re go to the rest of Asia. And eventually they’ll come to Europe and the US. And their game plan is to control ALL commerce…
Cabs and food delivery have been a war, says William. Half of China has been eating 50% off for a year through VC money. Over $2bn has been spent on taxi subsidies per company. Über fought to a draw. They did well…
You have to run the business from China, not Germany. Let it go – and expect things to break. You need to break things to succeed in China. China is investing in startups and 4.4 times the rate of Europe as a whole. 99% of companies do not below in China. You’re under-funded, too slow and don’t work hard enough.
William Bao Bean is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers´request form.
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