Neil Shen knows a thing or dual about what creates a successful entrepreneur.
Shen, who started his career as an investment banker, co-founded Chinese transport services provider Ctrip.com and went on to turn a initial partner of Sequoia Capital China. He was also an early financier in one of a hottest companies in China during a impulse called Meituan, a internal services height mostly referred to as a Groupon of China.
“When Meituan initial launched, they did try to learn from a Groupon indication in a U.S,” he pronounced during Fortune’s Brainstorm Tech International discussion in Guangzhou, China on Wednesday. “In a final few years, Meituan’s business indication shifted in a approach that creates it unique. It doesn’t have a U.S. comparable.”
Many U.S. companies tend to concentration on a home marketplace since it’s “a big, abounding market,” so because demeanour elsewhere? “The chronological knowledge is that if we conquer America, we can conquer a world,” he said. “But that’s starting to change.”
Over a years, Chinese entrepreneurs have gained a repute of simply being copycats of American technology. That picture is commencement to fade. In fact, Shen says a conflicting is happening.
“Yes, a lot of U.S. companies still consider China is about copycats, that is a totally, totally wrong perception,” he said. “I would advise that U.S. companies should indeed try to learn from China.”
Shen used Meituan as an example. Although it was desirous by Groupon, it developed over Groupon’s ambitions. Meituan started out as a group-buying site, though it has fast turn a world’s largest online and on-demand smoothness platform. It recently announced that it would launch a ride-hailing use of a possess in China to contest opposite internal hulk Didi Chuxing.
“In a final few years. a mobile Internet has given a Chinese businessman a possibility to infer they are a strange creator of those models,” Shen said.
Article source: http://fortune.com/2017/12/05/china-copycat-tech/