Chris Evdemon from Innovation Works Development Fund in Beijing visited us in the Jungle this week. He shared thoughts on his experiences working with early stage companies in China as well as lessons he learned from his time in Singapore.
What advice did he share?
Every country in SEA is different
“The challenge with this part of the world is that every country is quite different, which means there will be big differences in how you design your products. In some countries your users predominantly use mobiles, in other countries most people have a PC.”
Empower your local partners
“Assuming you will work in local markets, empowerment of your local partners and colleagues in the local market is really important. Make sure they have the tools and power to make decisions.”
Smart phones in China
“There are only 70 million have smart phones in China. (Pause). Hmmm that sounds big to you, but that is just a drop in the ocean. Just imagine the growth potential in the Chinese market.”
Don’t be afraid of taking on a giant
“I wouldn’t discourage any entrepreneur in this part of the world not to go against a large incumbent. Fragmentation creates a lot of opportunities.”
Chris is a Partner in Innovation Works Development Fund in Beijing. He has 12 years of ‘hands on’ entrepreneurial and angel investments experience primarily in Information Technology, as well as in the education and entertainment industries.
In 2008, Chris was a Managing Partner at Eastern Bell Venture Capital, a 300 million RMB local China fund, based out of Beijing and Shanghai. In 2005, Chris served as the CEO of ICDL Asia Pacific Ltd., an organization in the computer skills certification sector with operations in over 25 Asian countries, which he helped turnaround and relocate to Singapore.
You can follow Chris on twitter @evdemon