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Lessons from US & China for Global Entrepreneurs

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Hans Tung, managing partner of GGV Capital who has been investing in startups across US and China for almost 20 years, shares his observations on tech in the US and China, and how entrepreneurs can learn from the world’s two most vibrant startup ecosystems.

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Lessons from US & China for Global Entrepreneurs

  1. 1. Lessons From China and the US For Global Entrepreneurs Hans Tung Managing Partner, GGV Capital January 2018
  2. 2. The GGV Advantage: One Team in Two Markets with Global Perspective § With investments in China and the U.S., we have gained a deep understanding of both markets with access to global resources § Managing eight funds, $3.8 billion in total § Over 280 portfolios, invested in 33 companies with over $1 billion market cap and 29 public companies 2
  3. 3. Data Replacing Oil and Credit as Most Valuable Commodities And the Rise of Internet in China 3 Highlighted: Tech Companies; Red Text: Chinese companies; Source: CapitalIQ. Capitalizations are in millions. Data as of 1/8/2008 and 1/8/2018.
  4. 4. China Accounts for Almost Half of the Valuation of the World’s Unicorns 4
  5. 5. 5 What has changed in China?
  6. 6. China Surpassed the US as World’s No.1 Market on iOS App Stores 6 Source: AppAnnie Top 3 Countries by Quarterly iOS App Store Revenue
  7. 7. China is No. 2 in Online Consumption 7 Source: CNNIC; Internet Live Stats; BCG Analysis World’s Top 10 Countries by Online Consumption (in $billions)
  8. 8. Millennials & Gen Z Are Driving Online Consumption 8 China: 390M Millennials & Gen Z 54% of total population US: 107M Millennials & Gen Z 37% of total population
  9. 9. Alibaba’s Sales on 2016 “Singles Day” (11.11) $18 B > Black Friday + Cyber Monday 9 $3.34B $3.45B $17.8B Black Friday 2016 (US) Cyber Monday 2016 (US) 11/11 Singles Day 2016 (China) Total Sales in a Single Shopping Event ($Billions) (Online + offline)
  10. 10. Chinese Users Congregate Around “Super Apps” 10 Source: Google’s Global Mobile Research, China’s National Census Bureau, Localytics, eMarketer, BCG Analysis % of Time Users Spent on Apps (2015) Only 15% of apps in China are used more than 10x 33 Number of apps the average American user has on their phone 42-46 Number of apps the average Chinese user has on their phone
  11. 11. Case Study: Mobile Payment (WeChat Pay): a “Super App” in China 11
  12. 12. Amazon vs. Alibaba Amazon vs. Alibaba
  13. 13. Chinese Apps Are More Advanced in Content Surfacing & Social 13 Content Community Commerce
  14. 14. The Speed of Tech Penetration China 14 Source: BCG Analysis # of Years for App Penetration to Reach 50% Market Share in US vs China
  15. 15. Uber’s Exponential Growth in China 15
  16. 16. China’s Urbanization Drives the Transportation Revolution 16 New York (5.7M rides/day) Tokyo (8M rides/day) Singapore (3M rides/day) Beijing 2005 Beijing 2015 (9M rides/day)
  17. 17. Hub & Spoke: From High Speed Rail & Subways to Ride & Bike Sharing 17
  18. 18. How Will Your Business Go Global? Case Study: Airbnb 18
  19. 19. China Tech Takeaways 19 1) Serve the mass market 2) Be a high-frequency entry point (i.e. super app) 3) Join an eco-system 4) Move fast
  20. 20. Want to Learn More on China? 20 Check out “996,” our podcast on entrepreneurship in China Available on iTunes, Overcast, SoundCloud, XimalayaFM… Just search “996” in your favorite podcast app.
  21. 21. Thank you. Hans Tung Managing Partner, GGV Capital Hans.vc and 996.ggvc.com

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