Technology Leadership Dinner: UK/China business opportunities - 18/03/19❰ Back
Bailey Fisher was pleased to host the latest in our series of Technology Leadership Dinners with guest speakers Ting Zhang of Crayfish International; Rick Hao of IQ Capital Partners & Henk Koopmans of Huawei Technologies R&D UK. The topic was UK/China business opportunities.
Interestingly this was the second dinner that Bailey Fisher has hosted on this topic in recent weeks, and common themes have emerged across tech & digital health:
- Due to cultural, language and relationship development differences, in-country partnerships or a localised team/freelance workers are absolutely vital for business success in China;
- Collaborate with long-term relationships in mind and seek mutually beneficial partnerships;
- Don’t go it alone; organised events such as investor roadshows make life much easier
- In China, WeChat is embraced as a far less formal and cumbersome form of communication than email, and often expedites processes and negotiations significantly;
- The focus between the UK and China used to be very one dimensional. UK would sell to China and outsource there. Now China’s tech is catching up & there is currently a huge push in China for innovation. Historically this has been focused on B2C but is now targeting the B2B space. The government has put in a 5-year plan for AI development;
- 48% of global equity funding in AI has come from Chinese money. With new US policies limiting this, there will be a greater focus on UK/Europe;
- The market is dominated by Baidu, Alibaba & Tencent (BAT). They drive investment and set trends;
- Average time from start-up to unicorn is 4 years;
- IP protection is far more robust that people typically perceive – this is driven by China’s own need to progress their own technologies;
- Collectively the UK should be proactive in shaping China’s appetite and recognise that a passive approach will be interpreted as indifference;
- Don’t be fooled by the apparent large sums of VC money on offer from China – credible investors with experience are what matters and currently this represents a trickle;
- Common misconceptions can put people off seeking to work with China, however with the right partnerships and guidance, business is no more challenging than any other international market.
Bailey Fisher’s Technology Leadership Dinners are hosted in partnership with Mills & Reeve and Grant Thornton.
Attendance at these events is by invitation for C-level executives from innovative businesses across the growth technology sector. For more information on future events please contact Toby Young – Head of the Technology Practice, or Helen Poole – Head of Marketing & Events at Bailey Fisher.❰ Back