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Startups Search For Wins In China
Founders who pitched at Silicon Dragon's NY event, June 26.
Many venture capitalists today want to see entrepreneurs who have a strategy or vision for getting into the China market. They won't bother seeing them otherwise.
That makes sense given the scale of the market and its fast advances. But it's not easy. That's why many fail at least on the first try, but keep trying for the competitive edge.
Today, attuned entrepreneurs are still aiming to figure out the Chinese market and jump in before all power positions are taken.
To go to China as a young founder takes guts, imagination, steely resolve, and a certain knowledge of how the market works, which usually means having a local partner or team on the ground.
Silicon Dragon got a good read on up and comers who see their destiny in China, as part of the recent
Silicon Dragon pitch contest
in New York City.
Founders were competing for a chance to go to the Beijing global finals in mid-August (thanks to the Overseas Talent Entrepreneurship Competition) and win up to $200,000 plus startup assistance in setting up and mentoring.
Here's a sampling of east coast startups who pitched, many with business models angling for China:
- an efficient battery maker in Brooklyn for electric vehicles
- a biotech startup for monitoring of congestive heart failure problems
- a VR platform for artists to create and share music
- a mobile app for kids to learn Mandarin
- a GPS system relying on artificial intelligence and augmented reality
It is tough to select winners from so many good candidates who applied to pitch but our judges -- Brian Cohen of New York Angels and Jim Robinson of RRE Ventures -- picked two:
Alexandra Iosso, Dagmy Motors (battery maker for electric vehicles)
Herb Ryan, Bitome (biotech startup)
We'll share their profiles and videos in next week's issue of Silicon Dragon News.
ounders who pitched at Silicon Dragon's NY event, June 26.
DEALS & FUNDS
Tencent has invested $100 million to $150 million in Indonesian ride-hailing startup Go-Jek -- another signal that the Southeast Asian market is hot.
Baidu has acquired natural language startup
Kitt.ai in Seattle to continue its push into artificial intelligence.
Singapore-based digital payments startup
Instarem has raised $13 million in a Series B round led by
Publishing and education firm
Pearson is selling once high-flying Indian online tutoring startup
TutorVista to edtech startup
Chinese celebrities get their shot at global celebrity, as livestream goes viral (with a quote from Silicon Dragon).
Can China and the Internet save American business?
The giant e-commerce platform Alibaba and its charismatic founder, Jack Ma, have a plan to add 1 million U.S. jobs by enticing American companies to sell to China.
Beijing debt alarm puts spotlight on
Fosun, Wanda deals in India.
Souls of China, a new book noting the return of religion after Mao, is highlighted in a review by the New Yorker.