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Venture-backed Startups in China: A Hidden Job Market?

Venture-backed Startups in China: A Hidden Job Market?. Andy Mok, Managing Director Red Pagoda Resources, LLC Delivering Exceptional Talent to Audaciously Visionary Startups in China March 1, 2010. Agenda. Why China? Why big cities? Why startups? 3-Point Blueprint for Success

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Venture-backed Startups in China: A Hidden Job Market?

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  1. Venture-backed Startups in China: A Hidden Job Market? Andy Mok, Managing DirectorRed Pagoda Resources, LLCDelivering Exceptional Talent to Audaciously Visionary Startups in China March 1, 2010

  2. Agenda • Why China? Why big cities? Why startups? • 3-Point Blueprint for Success • Specific Advice and Tools Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  3. Why China? Economic GROWTH IMF World Economic Outlook GDP Growth for 2010 Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  4. Why China? Increasing U.S. Unemployment Bureau of Labor Statistics Unemployment Rate at Jan 31 Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  5. Why China? Booming Consumer Market Annual retail sales growth in China 17% (inflation-adjusted) Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  6. Why China? Implications • Growth equals business opportunities • Opportunities require well-trained and ambitious people to realize them • Growth also means opportunity for rapid career advancement • Bottom line: Greater quantity of jobs Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  7. Why big cities? Innovation • Diverse economic and social structures true engines of growth • Jostling and dense environment essential to creating things that are truly new • Innovation is what keeps cities vital and relevant Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  8. Why big cities? Virtuous Cycle THE BIGGER THE BETTER Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  9. The world’s 40 largest mega-regions Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  10. How do China’s big cities stack up? Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  11. Why big cities? Conclusions • Often crucial sources of innovation • Regarding innovation and cities, the bigger the better • Prediction: Tsunami of Chinese innovation • Bottom line: Higher quality job opportunities Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  12. Why startups? The Real Growth Engine 2010 Recruiting Trends Source: Michigan State University Collegiate Employment Research Institute Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  13. Overall Conclusions • Strong growth in China resulting in massive increase in quantity of jobs • Drivers of innovation mean higher quality of jobs created in China’s big cities • Most new job creation occurs in startups/fast-growing companies • So, now what? Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  14. 1 – 2 – 3 Clarify – Commit – Execute Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  15. 3-Point Blueprint: CLARIFY Private victories precede public ones* *Source: The 7 Habits of Highly Effective People by Stephen Covey Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  16. 3-Point Blueprint: CLARIFY • What do you want, really? • Be careful what you ask for... Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  17. 3-Point Blueprint: CLARIFY Are you really special? Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  18. 3-Point Blueprint: CLARIFY Acid test: • How truly resourceful and independent are you? • How badly do you want it? Is it in you? Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  19. 3 Point Blueprint: CLARIFY Cracking the code: • Compensation • Current skills • Growth potential • Adaptability Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  20. 3-Point Blueprint: COMMIT What goes around, comes around • Penn Alumni Club of Beijing • Short-term unpaid internships • Other appropriate volunteer opportunities Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  21. 3-Point Blueprint: COMMIT There's no substitute for being there Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  22. 3-Point Blueprint: COMMIT • Other ways to demonstrate commitment • Formal Chinese classes • Your ideas? Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  23. 3-Point Blueprint: EXECUTE • Immerse yourself in the environment • Build a network of allies and advocates • Hone and sharpen your pitch Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  24. Advice from VCs - 1 • Keep in mind the different levels of management talentbetween the U.S. and China • The VC industry in China is less mature and experienced than in the U.S. • What are some of the more common mistakes people make when job hunting in China? • Some candidates over-estimate their own ability and underestimate the challenge of adapting to the environment • Need support network to help overcome challenges • Build a network through recruiters, school career office, alums to identify opportunities Michael Yin, Associate at Warburg Pincus Asia LLC Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  25. Advice from VCs - 2 • Most startups don’t formally recruit • It’s ALL word of mouth • Opportunities open and close very quickly • Need to talk to EVERYONE • “Every single job I got began with a conversation with someone who didn’t have a job to offer” Patrick Chovanec, Associate Professor at Tsinghua University Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  26. Advice from VCs - 3 • Lower your expectations • Don’t expect things to happen to quickly. Results take a while • Study failures • Be ready to abandon pre-conceived notions • Learn about your target companies informally ZHOU Hailun, Director at China New Enterprise Capital Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  27. Specific tools - LinkedIn Using LinkedIn effectively Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  28. Specific tools – China Startup Resume Book • Add your resume • Will be circulated among select venture capital firms and their portfolio companies in China UPenn Career Services – China Startup Resume Book Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

  29. Andy Mok, WG’02 • Over seven years of private equity and startup experience in Greater China • Founder of Wharton Alumni Club of Seattle, • Johns Hopkins School for Advanced International Studies, MA in China Studies • Contact info: • Andy@RPResources.net Delivering Exceptional Talent to Audaciously Visionary Startups in China - www.rpresources.net

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