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Yahoo VP: Chinese entrepreneurs deserve special credit for efficient globalization

By Jiang Jie (People's Daily Online)    15:30, August 01, 2016
Yahoo VP: Chinese entrepreneurs deserve special credit for efficient globalization
(Soujanya Bhumkar, vice president of Yahoo, addresses a sub forum of the 2016 Media Cooperation Forum on Belt and Road in Beijing. Photo/people.cn)

As Chinese companies increasingly set their eyes on the global market, Yahoo’s Vice President of Global Partnership has said that special credit should be given to companies headquartered in China, which are efficiently seizing business opportunities worldwide.

Recalling his experience as CEO of Cooliris, Soujanya Bhumkar said his 28-person team has already worked with Chinese companies such as Baidu and Sina.

“It is clear to me what is about to come next is that these companies in China are looking at customers outside of China. It’s no longer a Chinese company. It’s a global company headquartered in China,” Bhumkar told People’s Daily Online in an exclusive interview on July 27.

Given his role in facilitating global partnership, Bhumkar said he is now in Beijing once a month because Yahoo’s partners in China have enough resources for users worldwide, which is of special importance. Bhumkar pointed out that Chinese companies are not only dedicated and efficient, but are also equipped with a great deal of information on data and design, for example.

Especially notable is the fact that many Chinese entrepreneurs are moving quickly and making sound decisions. Perhaps this is because they recognize that opportunities do not exist forever, according to Bhumkar.

“At Cooliris, we always say your risk is in inaction. If you take an action and if you fail, that’s okay. You pay a cost to do that, but the real cost is if you never even try. Chinese entrepreneurs recognize that, and I hope more entrepreneurs in the world will, too,” he noted.

Specifically, Bhumkar said a different mindset embraced by many Chinese startup companies also contributes to their global achievements--be they partnerships, investments or acquisitions. For those companies, it is important to declare themselves a global brand instead of a local manufacturer.

“Maybe it’s self-critical, keeping the bar so high,” Bhumkar said, referring to the stereotypical image of a Chinese businessperson as dedicated but lacking innovation and ambition. “I don’t see that with too many companies but very few countries. [South] Korea, of course. You see a lot of innovation also. Definitely I see [that in] entrepreneurs from China,” he noted.

The vice president, who has been working with Yahoo for less than two years, declined to comment specifically on the Internet giant's latest acquisition. With regards to general acquisitions by startup companies, Bhumkar said the situation varies depending on each company and the stage of each project.

Bhumkar mused, “Can that technology you build become a building block toward something bigger, or maybe you are so successful in the market that you are letting it [become] slightly more, or fully, independent, but the ultimate decision is economy-driven and [about] what makes the most economical sense. It depends on each case, both on the acquirers, the acquirees and what you decide together." 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor: Jiang Jie,Bianji)

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