Day 4 - May 25th Friday (Tsinghua University)

Summer Palace

We got a chance to pass by the site of the Olympics on our way to the Summer Palace. The under-construction National Stadium looks really impressive and futuristic. Summer Palace was really beautiful and large. It was also well-preserved considering how old it was. Similar palace and gardens in most other developing countries would not stand the test of time. Again, I hate to bring up India; however, some of the palaces and gardens built much after Summer Palace are under ruins and the Government of India seems to be overlooking this fact. This makes me think that does an authoritarian government succeed in preserving its history and culture much longer than a liberal one?

(The Olympic Stadium Under Construction)

Tsinghua University – Jian Gao, Professor of Entrepreneurship and Chair of Department of Innovation and Entrepreneurship

Prof. Gao spoke about a very important phenomenon that has become very evident in modern day China. He said that in recent years, entrepreneurial activities in China have surpassed other Asian and global countries. I am not surprised by this fact since it is highly evident from the success of companies such as Lenovo, Huawei, Haier and Chery. Entrepreneurship in China has moved from being necessity-based to opportunity-based. Entrepreneurs are no longer feeding the needs of the people; they are going above and beyond and providing products and services not only to the local market, but also the global market.

Fidelity Asia Ventures - Daniel Auerbach, Managing Partner

I loved the way he started the presentation. “Riding the giant wave” was such an apt way to put China’s current status. In some aspects, it seems that the wave has just begun and there are plenty of opportunities for entrepreneurs. However, he also pointed out that cash is flowing into China and there are very few deals exchanging hands causing asset valuations to spiral upwards. I also liked his analogy of using a “platform” based approach when looking at new deals. One needs to have a strong base that is flexible enough to customize based on the current requirements. Dan’s interactive discussion based presentation made me think of going back to India immediately and start riding the wave in its initial stages.