China's start-up boom lures talent away from traditional path
Updated: 2016-06-26 16:58
(Xinhua)
|
|||||||||
Staff members prepare to arrange the conference hall which will be used at Summer Davos Forum in Tianjin, North China, June 25, 2016. China's northern port city of Tianjin is getting ready for the Annual Meeting of the New Champions 2016, also known as the Summer Davos Forum, between June 26 and 28. [Photo/Xinhua] |
Start-ups offer the prospect of realizing one's dreams, leading many to give up high-paying jobs at established firms, according to investors and entrepreneurs on Sunday at a meeting of the World Economic Forum in Tianjin in North China.
A growing number of talented people are starting their own companies instead of working for big firms. China's start-up boom comes as the Internet plays a growing role in retail and other services and following endorsements of entrepreneurship by authorities.
"Back then there was a lack of talent in young companies, because there were a lot of risks and fear in not taking the traditional path," said Calvin Chin, founder of Transist, a start-up incubator. "But now as start-ups become increasingly more popular, and more and more companies grow into success from nothing, what you see is that smart people are opening their own companies in China."
Anna Fang, partner and CEO of Beijing-based venture capital firm ZhenFund, said the Chinese start-up community is studded with both ambitious up-and-comers and corporate veterans.
"Not just college graduates, but also senior corporate executives and public relations specialists -- they all want to start their own company, and that's really a significant advancement," Fang said.
The list of corporate veterans joining start-ups in China runs long. Jean Liu, a former investment banker at Goldman Sachs, joined Chinese ride-hailing firm Didi, Uber's arch-rival in China. Maggie Tan Jing quit her job at UBS to co-found Home-Cook, a start-up that sends people to cook homemade meals for white-collar workers in nearby office buildings. Longhsiang Loh, a veteran banker, joined online wealth management start-up Dianrong after nearly 18 years at Standard Chartered Bank.
"For companies, a big paycheck is no longer the best lure for talent," said Yuan Hui, founder of Shanghai-based artificial intelligence firm Xiaoi.
"It has to be the vision, something that touches the softest part of their hearts and make them realize that doing what they do can really make a difference for the world," Yuan said.
Investors are keen to see China attract talent from around world in the future, lured by the country's supportive atmosphere for entrepreneurship.
- US urged not to rock the boat by flexing its muscles
- UK's EU referendum polls show 'Leave', 'Remain' tied up
- DPRK yet to confirm suspected missile launches
- Chinese panda expert concerned by sick panda in US
- British MPs pay tribute to murdered MP Jo Cox
- DPRK deploys Musudan ballistic missile in east coast
- UK votes to LEAVE the EU in historic referendum
- Aussie Ben Simmons picked by 76ers as No 1 in NBA Draft
- Ancient scroll's digital art show staged in Beijing airport
- University students go underwater to celebrate graduation
- Ten photos from around China: June 17 - 23
- Rising above the clouds: Mist envelops Qingdao
- In pictures: Countdown to Brexit referendum
- Top 10 classic Walt Disney animated films
Most Viewed
Editor's Picks
Anti-graft campaign targets poverty relief |
Cherry blossom signal arrival of spring |
In pictures: Destroying fake and shoddy products |
China's southernmost city to plant 500,000 trees |
Cavers make rare finds in Guangxi expedition |
Cutting hair for Longtaitou Festival |
Today's Top News
Abe's blame game reveals his policies failing to get results
Ending wildlife trafficking must be policy priority in Asia
Effects of supply-side reform take time to be seen
Chinese State Councilor Yang Jiechi to meet Kerry
Chinese stocks surge on back of MSCI rumors
Liang avoids jail in shooting death
China's finance minister addresses ratings downgrade
Duke alumni visit Chinese Embassy
US Weekly
Geared to go |
The place to be |