E-commerce to bike shares: How Chinese firms went from copycat to copy that
Silicon Valley take note: in everything from mobile payment systems to news apps, businesses across Southeast Asia look to a new horizon for inspiration – China
Ian Chua took his first step to establishing a multimillion dollar business by watching a YouTube video.
Back in 2012, Chua was browsing the web when he came across a television interview featuring the Chinese entrepreneur Chen Ou. Chen, the founder of Beijing-based Jumei, talked about how he had built one of China’s biggest online cosmetics store by leveraging shoppers’ collective bargaining power.
Chua, a young Malaysian student fresh out of college, listened carefully and an idea emerged.
“I was thinking to myself: ‘I want to do this in Malaysia,’” Chua recalls.
Fast forward four years and Chua’s company, Johor Bahru-based Hermo, is one of the most successful beauty e-commerce websites in Malaysia.
The company’s sales revenues reached US$10 million last year, up from US$100,000 in 2012. And Chua, still just 27, has landed a place on Forbes Asia’s “30 under 30” list – a celebration of the region’s brightest young entrepreneurs.