Fritz Demopoulos, CEO of Qunar
CEO of Qunar, Fritz Demopoulos, shares his advice on how to start a business in China and the value of taking risks. Fritz has been in China for over a decade, find out what hooked him and why he chose to stay, and what advice he has for the people are interested in China.
Interview Transcript Summary:
Can you introduce yourself and your background?
I’ve been in China for a long time, 1997, I’m originally from Los Angeles. I got a job working for news corporation in Beijing, and after that I started going out on my own and getting involved in some Internet projects. I was there in the beginning during the first big Internet bubble. It’s great to be in China since things are almost booming. We didn’t have to be as accountable as we are now, but it was a great time.
Qunar is your new project? Can you tell us about what stage you are at, what your target market is?
Qunar is a travel search engine. We are not that different from companies in States like Kayak.com. We help consumers find the best prices for flights, hotels, tour packages, car rentals and visas. We’ve been in business for three years with invest capital raised from Silicon Valley. We target 100% mainland Chinese travelers. Our vision is to meet information need for Chinese travelers, whether they are international or domestic travelers. Subsections include: business travelers, travelers who travel abroad, and frequent travelers.
What kind of advice would you give someone sitting back at home in the U.S. interested in doing business in China?
The only way you can understand China is to park here, so my advice is for you to come here either to Beijing or Shanghai. Be committed for at least six months to see if you can get things going, and get a mobile phone and business cards, and get ready to lose money for six months. It’s important for you to network and talk to people when you first get here and get involved even if you don’t have a job or have any opportunities. Find out what’s happening and network, and maybe you will get some depth and only then can you exploit the fantastic opportunities available.
Where can people go to find out more about Qunar?
Qunar, it means “where are you going?” (去哪儿) in Chinese.
