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Pang says Chinese founders treat investors as debt, not equity
“A lot of founders in China grew up being under a different, very different regime. Their mentality is that let me grow it and let me take control of it. The investors are just, you know, capital money. They're debt. They're not equity.”
Pang left QCC because his co-founders refused to raise capital
“Well, I want I wanted the company at least to raise another round of money to compete effectively, and it was profitable, and I made the we launched a very, very, very profitable advertising campaign across social media and Other media channels that, that actu…”
Pang found top-down enterprise sales in China unsustainable
“Well, we, at the beginning, we were selling to the CRO and the CIOs but that was not sustainable because in China if you do a top-down approach, the sale cycle is very, very long. It takes months.”
QCC bypassed enterprise sales by charging consumers ~$50 annually
“Our product was pushed through the app stores, Apple app store, Android app store, directly to the consumers. All they had to pay is 360 RMB, not dollars.”
QCC has surpassed 300 million unique mobile app downloads
“There's a lot of repeated downloads, but overall, there's more than three hundred million people who have downloaded the app, non-duplicated.”