Global Unicorn Fair offers new strategy for entering Chinese markets
VIENNA / ACCESSWIRE / December 4, 2019 / The first Global Unicorn Fair (GUF) was held in the Museum of Applied Arts in Vienna, Austria, on Nov. 28. The following day, the inaugural ceremony for the Global Alliance of Sharing Economy (GLASE) was held in the same museum.
Both conferences encouraged participants to embrace the era of the sharing economy and to develop a world of business without borders. Global political and business leaders attended both events to promote cooperation among the world's leading enterprises and chambers of commerce.
The host of the Global Unicorn Fair, ToJoy, is China's largest business accelerator. China is now the world's second-largest economy, and many see unparalleled commercial potential for global businesses in China. In recent years, China's import and export volume has grown the fastest in the world. As China accounts for nearly 20% of the world's purchasing power, China's consumers now represent the largest market in the world. ToJoy points out that Chinese technological innovations in 5G and mobile payments combine with the country's strong manufacturing capabilities to provide an attractive incubation ground for global companies that are interested in entering this market.
Historically, international companies have used different methods to enter the Chinese market to varying degrees of success. Coca-Cola, one of the first global companies to set its sights on Chinese market, hired Chinese employees, rented local offices, and utilized local resources. Coca-Cola has since become the most popular beverage brand in China. China has also seen an influx of foreign investments from the United States, the United Kingdom, and other countries. Chinese e-commerce giant Alibaba Group absorbed capital from Softbank Corporation, a Japanese group.
Yet challenges exist in this market as well. Many companies have endured long start up periods, cash shortfalls, and cultural gaps that end up hindering growth. ToJoy and GLASE envision these November conferences as opportunities to invite companies that are interested in entering China effectively and sustainably to take advantage of their existing networks, platforms, and institutions.
The GLASE conference in particular was held to unveil a reliable business platform to be jointly built and shared by global enterprises for mutual economic benefit. GLASE was established by former Prime Minister of Australia, Kevin Rudd, and supported by 33 former state leaders who act as GLASE's Co-Chairs, Vice-Chairs and Senior Advisors.
The GUF on Nov. 28 encouraged global entrepreneurs and investors to share resources and to look for business opportunities not just in China, but worldwide. 300 large-scale GUF symposiums are now hosted by ToJoy annually, with each symposium attended by 600 to 1,000 high-net-worth entrepreneurs looking for business and investment opportunities in China and beyond. Other ToJoy entrepreneurs make use of the ToJoy Cloud APP to participate in such events remotely.
The ToJoy online-offline business platform consists of more than 700,000 high-net-worth entrepreneurs. ToJoy provides a comprehensive set of professional services to accelerate businesses in China and beyond, including funding raises, joint operating partner matching, marketing, project management, capital management, IPO support, and consulting. ToJoy's 5,000 full time staff support its client companies' expansion into the 650 Chinese cities it covers, as well as global acceleration for clients from its international headquarters in New York, Paris, Hong Kong, and Mexico City.
ToJoy and GLASE will continue to support the development of the companies in attendance at these Vienna events. For further information on acceleration opportunities, inquiries are welcome at your regional ToJoy office.
Public Relation Head
Global Alliance of Sharing Economy