Fosun Tonghao to Invest Tens of Millions of RMB in Octoparse, the Leading Web Data Collection Platform
On November 5, 2016, the grand finale of the second Fosun “InnoStar” Global Innovation and Entrepreneurship Competition, hosted by Fosun Tonghao Capital and Yunji under the Fosun Group and co-organized by Weilian and VCBeat, concluded successfully. The “Octopus” project from Shenzhen emerged as the champion from over 1,000 entries across China. Octopus is an internet data collection platform that converts unstructured web data into structured data, storing it in various formats such as databases or Excel files.
The startup projects that won second and third place are: Shenzhen Ruihan Medical (a high-tech company specializing in hand motor function rehabilitation robots, dedicated to addressing the challenge of distal motor nerve rehabilitation for China’s 12 million stroke patients).
Modoo from Beijing (developer of the world’s smallest fetal monitoring device – Mengdong Smart Pregnancy Assistant, which leverages the world’s first passive fetal heart rate detection system and automated fetal movement recording technology to focus on maternal-fetal and perinatal health, helping to alleviate prenatal anxiety.)
From ChengduGlomerular Disease Community （CDK Chronic Kidney Disease Management and Precision Medicine Tools). Won the Best Popularity Award!
The “InnoStar” Competition, hosted by Fosun Group, is a global innovation and entrepreneurship contest. This year’s competition adopted a “regional division + online” model for submission and screening. The ten projects participating in the Shanghai finals were selected as high-quality entries from over 1,000 startup projects across eight major cities in China.
Winning Team Poses for Photo with Guests
Following the completion of relevant due diligence, the first-place winner of the competition will secure an investment from Fosun Tonghao in the tens of millions of RMB. The top three teams will have the opportunity to meet or dine with Fosun’s founders, including Guo Guangchang, Liang Xinjun, and Wang Qunbin, as well as other senior executives. The ten finalist teams will attend the competition gala dinner, dining alongside Fosun Group’s senior management and prominent investors.
In addition to the startup competition, the conference also featured a roundtable forum themed “Driving Innovation and Entrepreneurship with an Industry Mindset.” Distinguished guests, including Chen Qiyu, Chairman of Fosun Pharma; Zhang Weijiong, Dean of CEIBS; Nan Lixin, Founder of Cyzone; and Shi Hong, Chairman of Redstone Ventures, engaged in dynamic discussions and exchanges.
Regarding innovation, Chen Qiyu believes that the essence of innovation lies in meeting the genuine, fundamental needs of contemporary society, rather than merely reflecting one’s own imaginings. Secondly, innovative products in the healthcare sector must obtain regulatory approval in full compliance with applicable laws and regulations, and be manufactured through stable, reliable production processes. This is because products often appear differently when viewed from the perspective of scientific research versus industrial commercialization. Some products can be developed in the laboratory but cannot be scaled up for mass production. These insights have been drawn from Fosun’s years of experience and lessons learned.
Shi Hong stated that the evaluation of startup projects is primarily conducted from the following dimensions: first, the scale of the existing and future markets in the sector where the entrepreneurs operate; second, the product innovation of the startup project and its competitive advantages over other products; and third, the team’s execution capability, as well as its complementarity and cohesion. As the saying goes, “In the early stage, evaluate the team; in the mid-stage, evaluate the product and services; in the late stage, evaluate the financial statements.” However, Shi Hong believes that regardless of the project’s development stage, the team should always be the primary consideration.
Nan Lixin believes that the most critical factor for the success of a startup venture is the human element. An analysis of over 100,000 teams on the Cyzone platform reveals that all successful startups have an excellent founding team, which includes not only a capable CEO but also team members who complement the CEO’s skills. Failed teams often struggle to adapt when market trends shift or the environment changes, leading to internal discord. Nan Lixin concludes that nearly all failed teams are not defeated by competitors but rather succumb to internal disagreements. Furthermore, when selecting investors, successful startup teams should choose those who offer complementary strengths and possess industrial investment experience and background.
Zhang Weijiong believes that innovative products must first offer value; second, they must be manufacturable at low cost; third, they must outperform competitors, otherwise they lack competitiveness; fourth, a strong team is essential; fifth, adequate resources are required, whether from investors or the industry; and sixth, the sustainability of the entrepreneurial model must be considered. Entrepreneurs should meet at least three of the above prerequisites before launching their ventures.
Roundtable Discussion
The other six competing projects, although not awarded, were also selected as outstanding entries nationwide. A brief introduction follows:
ShanghaiEMGRehab, leveraging medical-grade electromyography (EMG) sensors to fundamentally improve the current state of rehabilitation and disability care;
ChengduWilling to Provide Care, a one-stop service platform for nursing and rehabilitation;
AustraliaLime Bear, an Australian rental platform, building the overseas version of Ziroom Apartments;
HangzhouSubstantiality of the Deficient, one of the best VR foot-tracking devices, an essential device for VR socializing and shopping, and the gateway to the virtual world;
ShenzhenVitality, leveraging clinical medical principles and big data from the Chinese population to provide professional workplace health solutions for working professionals;
ShanghaiSkin Treasure, the world’s first online dermatology consultation platform, helping users achieve greater beauty and better health.