Coffee Chat: From Singapore, Silicon Valley, and then to China [LIVE BLOG]

This post is a part of our coverage of Startups in Asia (Singapore), Penn Olson’s first tech conference. Our full coverage of the event can be found here, for our RSS feed, click here.

Summary

James Tong (pictured above), who hails from Singapore, is the founder and president of Asia operations at Dextrys. He’s on the board of iDA, and is also a venture partner at Gobi Partners, which is a SG$100 million fund that focuses on Southeast Asian startups that have promise in the Chinese market.

This morning he’s chatting to our Willis Wee about moving into the China market…

Liveblog

#11:57: And that’s a wrap. Startups who might like to turn to iDA for guidance should start on its website.

#11:55: Now, in 2012, should startups move to Silicon Valley or China? Depends on your area, says James. If your idea is social networking, then go perhaps to the US, where that’s unrestricted. But if it’s, say, e-commerce, then go to where the consumers are, in China. But it also depends on your comfort zone.

How about an IPO for Dextrys? James suggests now’s not the right time, especially for a Chinese tech firm, which tend to be viewed with suspicion these days. But he’s aiming to list in maybe two or three years time.

#11:53: “Commitment is important. You have to go there [to China].” That’s his advice for startups. Plus, young teams going to China need to meet locals – not just other expats – and talk to them. Get to know the industry. Don’t be ashamed to ask for help from agencies. Either the iDA offices in Shanghai or Singapore, or any other government agency. Help is there, says James.

#11:50: James jokes that how much alcohol you can drink is crucial to success in China. That’ll be the baijiu then. And KTV (karaoke) girls, jokes Willis? But James says that government relations in China is actually quite straightforward, involving speeches, meetings, and – yes – a lot of alcohol. But not KTV girls.

How about bribery? Well, says James, startups and other firms are in a monied and stable industry where that doesn’t happen.

#11:48: Dextrys has gotten support from the Chinese government, which is a rare thing. But James insists it’s not so unusual – the Chinese government backs startups just as the Singaporean one does. How much exactly? James says the city of Suzhou gave his firm US$1 million a while back, and also waives some rent. “Holy shit,” says our ever-eloquent Willis.

#11:47: Suzsoft soon grew and bought a US firm called Darwin. That required a new name – Dextrys – to avoid a hyphenated brand that’d sound like a firm of lawyers, says James.