SpeakingMax.cn Co-Founder: Don’t Quit School For a Startup Unless It’s Worth It

Tumblr’s $1.1 billion acquisition by Yahoo is all over the news right now and so is amazement that the founder, David Karp, is a high school dropout. We’re seeing more cases of youths stopping school in the pursuit of entrepreneurial dreams, possibly inspired by cases like Mark Zuckerberg and Steve Jobs, but is it really feasible? Does everyone have such luck?

In my first interview as part of our new student entrepreneurship series, I speak with SpeakingMax.cn co-founder Jason Lin (pictured right) on his thoughts of stopping school to create a startup. He tells us of his journey as a Singaporean student venturing into Chinese waters and gives words of wisdom from what he’s learnt thus far.

Tell us more about yourself.

Jason: I am the co-founder at SpeakingMax and am also in my final year at National University of Singapore majoring in political science, with a minor in technopreneurship at Tsinghua University under the NUS Overseas Colleges Program (NOC). I took an additional year off on top of my NOC program to embark on SpeakingMax.

What does SpeakingMax do, and what is your role?

Jason: SpeakingMax is a new and unconventional English language learning tool. Our team aims to revolutionize mobile English education and pioneer the future of mobile english learning in China through the use of unique content and innovative learning methods. Users, through thousands of recorded real-life situations, would be able to learn how to speak close to how a native American would.

Also [being] the VP of product at SpeakingMax, I manage almost all aspects of product development, from day-to-day operations, website management, business development, to fund-raising.

SpeakingMax.cn was also one of the finalists at Beijing’s Global Mobile Internet Conference G-Startup Growth Stage competition (pictured right).

What were the challenges faced at SpeakingMax?

Jason: There are three problems faced while penetrating into the Chinese online education market (SpeakingMax.cn screenshots below):

1. Chinese habit of learning online. Most users are used to a classroom education and think that one-to-one and face-to-face would be the most effective way to learn. The general perception of online education is that it cannot be seamless and effective online. Until they are in contact and exposed to the idea of online education, they will not realize how effective it can be. In fact, the Chinese market for online education is still in its infant stages. Korea turned to online education back in 2008. Offline language education firms such as Wall Street English have been constantly fighting a price war but are now eventually losing their Korean market share to online players.
2. Online paying habits and trust issues. Most Chinese do not have the habit of paying large amounts online for intangible goods, services such as ours. Also, people tend to be more wary when it comes to paying online due to the high number of fraud cases in online transactions. We do get calls time to time asking if we are a real operating company, and if there’s the possibility that the company could close down. Also, it gets difficult to make payments online. There are too many different restrictions and conditions for credit cards, such as the amount you can pay per day for different banks. It is also not a habit to pay online using credit cards.
3. Slow internet speeds. All I can say is, welcome to China! Slow internet speeds and bad 3G networks. But we are looking forward to better improvements in internet speeds in the future.