Many young people returning to China after having completed their studies overseas have emerged as successful entrepreneurs. Yu Yin, the president of SummerChina Program, an international summer school, was busy negotiating funds for her company from several venture capital firms when she spoke to 21st Century Economic Report. Twenty-three-year-old Yu is enthusiastic about starting her own business after having worked in 15 different jobs.
Meanwhile, Wang Guanchun, who received a PhD from Princeton University in 2011, set up a website with Hu Yichuan, a PhD holder from the University of Pennsylvania, after turning down an offer from investment bank Goldman Sachs. The two will serve as film-geneticists, operating a database of hundreds of millions of movies, similar to a gene database.
An investor in the website, Xu Xiaoping, labeled young entrepreneurs such as Yu and Wang as "the second generation from overseas," who are a product of globalization and come up with groundbreaking ideas.
Young entrepreneurs who have graduated from prestigious overseas universities and speak English are also representatives of China's second generation from overseas.
An official from an investment company said he was greatly interested in emerging industries, including advertising, media, mobile internet, online tourism, children's education and social applications, where young entrepreneurs returning from overseas could fit in well.
However, David Ying Zhang, the founding Managing Partner at Matrix Partners China, an early-stage technology venture-capital firm, disagreed with the official, saying on several different occasions that he would not invest in companies operated by young entrepreneurs returning from overseas, as they lacked local experience.
Several representatives from the venture-capital industry have said overseas business models could face problems with localization when introduced in China. An entrepreneur returning from overseas would have to localize his or her business, if it were to become a success.