TTPai: How to drive startup success in China
Yu Butao knows something about selling cars in China, after spending years in the auto industry. Drawn to China’s burgeoning innovation economy, the CFO of TTPai helps consumers find a better way to sell used cars online.
TTPai is a consumer-to-business company that offers sellers an online platform on which they can determine the car’s worth, set up in-person car inspections and then proceed to auction, typically through a car dealer.
Be determined to improve your industry
Yu admits that when he began his entrepreneurial endeavor a few years ago, he was motivated by the idea of financial freedom. He quickly realized, however, that financial success was not the real motivator for him. “You can't start a business just for money,” he says. “Otherwise, your experience will be very painful. First of all, you should love the industry. And you have to have the determination to improve it,” he adds.
Yu eats, sleeps and breathes the auto industry, and TTPai follows industry and market trends closely to constantly adapt to changes.
Build partnerships for success
He also believes having reliable partners is critical. “Things can't be finished by one person,” Yu says. “I have advantages in this aspect while my teammate has advantages in that aspect.” He views the cooperation of team members as the essential glue to his company’s success.
Early on, TTPai partnered with SPD Silicon Valley Bank (SSVB) and received a pure credit loan in 2015: “It was the first pure credit loan for our company,” he says.
SSVB promotes entrepreneurship in China
Yu says that he appreciates SSVB’s entrepreneurial outlook, and its promotion of innovation in China. “SSVB takes the lead in the industry,” he adds.
SSVB is a joint venture bank that was established by Silicon Valley Bank and its partner, Shanghai Pudong Development Bank Co., Ltd., in order to offer specialized commercial banking services specifically for innovative companies and their investors in China. SSVB has branches in Shanghai and Beijing.
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