On June 29, 2024, the 10th VCWI Innovation and Entrepreneurship Forum and Co.Lab Hackathon successfully took place at the Echo Building in T/U Delft. The event brought together numerous entrepreneurs and industry experts, aiming to provide a platform for Chinese entrepreneurs in the Netherlands to receive training and personal growth opportunities, helping them achieve breakthroughs from 0 to 1.
Opening Ceremony and Problem Definition
The event officially commenced at 10:00 AM, with the activity led by the organizer Bao Zixian alongside the participants of the Hackathon. During the “Problem Definition” session, participants engaged in open discussions and brainstorming to identify the problems their entrepreneurial projects aimed to solve, as well as to determine their target customer groups and market positioning.
Idea Generation and Concept Development
From 11:10 AM to 1:00 PM, the teams participated in the Idea Generation session in Hall B1. During this phase, team members discussed and refined their entrepreneurial ideas. Following this, from 1:00 PM to 2:30 PM, the teams worked on concept development and pitch practice to ensure they could clearly and effectively convey their entrepreneurial concepts during the upcoming project presentations.
Keynote Speeches
Meanwhile, in another venue within the Echo Building, the VCWI Innovation and Entrepreneurship Forum held a series of keynote speeches for other attendees. Here are the highlights from the three guest speakers:
- Secrets of Managing Startup Teams
Dr. Shuai Yuan, a psychology professor at the University of Amsterdam, provided in-depth insights into the formation and management of startup teams, offering both practical experience and theoretical guidance. He introduced two main strategies for team formation: relational search through close networks (such as family and friends) and rational search through broader resource networks. The former is based on similarity and attraction, forming strong relational ties but possibly leading to homogeneity in information and skills. The latter is based on economic practicality, bringing complementary knowledge and skills.
Dr. Yuan emphasized that successful teams should combine these two strategies to avoid the limitations of a single approach. He proposed three golden rules for team management:
- Transparency and Deep Collaboration: Encourage team members to share sensitive information to foster open dialogue and innovative thinking. Dr. Yuan mentioned that honest and open walking meetings can promote diverse thinking and informal exchanges. Additionally, using visual and efficient communication channels can facilitate deep conversations within the organization and maintain team cohesion and alignment through clear task division.
- Effective Conflict Management: Distinguish between task conflicts and relationship conflicts, where the former can promote thorough discussion and decision-making, while the latter can lead to dysfunction due to emotional tension and hostility.
- Maintaining Team Passion: The passion for entrepreneurship may wane over time, so it is essential to sustain team vitality through identity sharing and sustainable life and career management. Appropriate recognition and rewards (both financial and psychological) can keep team members motivated and engaged.
Dr. Yuan also shared strategies for handling the departure of core team members, stressing that quick and decisive responses are crucial for the continued development of the team. During the Q&A session, Dr. Yuan addressed how to build connections with locals in the Netherlands, suggesting learning Dutch and understanding the local culture to establish deeper relationships. He also advised maintaining physical interaction and regular face-to-face meetings or team activities to enhance team cohesion and interaction, especially in remote working scenarios.
2. The Role of Understanding Yourself and Your Competitors in Entrepreneurship
Dr. Chuqing Chen, the global CEO of Excellence New Energy, a biofuel production and trading company, emphasized the importance of understanding oneself and competitors in the entrepreneurial process. She introduced the 5W model in entrepreneurship: Who, What, Why, When, Where, and How.
Dr. Chen began by sharing her extensive experience in international business, media, political, and legal institutions. She participated in the Milosevic case, managed a $300 million investment for Fuyao in Russia, and served as the Director for Life Sciences and Smart Health and Agriculture with the United Nations Office of Project Services.
Next, Dr. Chen detailed the 5W model:
- Who: Entrepreneurs need to clearly define their identity, vision, and values while understanding their target audience and competitors. Team members should have a shared mission and clear collective goals.
- What: Clearly describe the product or service, showcasing its unique value proposition and technical characteristics to ensure innovation and differentiation.
- Why: Define the motivation and goals for entrepreneurship, setting clear impact targets to drive the team’s efforts and direction.
- When: Develop a detailed timeline and strategic plan to ensure tasks are completed on schedule.
- Where: Consider the specific advantages and potential risks of the geographic location, including geopolitical factors and market demands.
- How: Implement specific strategies and operational plans to ensure the smooth progress of the entrepreneurial process.
During the Q&A session, Dr. Chen was asked how a biopharmaceutical company should choose its location. She responded that it depends on the geographical location, background, and market demand of the stakeholders. Different regions have their advantages and challenges in terms of regulation, cost, and market access, requiring a decision based on actual circumstances.
3. The Application and Innovation of Quantitative Analysis in the Field of Artificial Intelligence
Dr. Fang Fang, an entrepreneur in the field of quantitative analysis and founder of FF Quant Advisory, detailed the significant development stages of her company since its inception in 2016, including its rebranding to FF Quant Advisory, business line expansion, and research collaboration with TU Delft. She shared the company’s key achievements, such as developing a white-box cosine neural network with high accuracy and fast computational speed, which is superior in explainability and training efficiency compared to traditional deep learning models.
Dr. Fang first recounted her entrepreneurial journey. Dr. Fang also discussed her motivation for entrepreneurship and the challenges she faced, particularly in balancing family and work. She emphasized the importance of continually trying, collaborating with headhunters, and building a reputation in the market while simplifying life to save time when possible.
Looking to the future, Dr. Fang stated that the company will continue to advance innovative research, improve the transparency and explainability of AI technologies, and integrate these new technologies into existing products. She also plans to enhance marketing and sales capabilities to expand market share further.
During the Q&A session, Dr. Fang was asked how to balance work and life and maintain self-care and a good state. She suggested achieving this through meditation and exercise, regularly engaging in physical and mental relaxation to maintain good mental and physical health.
Co.Lab Hackathon Competition
At 3:00 PM, the Co.Lab Hackathon competition officially began in the Arena. The participating teams presented their entrepreneurial projects and received questions and feedback from the judges and audience. The following are the projects presented by each team:
- Team 1 – SKIN Coach: Designed a skincare app providing dietary, skincare, and exercise advice through an interactive chatbot, targeting health-conscious middle-to-high-income individuals.
- Team 2 – EuroStay: A platform redefining travel accommodation, allowing users to share houses and apartments and connect with locals and activities through the app, with 1,000 registered users.
- Team 3 – VetiLoop: A one-stop pet health monitoring and proactive prevention platform using smart collars to collect health data and location, aiming to serve numerous pet owners.
- Team 4 – Youho: A platform providing information and community support for Chinese speakers in the Netherlands, focusing on addressing various living issues, with user registration through university emails to ensure quality.
- Team 5 – Digital Solution Consultancy: Offers consulting services to support SMEs in prototyping ideas in the areas of shipping, batteries, and robotics.
- Team 6 – ReCan WeCan: Designed a smart bin to encourage can recycling through incentive strategies, collaborating with local governments, supermarkets, and brands.
After a heated discussion among the judges, the “ReCan WeCan” team won the championship with its innovative smart bin design and incentive strategy. The pet health monitoring platform VetiLoop won second place. Additionally, the organizers awarded the Best Audience Investor Prize based on virtual investments from the audience on all projects.
Closing Ceremony and Summary
After a day of intense activities, the event concluded successfully at 5:30 PM in the Arena. This event provided a platform for entrepreneurs to showcase and exchange ideas while delivering valuable entrepreneurial knowledge and inspiration through rich lectures and interactive sessions.
