With the rapid development of fintech and smart applications, the transportation and payment sectors are undergoing a digital revolution.
New York, as a global hub for finance and innovation, offers an ideal market for international enterprises and startups to expand their operations. The city's vibrant venture capital ecosystem enhances brand influence, presenting Taiwanese entrepreneurs with significant growth opportunities.
In this interview, we speak with Ronald Yu, CEO of Autopass, about strategies for entering the U.S. market. He shares insights on how Taiwanese companies can adapt to local needs when entering unfamiliar markets and leverage local Chinese community resources to establish a foothold.
Autopass aims to enhance the driving experience by seamlessly integrating financial payments with transportation scenarios, offering more convenient solutions.
Currently, they collaborate on over 2,000 transportation scenarios in Taiwan, including partnerships with CPC Corporation gas stations, more than 1,000 parking lots, and various on-street parking facilities.
They've also launched the "Car Mate" app, attracting over one million members.
Ronald emphasizes that New York's financial innovation ecosystem provides a stable growth environment for international startups, with the local Chinese community serving as a crucial bridge for market entry.
From West to East: International Startups Shifting Focus
Discussing the decision to focus on the East Coast, Ronald explains:
"We applied to the program because we've already made progress in Asia, including Taiwan and Japan. Our U.S. investors encouraged us to explore the American market.
The West Coast is highly competitive, whereas the East Coast, especially New York, offers more potential for us."
Unlike the traditional focus on Silicon Valley, Autopass is strategically targeting the East Coast, considering New York's substantial demand in fintech. The city is home to numerous financial institutions, venture capitalists, and high-net-worth investors, providing ample opportunities for newcomers.
Engaging Local Chinese Communities: A Priority for Building Networks
Entering the U.S. market, Ronald highlights the importance of connecting with local Chinese communities as a gateway to market expansion:
"When Taiwanese entrepreneurs expand overseas, the biggest challenge is establishing a local network. On our first day in the U.S., we engaged with major Chinese associations, which closely align with our future development."
This engagement accelerated their integration into the local startup ecosystem, providing valuable insights from industry professionals and investors.
"Our U.S. mentor has worked with many high-net-worth individuals from Asia, allowing me to directly consult on future plans."
Ronald adds that such mentorship and networking support help startups reduce uncertainties in the early stages and better understand local business culture and market needs.
Looking Ahead: Progressing Through Localization
Ronald believes in tailoring products based on market demand analysis, evaluating further establishment in the East Coast market, and building local brand influence:
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