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HLIGHTS South China Business Journal
GUSooSdMwEorsukecrcse,ssclear vision vital for
Entrepreneurs spot opportunities to tap potential of Chinese market with online interpretation service, medical devices
by Huang Ying, China Daily
For small and medium-sized US companies that want more than 1,000 meetings, including government delegations
to enter the Chinese market, or have already run a business such as the one led by US Secretary of Commerce Peggy
in the country, finding the right people and staying abreast of Pritzker, and several of the world’s leading expert networks.
market demands and dynamics are the two major factors behind SeekPanda’s success also has a lot to do with the two founders’
their success. clear realization that one of the keys to succeeding in China is
building the right connections with the right people and finding
It didn’t take long before high school friends Phil Kohn and the right Chinese partners.
Matt Conger decided to start their own business in China. After
separately making business trips to China, they immediately “This also relates to trust and the importance of protecting key
sensed the opportunity in China’s market-a market that calls for competitive intel,” Kohn added.
a new kind of interpretation agency to promote a revolution in
the traditional industry. To achieve this, they have spent lots of time networking and
building relationships with people who have aligned interests
Last year, they started SeekPanda, an online company that with them and work with them to grow together. During the
matches interpreters with consumers. It’s the first business process, they make sure to point out that SeekPanda is a win-win
they’ve launched. So far, the website has raked in about 1,000 online platform for customers and Chinese interpreters where
interpreters, or pandas, as they’re referred to in the system. customers can find better interpreters for more competitive
These registered interpreters are located around the world, with prices and interpreters can have more job opportunities with
Chinese accounting for about 90 percent. better clients.
“It was clear to us that the market for hiring trusted service To guarantee the quality of the interpreters, the first wave of
providers in China was ripe for innovation and needed to be about 250 interpreters were all vetted and accredited by the two
revolutionized,” Kohn said in an e-mail to China Daily. founders, in person. It’s time-consuming but necessary, as Kohn
said that when they were forming SeekPanda they saw through
He explained the reason for choosing interpretation for their first using LinkedIn, and found that even if an interpreter looks
business in China. “In general, unless you use an interpretation reliable on paper they might not have adequate IQ and EQ to
agency, it is hard for first-time business travelers to China to succeed as a business interpreter.
find trusted freelance interpreters. At the same time, it is hard
for these interpreters to find good clients,” he said. The market for hiring trusted
service providers in China was
The world of traditional interpretation agencies is full of ripe for innovation and needed
unfavorable circumstances, including price discrimination to be revolutionized.”
“and a lack of price transparency within agencies-they often -Phil Kohn, co-founder of US
online company SeekPanda
keep much of what the client pays, often well over 50 percent,
sometimes up to 70 percent. In addition, agencies bait and
switch, meaning they show the resume of one interpreter but
then assign a different interpreter to do the job, he said.
At SeekPanda, only 20 percent of commission is required, and
this is the startup’s only revenue stream.
Over the past year, it has served more than 200 customers in
8
GUSooSdMwEorsukecrcse,ssclear vision vital for
Entrepreneurs spot opportunities to tap potential of Chinese market with online interpretation service, medical devices
by Huang Ying, China Daily
For small and medium-sized US companies that want more than 1,000 meetings, including government delegations
to enter the Chinese market, or have already run a business such as the one led by US Secretary of Commerce Peggy
in the country, finding the right people and staying abreast of Pritzker, and several of the world’s leading expert networks.
market demands and dynamics are the two major factors behind SeekPanda’s success also has a lot to do with the two founders’
their success. clear realization that one of the keys to succeeding in China is
building the right connections with the right people and finding
It didn’t take long before high school friends Phil Kohn and the right Chinese partners.
Matt Conger decided to start their own business in China. After
separately making business trips to China, they immediately “This also relates to trust and the importance of protecting key
sensed the opportunity in China’s market-a market that calls for competitive intel,” Kohn added.
a new kind of interpretation agency to promote a revolution in
the traditional industry. To achieve this, they have spent lots of time networking and
building relationships with people who have aligned interests
Last year, they started SeekPanda, an online company that with them and work with them to grow together. During the
matches interpreters with consumers. It’s the first business process, they make sure to point out that SeekPanda is a win-win
they’ve launched. So far, the website has raked in about 1,000 online platform for customers and Chinese interpreters where
interpreters, or pandas, as they’re referred to in the system. customers can find better interpreters for more competitive
These registered interpreters are located around the world, with prices and interpreters can have more job opportunities with
Chinese accounting for about 90 percent. better clients.
“It was clear to us that the market for hiring trusted service To guarantee the quality of the interpreters, the first wave of
providers in China was ripe for innovation and needed to be about 250 interpreters were all vetted and accredited by the two
revolutionized,” Kohn said in an e-mail to China Daily. founders, in person. It’s time-consuming but necessary, as Kohn
said that when they were forming SeekPanda they saw through
He explained the reason for choosing interpretation for their first using LinkedIn, and found that even if an interpreter looks
business in China. “In general, unless you use an interpretation reliable on paper they might not have adequate IQ and EQ to
agency, it is hard for first-time business travelers to China to succeed as a business interpreter.
find trusted freelance interpreters. At the same time, it is hard
for these interpreters to find good clients,” he said. The market for hiring trusted
service providers in China was
The world of traditional interpretation agencies is full of ripe for innovation and needed
unfavorable circumstances, including price discrimination to be revolutionized.”
“and a lack of price transparency within agencies-they often -Phil Kohn, co-founder of US
online company SeekPanda
keep much of what the client pays, often well over 50 percent,
sometimes up to 70 percent. In addition, agencies bait and
switch, meaning they show the resume of one interpreter but
then assign a different interpreter to do the job, he said.
At SeekPanda, only 20 percent of commission is required, and
this is the startup’s only revenue stream.
Over the past year, it has served more than 200 customers in
8
