According to the lyrics of a recent hit record, "There are nine million bicycles in Beijing". If Asian Cartier Women's Initiative Awards finalist Lerui Hou's business plan is correct, there's also a market for some 25 million umbrellas in Shanghai a market which she thinks she knows how to tap. Lerui, also known as "Iota", to remind her of the value of humility, studied for a Bachelor's degree in Economics at Fudan University, Shanghai, before moving to Bristol, UK in 2002 where she took two Master's degrees, in Economics, Finance & Management and then in Legal Studies. She currently works as a paralegal for a Chinese law firm.
Independence through entrepreneurship
Iota's interest in business stems from a desire for long-term independence. "Ultimately, I'd like to have my own charitable fund,' she says, 'but I need to establish a sound financial position for myself first. Managing my own business would enable me to achieve first my professional and then my familial and social responsibilities. I'm currently doing legal work in order to learn about the internal mechanics of the commercial world."
Iota's entrepreneurial experience dates back to her student days at Fudan, where she and some friends set up a canteen in their flat. "Unfortunately, we overestimated the wealth of students in the late 1990s!" she concedes. "Our experiment folded, but it proved a useful learning exercise. And it felt good to have tried." Iota became even more interested in new business opportunities when working for a venture capitalist investment firm in Shanghai after her first degree, an experience which ultimately prompted her to pursue higher education in the UK.
A bright idea for a cloudy day
ota's next move in entrepreneurship came this year, when she learned about the Cartier Women's Initiative Awards. "I was immediately excited by the whole concept. I'm generally quite sensitive to business opportunities, and this was just the chance I needed to focus my entrepreneurial energy. At the time, I wasn't sure what kind of venture to develop but I already had a couple of ideas at the back of my mind. After some careful thought, I narrowed it down to a single proposal"
"Both my friends and I know what it's like to emerge from the metro to find yourself exposed to Shanghai's unpredictable weather [there are over a hundred "wet" days per year, mixed with days of strong sunshine, when temperatures reach 35°C]. My plan is simple: install umbrella vending machines in each of Shanghai's 120 metro stations by 2012. If commuters have left the house unprepared, they'll still be able to keep dry [or out of the sun] by picking up an umbrella on the go," she says.
"The concept is strengthened by the fact that many umbrellas currently on sale are of poor quality, and don't capitalize on their potential as mobile advertisements. I'm aiming to fill both of these niches," she says.
Iota knows she now has a major opportunity before her. "I'm looking forward to receiving input from the Cartier Women's Initiative Awards coaches. I'll be able to learn from top entrepreneurs. I'm also excited that I'll be attending the Women's Forum for the Economy and Society, a great chance to meet like-minded individuals."
