Last night, InTeahouse hosted its holiday celebration at the InterContinental Hotel in downtown Boston. It was an opportunity for the Massachusetts robotics community to continue exploring business opportunities in China. It will take work, however, for some partnerships to be productive.
About 200 people attended the event, including several venture capitalists and startups looking to make deals. One startup representative compared it with “speed dating.” Other attendees included attorneys, investment advisers, and component technology suppliers.
Cambridge, Mass.-based InTeahouse is a year-old organization dedicated to helping international entrepreneurs through networking events, advice, and funding, as well as its new network of InTeaHub meeting spaces. It plans to open up to 30 worldwide, starting in Boston’s Back Bay.
U.S. robotics companies also have much to learn as they seek to connect with Chinese investors, but InTeahouse “has made my job easier,” remarked Nam Pham, assistant secretary of business development and trade at the Massachusetts Executive Office of Housing and Economic Development.
At the same time, “Chinese companies are not so familiar with [Western] culture and laws,” acknowledged Chengyue Jiao, president of China Merchants Bank.
- InTeahouse is expanding networking opportunities between Chinese investors and manufacturers and global robotics providers.
- Massachusetts robotics companies are building on a strong local ecosystem and educational base, and a number of co-working spaces and startup accelerators are in the works.
- China has become the world’s largest consumer of automated systems, but Chinese investment in U.S. robotics businesses will slow somewhat until geopolitical uncertainty abates.
China visit was productive
Earlier this fall, 10 Massachusetts robotics companies went on an expedition to China, visiting five cities in 10 days. The companies included startups and established robotics suppliers such as iRobot Corp., Movia Robotics LLC, Locus Robotics Corp., and Vecna Technologies. For the most part, they were new to the country.
Login or become a member to access this content
Already a Member?
Not a Member Yet?