Shanghai-based startup 24tidy is one of the pioneers in China’s fast-moving on-demand laundry industry. Yao Zongchang, the man behind 24tidy, recently shared his entrepreneurial experiences and lessons learned along the way with TechNode.

Yao was born in 1983, making him a member of China’s post-80s generation characterized by optimism for the future, entrepreneurship, and individuality. When Yao first decided to strike out in 2003 at the age of 20, he opened Beyoon, an ad innovation firm targeting foreign companies. By 2009, the company had established favorable world-of-mouth and most of its clients were Fortune 500 companies. At the end of that year, Yao sold out to his partners for around RMB2 million (around US$327K), thinking the startup environment for the traditional ad industry was deteriorating.

During interactions with CITIC Bank, one of Beyoon’s clients, Yao found out that the lack of funding is a common business problem. So he invested all the money he earned from the first startup to set up Hahadai, one of the earliest P2P lending platforms in China, in September of 2009. The platform enforced rigid risk control policies and acheived a zero bad debt rate.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.