Boosting mass entrepreneurship and innovation
Mass participation in Internet finance generates mass entrepreneurship and innovation as analyzed by experts attending the meeting.
Lin Yongqing said Internet finance can also be called "mass finance" because it enables individual investors to decide where they want to invest and grants small and medium-sized enterprises with loans that are usually rejected by large banks.
"Internet finance boosts mass entrepreneurship and innovation," said Wang Huiyao, president of Center for China & Globalization (CCG) and counselor of the State Council. He highlighted the effective role of the Internet in garnering capitals, talents, and technologies to create more jobs and new business models.
He also urged China to grasp the opportunities provided by the development of the Internet industry to expand its market shares via the Internet and enhance the innovation capability of its enterprises.
Wang's idea was also echoed by Zhang Xiaochen who believed that Internet finance plays a huge role in creating jobs and encouraging innovation. Zhang said Internet finance mainly helps those startups who cannot get access to funds. As a new business model, it can help both underprivileged people and those startups with brilliant ideas.
Learning experience from other countries
This meeting also invited experts from the United States, Australia, Israel, and some European countries to share their experience in Internet finance and provide suggestions for its healthy development in China.
"The most valuable experience should be investor education," said Jason W. Best, principal of Crowdfund Capital Advisors. He said it is important to help investors become aware of potential risks arising from Internet finance and learn to diversify their overall investment by putting some portions into more stable industries.
Drew Von Glahn put emphasis on data transparency, saying any kind of growth relies on the ability to obtain data, with which investor can make sensible decisions on investment. He also called on startups to execute on their ideas with perseverance instead of just dwelling on big ideas.
Scott McIntyre, executive director of U.S. Crowdfunding Professional Association (CFPA) also gave advice to startups, regarding trust, innovation and communication as crucial elements in gaining investment through Internet finance.
Rules and regulations are also emphasized by experts at the meeting, saying those factors are urgently needed to promote the healthy development of Internet finance and create a sound ecosystem around it.
