It is one of the largest eCommerce in China, capable of accumulating a total of 778 million active users in 2020, surpassing that of that country. Since its appearance in 2015, this eCommerce has made its way into the Chinese retail market, thanks to its innovative proposal, its commitment to local producers and new shopping trends such as live streaming commerce. With a unique gamified structure, and a solid social commerce base alongside the platform, this company is positioned among the top three in China.
But to better understand the success of this company we would have to delve into the genius behind it. At 40 years old, Colin Huang, founder of Pinduoduo, ranks as the 7th richest in China, ranking 57th in the Forbes world list.
From a humble family to one of the richest men in the world
Colin Huang’s story begins in the city of hangzhou, Zhejiang province, where he was born in 1980 into a working-class family. Coincidentally in this very city it was where he created the Asian eCommerce giant Alibaba.
Colin showed great aptitude for numbers from a very young age, which led him to win a Mathematical Olympiad. This event would mark the beginning of success in his life, since it presented him with the opportunity to enter the Hangzhou Language School (HFLS). This was an elite schoolwhere he was able to live with colleagues from more favored social spheres.
“We were exposed to Western culture and influence much earlier, deeper and to a greater extent. Many of us are more liberal than our peers in other schools.” With these words, Huang describes his experience at the HFLS, an experience that would allow him to develop later in life in more diverse environments. At the age of 18, Huang entered Zhejiang University, where he would begin his computer studies. Right there, in his first year of study, he would be presented with another of the great opportunities that marked his life, a scholarship from the Melton Foundation.
This foundation gave its fellows a computer and internet access, so they could connect with other peers around the world. Likewise, they offered the opportunity to visit one of the countries participating in the program once a year, offering a broader and more diverse vision of the world.
From Microsoft to Google
After graduating from university, Huang started as a fellow at microsoft, first in the offices in Beijing and later in Redmond, Washington. Already in the United States, Colin began his studies in a Master’s degree in computer science at the University of Wisconsin. Despite receiving offers from Oracle, IBM, and Microsoft itself, he soon received his master’s degree. in 2004 Huang started working at Google.
This decision was influenced by one of his mentors, who urged him to stay with the Silicon Valley giant for at least 3 years. Following this advice young Colin worked first as a software engineer and then as a product manager.
Huang says that finding himself at Google during this upswing was a unique opportunity for him, given the company’s growth in employees and results at the time. In this way After three years with the company and after being part of the brand’s initial team in China, in 2007 he decided to leave it.
Beginnings as a serial entrepreneur
Leaving Google, Colin had some financial slack that allowed him to take the time to create his own companies. Before arriving at Pinduoduo Colin ventured into the digital world with three different companies.
The first was an eCommerce focused on electronic products called Okuo. He sold it in 2010, which gave rise to leqi, his second foray into eCommerce, a company that helped foreign brands market their products in national retailers. This idea surely arose from his experience with the Google team in China, where he witnessed the difficulty for foreign brands to solidify their business. Finally, his third company withdrew from the world of electronic commerce, and it was called Xunmeng. This was a video game development company, with a focus on browser role-playing games.
And so, in 2015 it was time for his biggest company Pinduoduo, an eCommerce that would face the Chinese market, dominated by Alibaba and JD.com.
Pinduoduo arrives to revolutionize Asian eCommerce
Based on his previous experience in the development of video games and in the field of eCommerce, Huang wanted to do with Pinduoduo “a combination of Costco and Disneyland”. In other words, a platform for the middle and lower sectors of the Chinese population, offering a group and immersive experience.
«I have never thought about changing the world, I just want to do things well step by step. If I can change the way people do things in their daily lives, I think that’s already a good thing.Huang explained in an interview. The growth of Pinduoduo was very fast, even managing to debut on the Nasdaq in 2018.
Colin Huang served as the founder and CEO of Pinduoduo from its foundation until last July 2020, when he stepped down. With this action, Chen Lei Chief Technology Officer of the company, and one of its founding workers took the baton as CEO. Nevertheless, Huang still remains as president and holds 29.4% of the company’s shares, taking part in its long-term strategies.
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