- Hearing Aid Devices
- Hangzhou Acosound Technology Co., Ltd
- partner school
- Zhejiang University
In the Goldman Sachs 10,000 Women program, I learned how to write a strategic business plan that helped me access the financing I needed.
I am the general manager of Hangzhou Acosound Technology Ltd which was established in 2009 and then restructured in September 2011. We develop, produce and sell digital hearing aid equipment. Acosound has a strong R&D team and my products are highly competitive even with foreign counterparts.
The biggest challenge for me is that there is a social stigma about the use of hearing aids in China. The elderly do not like to admit that they have trouble hearing, so I needed to research and develop a powerful and invisible hearing aid device. I also wanted to make it affordable.
I learned the most about business strategy from 10,000 Women. I put together a business plan which helped me restructure my business and become more competitive. I shifted from just a research-oriented company to one that now covers the full value chain from research to production to sales.
Developing my business plan also helped me access capital to help grow my business. In 2012, I received an initial investment to expand the research function of my company and establish my sales channels. In 2014, I received another investment to strengthen my sales channels. Since graduating 10,000 Women, my business revenue has increased by 150% and I have hired 18 new employees.
Over the past year, I secured 2 major agents that provided me access to 500 franchises across the country to sell my products. I also established a partnership with a senior care network which will enable me to build 10-20 direct sales shops.