blog how many American Internet JVs had driven on the rocks of China over the last 5 years. I was reminded of Bill's thoughts last week when I watched an interview of Qunar co-founder, Fritz Demopoulos, who recently sold his Chinese travel business to Baidu.
His reasoning was pretty simple. Even six years ago, China's infrastructure was pretty immature vs. the U.S. Remember that was the time when Jack Ma sold 40% of his company for $1 billion to Yahoo! ( YHOO). Baidu and Tencent were early days. Sina ( SINA) was a boring AOL ( AOL)-type company. When big U.S. brands came to China -- whether MySpace or Google ( GOOG) -- they brought capital, know-how and coolness.