Privy Featured Member: Calvin Chin of Qifang

If you happened to pick up the May 2009 issue of The Economist, you might have read about Shanghai-based P2P student loan company Qifang and its founder, Calvin Chin. We thought we would give Privy members a look at the man behind the business, so we had a chat with Calvin about everything from his career path to guanxi mythology to Shanghainese shengjianbao.

1. What do you like about Privy or the promise Privy offers?

More and more of the world's best and most interesting companies and culture (food, arts, etc...) are coming from the Pacific-either Asia or the U.S.-and from remixes from ideas and people that float across the Pacific. I love the idea of staying connected with my friends and business contacts that are at the leading edge of this trend that will dominate this century. I love the idea of finding new people in this community, and I love the idea of using this shared context to help me find the best places to go out, to eat and to stay.

1. Can you tell us a bit about Qifang and how you were inspired to start it?

Qifang is a web service for Chinese students to find a way to pay for their education. Using a person-to-person lending and donation model, Chinese students use Qifang to connect to individuals, companies and organizations that can support their educational dreams. Qifang is also an online community for learning financial literacy and finding career development opportunities like internships, mentoring and jobs. We were proud to be recognized by the World Economic Forum as a Technology Pioneer-the first company from China to win such recognition, joining notable visionary companies like Google, Wikipedia, and Mozilla.

The idea for Qifang came from seeing how so many in China have to make tough choices about their lives and their careers based on their ability to pay for school; it also came from seeing what a big difference going to a great college has made in my own life.

1. Is it true you used to be a high school math teacher in Brooklyn? Can you tell us a bit about your journey since then and how you ended up starting a business in Shanghai?

It might seem like I've come a long way, but each step hasn't ever seemed so far. It's funny, but looking back, I can really connect the dots. I've worked as a teacher, in the debt markets and in web startups. Now Qifang is a web company for education finance. Each time, I've just tried to find work that was challenging and interesting and where I'd like the people I worked with. Starting a company here in China actually hasn't been that difficult with the right friends who've been through it to give tips. That's why I love helping others do the same.

1. Was it difficult to transition from the U.S. to China (i.e. adjusting to the language, culture, business practices, etc.)? What were the best and worst parts about the change?

There are definitely a lot of differences, but I think most of them are small, like what's a socially acceptable time to take a call on your mobile phone, etc... For the most part, I've found that the same rules about being open, honest and friendly have held true. People always talk about guanxi in China, but I've found that usually means the same kind of ideas of relationships and reputation that people in the US crave. I think if you come with the right attitude, oriented towards learning and trying to understand, people pick up on that. No one wants to deal with someone who is always thinking because that's how they did it back home that that is some sort of magic best practices that we just haven't learned here yet. Best part, meeting a ton of great people and having my horizons broadened. Worst, being far away from extended family, friends, and my built-up business networks.

1. Has it been a challenge to balance your family life with your professional life since Qifang started taking off more?

My wife Angie has been an amazing partner. She's a huge supporter of our vision to give everyone a way to pay for their education and she's made the balance a lot easier to find than it should've been. I've also had to remind myself about life balance; being an early riser who is often up before the kids helps, and I try to take a break from work every night for dinner and putting the kids to bed, even if I'm back to work for a couple more hours afterwards.

1. Best spot for a business lunch in Shanghai?

I usually keep things casual and make sure there's free wi-fi. A croque monsieur at Paul or a pasta at Wagas are perfect unless it's an out-of-town visitor who hasn't had shengjianbao-then it's Yang's Fry-Dumpling..