The Art of Transforming "Impossibilities" to Innovation
Welcome to the Innovative Business Visions Series, where we bring our alumni’s phenomenal entrepreneurship and innovation stories to you. First up in the series is Franz WU, BBA in Economics (2008), Co-founder, Chairman and CEO of Yoho Group.
Graduating during a global recession brings many unprecedented challenges. It’s something that Franz is familiar with when he graduated from university during the global recession in 2008.
At the time, uncertainties in the labor market guided him to embark on a daring entrepreneurship journey and launched his first trading and distribution business. Little did he know that this journey would lead him to co-found Yoho Group (2347.HK) as the largest online consumer electronics platform in Hong Kong, and the first local B2C e-commerce business to IPO on the Hong Kong Stock Exchange.
But Franz’s success involves more than sheer luck. So, how did he do it?
Let’s go back in time to 2005.
Finding a Second Home
Franz, a bright-eyed secondary school graduate, had achieved outstanding HKCEE results. Several universities in Hong Kong, including HKUST Business School, had offered him early admission status. As he progressed through his admission interviews at the Clear Water Bay campus, Franz was struck by the Schools’ down-to-earth and sympathetic culture. “I knew HKUST was famous for its business education. But I chose to study here because of how considerate everyone was towards the students. It felt like I had found my second home.”
Developing an Entrepreneurial Mindset for Success
For the next three years, Franz immersed himself in courses across multiple disciplines and learned about the global business landscape through practical opportunities. Guest lectures and case studies of successful entrepreneurs also inspired him with invaluable insights into leading a successful business.
Majoring in economics, Franz discovered a new perspective on how the global economy works. “Economics is a science. You can learn to identify patterns between past and present problems and get an incredible perspective to solve current and future issues.”
What’s more, studying at the School helped Franz develop his self-confidence and competence through its distinctive emphasis on developing a creative thinking mindset for innovation. Beyond the classroom, friendships with his classmates also blossomed, which also established his business network after graduation.
Franz (second from right) made life-long friendship with his football teammates.
From “Mission Impossible” to Innovation
Fast forward to 2013, Franz and his wife and business partner Kathy launched Yoho through its unique online-to-offline business model. But the local e-commerce ecosystem was still in its infancy stage. No one thought Yoho, as a business, would succeed. But the duo persisted relentlessly.
“Back then, basic e-commerce elements, like quick delivery and efficient and secure online payment systems, didn’t exist. So, we’ve had to innovate lots of new ideas to solve daily operational issues since day one.”
As e-commerce flourished in Hong Kong, Franz seized new market opportunities to boost Yoho to the next level. For the next few years, Yoho would revolutionize local e-commerce with innovative shopping experiences through technology and big data and robust word-of-mouth marketing strategies, setting Yoho far apart from other competitors.
“Innovation is Rooted in ‘Impossibilities’”
From the financial crisis to becoming a publicly listed company in the post-pandemic world, Franz’s entrepreneurship journey is marked by his resilience and forward-thinking intelligence. Even when the odds seem to be against him on a new market turf.
But in his entrepreneurship dictionary, “Impossible ideas are worth trying because innovation is rooted in ‘impossibilities’.”
So, what’s next for Franz? With his eyes set on a new horizon in the Greater Bay Area and onto the global e-commerce stage, we can't wait to see Franz’s next innovation at the Yoho Group.
