Curt worked in multi-national companies for over 40 years. In the Middle East, he was rated as one of the top ten business leaders by Forbes for six consecutive years; once managed a US$13 billion market, covering a population of 1.7 billion, and employed more than 50,000; once worked in the most challenging areas, Afghanistan, Cambodia , Nigeria... 

 This year, the former Coca-Cola Greater China CEO Curt joined Ventech China. As one of the most innovative and influential MNC leaders, he will work with Ventech China to continue to be the captain in the field of innovation.

 The Mirror: How did you know about China before coming to Shanghai in 2016?

 Curt Ferguson: At that time, I had some knowledge about China. In fact, I was assigned to work in Hong Kong 30 years ago. I first got exposed to China during the Olympic Games and the World Expo.

The Mirror: What made you decide to settle in China?

 Curt Ferguson: Before moving to China, I lived in Cairo for a long time. I could have stayed in the Middle East, but the speed of development shocked me. Our business model was quickly becoming obsolete, so I decided to join Coca-Cola China to explore the Chinese market in depth and witness the vigorous development of the new Chinese digital era.

 The Mirror: What are your feelings and gains after coming to Shanghai?

 Curt Ferguson: (laughs)...I came to China to find that my work experience for so many years is not applicable anymore, so these five years have been very beneficial to me. I have been learning new things, and coming to China is undoubtedly a big step in my career: the scale of business here is amazing, and the development of companies in China requires constant change and innovation to cope with new trends in the future. Many companies from Western countries face unprecedented challenges in China now. The key issues is an inappropriative and conservative business model, resulting in sluggish development of the local market.

 The Mirror: You have worked for Coca-Cola for almost 40 years. What keeps you enthusiasm and motivation?

 Curt Ferguson: The working environment has been dramatically changing. Because of my work, I have the opportunity to go to different countries to learn about different cultures. I have been to many countries in Africa and Asia, and have met all kinds of people. The only constant is a curious attitude. I have been learning and seeking change, which is one of the reasons why I have maintained motivation and enthusiasm for 40 years.

 The Mirror: What do you think is the core value of the Coca-Cola Company? In the five years in China, what do you think is the difference between here and the United States?

 Curt Ferguson: When I retired from Coca-Cola, everyone said that you might not find a second company and team like Coca-Cola. Indeed, Coca-Cola has its own unique corporate culture and business environment. As the consumption environment and social hot spots change, Coca-Cola has created countless marketing models, and has become an important cultural symbol to convey inspiration and happiness. I used to say that if you want to succeed in Coca-Cola, you have to stay in Atlanta’s headquarters for a while; but now I often say that if you want to succeed in the consumer goods field, no matter where you are from, you should go to China to accumulate some experience. Many of China's business models, such as livestream sales, fast fashion, customized services, are unique in the world.

#02

Digital transformation and the Chinese market

The Mirror: You mentioned that China's digital transformation is remarkable. Do you think China's success can be copied by other countries?

 Curt Ferguson: Studying China's digital transformation experience is one of my tasks. I brought the entire management team of Coca-Cola to Shanghai, I led the board members to investigate China's transformation, and studied China's rapid development. Take China's express delivery system as an example, when I returned to the United States and saw people lining up at the coffee shop with cash or credit cards, I remembered that I could pay quickly, place orders in advance and earn points on my account in China. I think that other countries may be able to copy parts of China's digital revolution, but it is very difficult to make a complete copy. Those that makes a complete copy will win.

 The Mirror: You are now working for Ventech China. What kind of company is this?

 Curt Ferguson: Ventech China is a venture capital company with ties to Europe. In the past, when a promising business plan was produced, people would bring it to China. Today, European companies come to China to find business models and bring them back to the West. This is closely related to the rapid development of China's digitalization and fast speed of adoption.

 The Mirror: This is a good thing. You once mentioned that China's rapid development is closely related to a "win culture". In the post-Covid era, do you think these characteristics still apply?

 Curt Ferguson: Still applicable, even more applicable than before. In foreign countries, you will encounter: one is the barrier to logistics, and the other is the barrier to capital. Many start-ups lack of finance support and can only start from a small scale and slowly look for investors. In China, investors are everywhere, and funds are in place quickly. Therefore, these two barriers, that is, barriers to logistics and capital, do not exist in China. This is destined to create the rapid development of China's economy.

The Mirror: What impression do Chinese consumers leave on you?

 Curt Ferguson: Chinese consumers are very good at learning. They don't like falling behind, so they are always learning new things. I have seen countless examples of this in recent years. For example, in the past, Chinese consumers saw the most expensive red wine on the menu and thought it was definitely the best. Now they know which wines are over-priced and they have learned to look at the vintage. The same is happening in the fashion sector. They consume quickly and learn quickly, and gradually become experts in various fields. Chinese consumers are not only highly adaptable, but also able to quickly replicate successful business models.

#03

Career experience and leadership

 The Mirror: After you retired from Coca-Cola, you joined Ventech China. Please talk about the main investment areas of Ventech China. What challenges did you face during the entire transformation process?

 Curt Ferguson: Joining Ventech China is as exciting as when I first came to China. I entered a new industry. I can watch the company grow from a small scale, which is very interesting, but it is also a new challenge. We focus on investments from Seed rounds to round A, with funds often in the millions of USD. In Coca-Cola, we often talk about a scale of several billions USD, which is larger but grows more slowly. The venture capital industry is the epitome of China's economy, including amazing speed and innovative business ideas. In Ventech China, many emerging companies in the consumer sector have achieved success, such as SuperMonkey and KEEP. Ventech China 's focus is on the emerging middle-class consumer groups in China. Our responsibility is to help entrepreneurs realize their dreams and at the same time bring benefits to Ventech China's partners.

The Mirror: You have been named by Forbes as the ten most influential business leaders for six consecutive years. What is your leadership style? What characteristics do you think are necessary for a good leader?

 Curt Ferguson: Thank you, these are all past achievements. My leadership style is very simple, I am a head coach. As a coach, I need to develop a concise strategy and then effectively focus resources on the right place. I also need to know how to find the right people to form a team, and provide sufficient training and resources to enable them to successfully complete their tasks. I set time limits for all tasks, because time is the only commodity that cannot be purchased, especially in China. If the pace is too slow, it will be surpassed by competitors. I'm like a coach who manages a team, and some people in my team are being as stars, some are responsible for scoring, assisting, defending, etc., and everyone has their own duties. I think a good leader must meet the following characteristics: have strategic goals, know how to employ people, and manage the team to complete tasks efficiently and accurately.

 The Mirror: You attach great importance to human resources and have established a complete management training system in Coca-Cola. What advice do you have for young people who are facing career choices?

 Curt Ferguson: I have seen too many entrepreneurs in the venture capital industry who are trapped in the rules of the game set by others, such as those who start businesses in industries they don't like but they have to obey parent’s preference. They may have a good education and solid background, but lack of enthusiasm will make it difficult for them to succeed. We have come into contact with many outstanding entrepreneurs, remain true to their original aspiration is the prerequisite for them to persist. When you talk with them, you can even feel the enthusiasm in their eyes-making people believe that they will do their best to overcome obstacles.

My career advice to everyone is to pursue your interests. If you are interested in a career, have enthusiasm and can enjoy it, you will learn more.

End

Mr. Curt Ferguson, who is well versed in the Chinese consumer market, is now involved in the investment field and exploring companies with potential. Although the Coca-Cola Company has been deeply involved in the consumer goods industry for more than 40 years, with footprints in North America, the Middle East and Asian countries, Curt has always maintained a keen sense of the market and a long-term perspective. Relying on his ability to quickly learn new environments, new things, and a deep understanding of China's digital transformation, he is able to devise strategies in the Chinese consumer market, and he will continue to inject vitality into the market in the future.