Rich: Being aware of that, and realizing that it is a different climate going in, what sort of niches should angel investors look at in China?
Bruno: First of all, from an investor perspective I would look at local companies, maybe not only local companies, but mostly local companies, because they know the local environment better.
If you focus on mobile, I would say app stores and applications is definitely one of them. However, there are a lot of fraud and illegal copies, which makes revenue making more difficult.
Because the regulatory environment has changed quite a few times, and because there are a lot of rogue or non-legit app stores around, it’s much more difficult to have consistent revenue and good exit.
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