Summit matches innovators, investors

An Oklahoma company exemplifies the goodwill that an annual business summit can bring.

Sensulin, an Oklahoma City-based biotechnology company, which has raised funds in China, makes a product that helps improve the lives of diabetes patients.

"Type 1 and Type 2 diabetes patients typically need four to eight injections of two different types of insulin every day. Our version would basically be one dose to replace all that, a very dramatic improvement of quality of life for patients," said Mike Moradi, co-founder and CEO of Sensulin.

About 500 Chinese and American Investors, inventors, corporate executives and government officials are expected to gather from May 14-15 in Houston for the third US China Innovation and Investment Summit (UCIS).

The conference's core program InnoSTARS Competition has been going on year round. It screens innovations and takes the winners on road trips in China to directly pitch their ideas to potential Chinese investors.

In two years, InnoSTARS has seen cooperative projects emerge in healthcare, artificial intelligence and nanotech.

Moradi has traveled to China nine times in the past two years. "China is the number one country in terms of patients with a number of 100 million. Our formulation versus our competition tends to be low cost, so we look for large suppliers of insulin injections to partner with."

Sensulin's drug came out a winner in last year's InnoSTARS. Through this platform, Moradi visited six insulin manufacturers in Beijing, Tianjin and Kunming.

"They are super organized and able to put a large group of prospective Chinese investors together as well pharmaceutical partners. There is no substitute to doing business in person, and they did a phenomenal job.

"The road show is super helpful," Moradi said, adding that he will continue to go to China to find the right partners, in Hainan and Shenzhen in particular.

Moradi has become a fluent user of the Chinese social media app WeChat. He even has his WeChat barcode printed on his business card.

"So people can scan and connect with me directly. WeChat is very helpful to communicate with people whose English is not that strong," Moradi said.

He also learned the value of relationship-building in China.

"Americans are so business-minded that they just want to go in and get out to do the meeting. In China, it's so much more about sticking around, having dinner and getting to know each other. Even a little effort to get to know people is super helpful when it comes to negotiating a deal," he said.

Moradi said that people who fully understand how to offer healthcare in China will have a tremendous opportunity to save lives and make money.

"In the next few years, there will really be a renaissance in China's healthcare. The need is so great. If we do a couple of deals, it will help improve the quality of lives for people," he said.

While he's somewhat concerned about the trade tensions between the US and China, Moradi is optimistic and has another China trip planned in September.

"Improving people's quality of life is the easiest thing we can agree upon. I see it as a bridge of cooperation for our two peoples," he said.

Drylet, a Houston-based wastewater-treatment company, signed an agreement at the end of last year with a private group that operates municipal utilities in Nanjing Hoyo to form a joint venture to sell biocatalysts for wastewater remediation produced by Drylet.

In addition, Nanjing Hoyo Municipal Utilities Investment Administration Group also committed to joining Drylet as an equity investor.

mayzhou@chinadailyusa.com