Entering private enterprises to see development|-Extremeist- Fu Liquan- I am always on the road to entrepreneurship

In an exclusive interview, Fu Liquan, the Chairman and CEO of Zhejiang Dahua Technology Co., Ltd., shared his insights on success, often describing himself as “lucky.” During our conversation, which spanned over an hour, Fu reflected on his remarkable journey from a stable government job to heading a publicly traded company generating annual revenues exceeding 32.2 billion yuan.

Fu’s entrepreneurial path began over three decades ago, distinguishing him from many of his peers in Zhejiang, who typically started with traditional manufacturing. With a technology background, he initially focused on developing communication equipment before exploring video surveillance and ultimately expanding into the global smart IoT market.

Recalling 1992, a defining year for him, Fu mentioned how inspired he felt amid China’s transformative changes. Motivated by the reforms of the era, he made the bold decision to leave his secure position as a technology department head in the government and start his own venture—no small feat, particularly after having passed the college entrance exam only on his third attempt.

Starting out modestly, Fu rented two classrooms in an elementary school in Hangzhou and led a team of fewer than ten people to establish Dahua Communications Equipment Factory, focusing on dispatch communication equipment. He took on multiple roles, serving as CEO, salesperson, and technician, often working late into the night.

In the early days, securing orders was a struggle, and his business encountered significant challenges. However, through relentless hard work and genuine engagement, Fu eventually landed a major contract that revitalized the company. This success enabled Dahua to develop its first dispatch communication machine, marking the start of its upward trajectory.

As technology and market demands shifted, Fu noticed a decline in the market share for dispatch communications and decided to pivot toward remote monitoring solutions for the electricity sector. This strategic move led to the creation of a remote image monitoring system, which quickly gained popularity and established Dahua’s presence in the security sector.

In 2002, Dahua made headlines by launching the industry’s first audio and video synchronous embedded hard disk recorder, effectively replacing outdated mechanical tape systems. Fu highlights this innovation as a crucial turning point for the company’s growth and current standing.

To finance these innovations, Fu and his wife sold multiple properties to reinvest in the business, driven by their passion for its products. Today, with the rapid growth of digital economy sectors such as AI, IoT, and big data, Dahua is concentrating on smart IoT initiatives aimed at enhancing urban governance and facilitating digital transformation for enterprises.

When discussing Dahua’s success, Fu emphasized that innovation is embedded in the company’s DNA and is critical to its competitive edge. He shared examples of how Dahua leverages video technology across various sectors, continually refining its offerings to meet evolving market demands.

Fu believes that even smaller businesses can achieve success amidst transformation challenges by carving out a niche market and prioritizing quality and efficiency. “If you can dominate a specific segment, you can become an invisible champion in the industry,” he remarked.

Reflecting on the global opportunities stemming from China’s openness, Fu explained Dahua’s strides in international markets. The company embarked on its global expansion in 2003, showcasing its products at international exhibitions. Their persistence bore fruit when they secured their first overseas order at a trade show in Philadelphia, marking the beginning of their international journey.

Over the last two decades, Dahua has built a significant global presence, with revenue from overseas markets surpassing domestic earnings for the first time this year. Fu envisions deepening Dahua’s global reach, building a multi-tiered supply network, and enhancing its international supply capabilities.

“Starting the business was about realizing personal dreams, but Dahua has evolved into a substantial organization with 23,000 employees, each carrying their hopes for the future,” Fu expressed. He firmly believes that providing value and solving problems for customers, alongside offering opportunities for employees, is the key to sustaining the company’s long-term success.