The 2000 AWIB Entrepreneurial Achievement Award Winner - Wendy Cai
Founder and CEO
Hagglers.com
Hagglers.com, a New York based company, is a provider of end-to-end e-commerce solutions to companies who want to reach online consumers, with a strong focus in Asia. It designs and provides proprietary web-based electronic commerce software and cost-effective fulfillment and payment solutions to businesses. Haggers.com is positioning itself to become a leading enabler in the projected $1 trillion e-commerce market in Asia. It will serve as both an e-commerce enabler and as a fulfillment/payment partner, similar to what Visa and MasterCard have accomplished in the US in the on-line retail market.
In May of 1999, three years after graduating with two BAs (with Honors) from Rutgers University, Wendy founded Hagglers.com. She was managing multi- million dollar marketing initiatives at Chase and Citibank and despite a six-figure income, and a comfortable life style, she needed more. Wendy and her partner, Peter, had made substantial returns in the booming stock market and invested their "fortune" (as much as 25 year old people can have) to open Hagglers. They learned first hand about starting a business and got free help from their friends. With a limited budget, donated hardware from friends, they built their own computers to write softw are for Hagglers.com. Their office is still furnished with folding tables, second-hand furniture and Ikea budget purchases.
Wendy did not think about raising capital but soon realized that her dreams would not come to fruition without an outside infusion of cash. Investors were startled at her youth when they met her for the first time, but her business model, her obvious intelligence and her energy overcame reservations. Hagglers’ first angel investment came in December of 1999. In January of 2000 they launched the beta version of their site and attached thousands of visitors with zero marketing effort. In September of 2000, they closed on $10 million of venture capital financing from an investment bank.
Wendy's family story has a familiar Asian immigrant ring. Fifteen years ago her parents came to the US with their two daughters in tow from Shanghai, China. Her father was a diplomat and her mother was a teacher, and they gave everything up to make a better life for their children. Wendy, entrepreneur and international executive, with an office in Taiwan and Shanghai by the end of the year, is a proud product of their sacrifices. Her ability to speak five dialects of Chinese makes the Asian market a natural fit.
Wendy's advice to other women who want to have a new economy business is to believe in your own ideas. She states, "You must be happy with what you do and have a thick skin. When you get rejected by investors, you can't take it personally. When you have an obstacle, always see it as an opportunity". She knows that her business is not for everyone, unless you are willing to work 16 hours a day, "max" out on all your credit cards, get no salary and have no personal life. However, she believes that a revolutionary change is taking place in the economy and there are enormous opportunities for women if they are willing to take the risks and make the sacrifices. She wants to make it work "one step at a time" and is determined to build her business first before taking it public.
Wendy was named as one of the "20 under 30" women to watch in 2000 by Working Women Magazine and has presented and spoke at multiple conferences, including the Asian Women In Business "Venture Capital for Women" Conference. She has been featured in Alley Cat News, NY Newsday and other media outlets. In addition to her professional life, Wendy also works closely with the Chinese American community in New York City. She co-founded the Leo Club of Chinatown in New York City to help the underprivileged residents obtain access to health care, housing, after-school programs and legal advice. She is also an active participant of the Cammy Lee Leukemia Foundation and Asian Women in Business.