Quote:
Originally Posted by JManc
I read the link. Bigger and faster does not mean better. China is massive. There are more people within its middle class than the US has people...so of course the potential is huge but 2013 is only 4 years ago. It will take China decade(s) to foment a thriving culture of innovation of its own to truly be on par with the US or Europe. The Chinese government also is very protectionist which enabled companies like Alibaba, Renren and Tencent have grown into behemoths.
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decades? Watch the vids, it's already overtaken in innovation in e-commerce, payment/ transfers, communications, hardware, item share and social media in those 4 years.
China is now the worlds second largest venture capital market, and the first in terms of VC internet. New companies are proliferating at over 20% growth a year - in 2015 alone adding 12,000 new companies a day, and second in number of unicorns (billion dollar start-ups), soon no doubt to be the first. Beijing alone, the software capital (Shenzhen is the hardware city) sees 200,000 new graduates every year.
Beijing is the nest of a majority of China’s unicorns, top talents and the focus of venture capital and is known to be the Silicon Valley of China. Shanghai and its surrounding cities – Hangzhou and Suzhou – are fostering companies in the field of e-commerce, digital services and social media. Shenzhen, on the other hand, has a long history of being the pilot zone for a more open market economy in China and the hub of hardware innovations and OEM manufacturers.
Thanks to the increased internet of things in the vast domestic market, and open sourcing all its new tech, start -ups grow and develop far quicker than outside:
Beijing for software - if you want the latest invention, its movement recognition software - and even crime/ behaviour prediction.
• Video Link
Shenzhen (9 months ahead of the rest of the world) for hardware - this is where some inventions which have crossed the Great Firewall came from, from e-cigarettes to hover boards/ wheels, 3D hardware to NG drones, from the latest commercial robots to the world's most advanced trains, 'smart' everything from tvs to sports equipment to e-cars. Like the Chinese internet/ software giants, it's all going open source:
• Video Link
The problem with penetrating the global market is that whatever succeeds massively in China is already copied by the rest of the world when they try to roll it out there.