The China Business Climate Survey is out and it surprised us!
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Innovation in China is accelerating and being driven by multiple converging factors including:
- VC investment is pouring in and is getting close to US VC investment levels
- A huge domestic, mobile first market and user base – to build a launch pad for new business model innovation and global expansion
- A large hungry educated young generation seeking to be the next Jack Ma (Alibaba) or Pony Ma (Tencent)
- Government reforms and support for innovation, entrepreneurs, and “going global”
- Years of accumulating knowledge via cooperation and competition with the global players – including hardware leadership, which is becoming critical for connected devices and Internet of Things (IoT)
With the world’s largest population (~1.4B), second largest economy ($11.2T vs US’s $18.6T), and a mobile internet population of over 800 million users, the challenges and opportunities posed by China for Western technology companies have never been greater.
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