China has historically been one of the great centres for innovation. Yet it suffered during a century of foreign domination, followed by three decades of Mao Zedong’s reign and another three decades of gradually opening by adopting the scaled copycat model. Now, China is finding its rightful place back as one of the premier business innovation hubs. A key example is that of DJI, which has taken up about seventy percent of the global commercial drone market. Add to this, market leadership innovations brought out by the likes of Baidu, Huawei and Tencent. To put things into context, between 2014 and 2016, China attracted venture capital fund worth US$ seventy-seven billion in comparison to just twelve billion for the previous two years. A study carried out by marketing research firm CB Insights, reveals that China is home to 58 unicorns in the last few years just below USA pegged at 108. Lagging way behind are the likes of India at 10, UK with 12, and Germany on a mere three. Unicorns here are start-ups with above a billion dollars’ valuation. Due to these various significant initiatives in the country, several summits are also taking place here such as the Fortune Global Forum and the Brainstorm Tech International.

Source:http://amp.timeinc.net/fortune/2017/11/21/china-innovation-dji?__twitter_impression=true

Uploaded Date:19 January 2018