Watch For China's Silicon Valley To Dominate In 2018 And Beyond
As another year wraps up and a new year begins, it's clear that the concept of a Silicon Dragon has gone mainstream. The western world can no longer ignore the expanding power, influence and impact of China's Silicon Valley.
Over the past decade since my first book Silicon Dragon was published in 2008, China's tech and venture scene has evolved quickly. It's no longer considered a joke to say that China is winning the tech race. There are just too many examples of how China IS leading advances in a new era of technology. It's clearly no longer a case of copying ideas from the West. Today, it's about ideas traveling from China to the West and being copied. What a transformation!
The world's biggest tech companies are no longer mainly from America. In addition to Facebook, Amazon, Apple and Alphabet, there's Baidu, Alibaba, Tencent and Xiaomi from China. Right behind them are China's next-in-line leaders: news aggregator Toutiao, group e-commerce dealer Meituan and ride-sharing leader Didi Chuxing.
If you mention Jack Ma's name today in a conversation with friends and family, they actually know who you mean. Name recognition is easier when you're one of Asia's top billionaires and running one of the world's most valuable companies.
Not content to dominate China tech in their homeland, Chinese power businesses are going global, moving into Hollywood, real estate in New York and LA, and innovative startups in Silicon Valley. They're beating American businesses to newly emerging opportunities in Southeast Asia too, an important next frontier.
Chinese entrepreneurs are known for moving with lightning speed and at non-stop work hours to start up new businesses. A new term has been coined to describe their work life, 996, meaning 9 to 9, 6 days per week. Silicon Valley can look decidedly sleepy, by comparison.
China is getting ahead in many fields that are revolutionizing tech, from artificial intelligence to fintech to virtual reality to the sharing economy and retail e-commerce. What's more, these categories see U.S. and Chinese businesses competing head-to-head: Baidu with Google, Alibaba with Amazon, Facebook with Wechat, and Huawei with Apple.
There's plenty of money in the Middle Kingdom to finance these China's next upstarts. China venture capital market now matches the U.S. investment in startups, to about $50 billion. Moreover, China's startups have gotten into the unicorn elite, and now claim nearly one-quarter of the world's unicorn-financed emerging companies.
As China progresses, a new generation of angel investors has sprung up from the initial successes of founders from the prior boom a decade ago. These angel investors are not only financing the next leaders but inspiring them to do more. They are the necessary heroes.
Yes, there are government curbs on content and some investment spirals in China. But China's tech economy operates in its own sphere, often isolated from broader economic and political issues.
It's clear as we enter into 2018 that China's Silicon Valley will challenge the West more than ever -- and this is just the beginning.
Por: Rebecca A. Fannin
Fonte: Forbes, em 1 de Janeiro de 2018