Tech Titans in China with Rebecca Fannin and JIANG Wei
Below, we present a selection of insightful excerpts from China Institute’s public event “The Secrets of China’s Tech Titans” which explored China’s biggest tech successes, the challenges entrepreneurs face, and the country’s enormous high-tech ambitions. The full event video is also featured so you can relive the full, and far-reaching, discussion.
From Rebecca Fannin, leading expert on global innovation:
Chinese technological innovation is beginning to challenge Silicon Valley for global leadership.
Today’s landscape is totally changed. Chinese companies are much more innovative and competitive. In China to succeed they need a niche and they need to be ferocious. They are far fiercer than what we have here in the US.
The trade war is pushing the Chinese to be more self-reliant, to develop their own technology. They are now developing their own operating systems. …This will create the “splinternet,” a two-tech world.
The idea of Chinese innovation was seen as ridiculous 15 years ago. Today, it’s not ridiculous. Silicon Valley is threatened by China – that’s why we are seeing this tech conflict. The current environment is detrimental to the collective good.
From JIANG Wei, managing partner at Momentor Ventures:
[Referring to Ofo, the now closed bike share company in China] They were busy focusing on burying their competitors. We investors were partly at fault. We didn’t require the kind of detailed (business plan and financial analysis) that we should have.
The US and China are complementary. The US is really good at R&D. The educational system is still the best. There is more longer-term thinking. But the Chinese are more willing to take risks for longer term gains.
See the full event video below (or watch on YouTube):