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January 6, 2016 06:00 am

China's Tech Copycats Transformed Into a Hub For Innovation

hackingbear writes: Following similar path of the 19th century America, China has advanced from being copycats to innovators. After its middle class has risen from 4% of population to 2/3 in the last decade, a generation both creative and comfortable with risk-taking are born. "We're seeing people in their early twenties starting companies—people just out of school, and there are even some dropouts," says Kai-Fu Lee, a Chinese venture capitalist and veteran of Apple, Microsoft, and Google, who has spent the past decade crisscrossing the nation, helping youths start firms. Major cities, i.e. Beijing, Shanghai, Shenzhen, Hangzhou, are crowded with ambitious inventors and entrepreneurs, flocking into software accelerators and hackerspaces. They no longer want jobs at Google or Apple; like their counterparts in San Francisco, they want to build the next Google or Apple. Venture capitalists pumped a record $15.5 billion into Chinese startups last year, so entrepreneurs are being showered in funding, as well as crucial advice and mentoring from millionaire angels. Even the Chinese government—which has a wary attitude toward online expression and runs a vast digital censorship apparatus—has launched a $6.5 billion fund for startups.

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