Published By : 11 Mar 2015 | Published By : QYRESEARCH
Zhongguancun, a district of Beijing's experienced almost 49 startups daily in the last year due to innovation finding new root in China. On Wednesday, the nation's minister of science and technology, Wan Gang, stated in a briefing for the National People's Congress in Beijing that the country at present holds more than 1,600 technology incubators.
Zhongguancun is the dwelling place for establishment of Chinese technology companies. The list starts from Lenovo Group to search engine operator - Baidu. The place has also conceived Xiaomi, which was formed five years ago and now holds the position of being China’s biggest smart phone vendor. In a period of five years, Xiaomi has been valued at US$45 billion and tagged itself as the world’s most valuable start-up.
Wan also added that the entrepreneurship and innovation have been gaining popularity due to which many high-techs, small and medium sized and micro organizations are enjoying the success stories. He stated that along with the establishment of new companies, the country is also moving forward on the technological front.
In the previous year China had recorded more than 660,000 effective invention patents and up to 12 percent from a year earlier. In addition to it, the country has accounted more than 1,000 enterprises which invested in start-ups with capital more than US$56 billion. Lei Jun, CEO of the leading smart phone company - Xiaomi has already supported 27 startups and planning to fund more than 100 new companies.