China is building an innovation ecosystem ripe for start-ups. Here’s how

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The government is pumping funds into research, education and innovative projects, as Chinese tech firms flourish and investors and venture capitalists flock.

With rising production costs, an ageing population and shrinking return on investments it is clear why China’s economy has shifted from labour-intensive manufacturing to an innovation-driven paradigm in just a few years.

Today, Huawei is the largest telecommunications equipment manufacturer in the world and JD.com, Tencent, Alibaba and Baidu are among the world’s top 10 internet companies in terms of revenue. These companies, and the new tech-based businesses seeking to emulate their success, have all benefited from the “innovation ecosystem” China is developing.

So what are the key elements that make up this ecosystem and have enabled China’s economy to rapidly climb the value chain?

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Bird is the fastest startup ever to reach a $1 billion valuation

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Electric scooter startup Bird is the fastest company to reach a valuation of $1 billion.

Bird, one of many scooter startups currently sweeping the US, was last valued at $400 million after closing $100 million in series B funding in early March. In late May, Bird was reported to be raising $150 million in series C funding led by Sequoia Capital, at a $1 billion valuation.

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A 15-year study of 5,000 entrepreneurs finally answers the question: Is it better to quit your day job or keep it?

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Data doesn’t lie.

There is a sexy image of an entrepreneur as someone toiling away in a garage, tinkering full time on their new venture, or joyously yet feverishly staying up until 3 a.m. working on their latest innovation or iteration of their product.

We love to celebrate these fantasy risk-takers and breakthrough-makers, ones who put it all on the line and then cash in big.

Continue reading… “A 15-year study of 5,000 entrepreneurs finally answers the question: Is it better to quit your day job or keep it?”

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