China boasts a big population and is now nurturing developers in the application economy. Beijing is becoming an innovation hub thanks in part to this recent focus on application development and accelerating innovation across startups.
“The unique thing about Chinese startups is just the crazy pace at which they scale,” Rui Ma, partner at 500 Startups, told the Economist Intelligence Unit (EIU). “Beijing has the most active, early stage startups. We are talking about an accelerator, incubator sort of ecosystem. It’s hard to walk around Beijing without someone pitching a business.”
China’s central planners spend $200 billion per year on R&D and innovation. As a result, a new generation of Internet startups is now thinking globally.
“We are going to see a lot more competition from Chinese apps in global markets,” Ma told the EIU.
Watch the full video on Crystal Balls: Startups and the Future of the App Economy here.