Silicon Valley Challenger China Catching UP
Other significant indicators of this shift from Silicon Valley to China include R&D spending, patent applications, engineering graduates and scientific research.
China’s R&D coffers weigh in at $409 billion, nearing $497 billion for the U.S., and gaining at a far faster rate of 18 percent annually versus 4 percent for the U.S.
China overtook the U.S. in scientific articles published with 18.6 percent of the total compared with 17.8 percent for the U.S.
China bumped Japan from second place globally for patent applications in 2017, gaining 13.4 percent to 48,882 applicants or 20 percent of the world’s total. Long-time leader U.S. claims a 29 percent share at 56,624.
China tech giants led by Tencent and Alibaba are investing in frontier technologies, acquiring cutting-edge tech companies internationally and building hard-to-beat technology ecosystems. The next step is take their brands truly global.
This is a light years away from a decade ago when Silicon Dragon first chronicled a Silicon Valley in China. See Forbes: Light Years
Dominic Penaloza, (pictured above) chief innovation officer of NakedHub, noted the deal was “all good–a rocket ship joining a rocket ship.” No word yet on whether a name change is coming!
The story of Dangdang’s start was chronicled in Silicon Dragon two years before co-founder Peggy YuYu and investor DCM Ventures took the online bookseller public on Nasdaq in 2010. Dangdang went private in 2016.
Tencent has led a $3 billion funding of Chinese e-commerce company Pinduoduo, which has been ramping up by focusing on selling to smaller cities and lower-income people in China. Its innovative business model Pinduoduo lets users make group buys into consumer categories with friends through apps such as Tencent’s WeChat.
Billionaire venture capitalist and cryptocurrency investor Tim Draperstaged a blockchain party at his San Mateo technology hub Hero City, where he predicted that bitcoin will hit $250,000 by 2022. Draper was right in his prior prediction that bitcoin would reach $10,000 by last year. The celebration took over a block of downtown, complete with a rock band, balloons, food trucks and crowds.