China Strives to Create Its Own Silicon Valley
06/07/2012 – 3:11 PM EDT
BEIJING, China — Now at a critical juncture in its quest to become a superpower, China is turning to Western regions like the Silicon Valley for help with its next technical leap forward.
China has been the land of me-too companies — startups that copy ideas hatched in the West — as it has emerged as the global leader in manufacturing of computer and electronic gadgets. But now, with its booming economy, bountiful reserves of cash, increasing technological infrastructure, laser-like focus on fostering innovation and the world’s largest number of Internet users and mobile-phone subscribers, China is raising the bar in hopes of becoming a technological giant.
“It’s a thorough, aggressive and strategic strategy to have China move from manufacturing to the lab,” said Marguerite Gong Hancock, associate director of the Stanford Program on Regions of Innovation and Entrepreneurship. “There is a very dense network of venture capital and entrepreneurship in Beijing that has evolved over the last 10 years that is very similar to what happened in Silicon Valley.”