China’s New Innovation Advantage
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Publication Date:
May 01, 2021
Eight of the 10 fastest companies ever to reach a $1 billion valuation are Chinese, and six of them were founded in 2014 alone. Whatever has propelled Chinese companies to the top, the metrics we use to evaluate innovation have missed it. The author argues that China today has a resource that no other country has: hundreds of millions of people who have lived through unprecedented amounts of change–and who, consequently, can adopt and adapt to innovations at a speed and scale unmatched anywhere else on earth. Those hyper-adaptive and hyper-adoptive consumers are what make China so globally competitive today. But competition with the Chinese should not be considered a zero-sum game. Foreign companies would do well to seek to learn from China’s newly powerful example.
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China’s New Innovation Advantage
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