China has some serious problems. The government corruption is getting better but the bureaucracy is on another level. Most people resort to bribery because going through the official channels is next to impossible and the bribe ends up being cheaper but it is starting to change.
The big problem with chinese entrepreneurs is that they dont understand or like they idea or serial entrepreneurship. To sell or merge with another company is considered for your company to have failed not a successful exit. They dont care about having lots of money but having the power of being the CEO of a major corporation that is listed on some stock exchange, they will do anything to get listed even if they dont need the money and know that the stock will tank as soon as the IPO opens. What ends up happening is there are tons of great small tech companies but no giants because the small companies refuse to merge together to compete with giants like google and microsoft. Only giants like tencent and baidu who have become chinese giants on their own can compete globally. This is the big reason why there are few hardware giants coming out of china, there are tons of small hardware companies like xiaomi that refuse to sell their patents and IP and eventually die taking their tech with them. Xiaomi is extremely popular in china and their phones are quite good for the price, they are serious competition for google, samsung and apple in china.
The big problem with chinese entrepreneurs is that they dont understand or like they idea or serial entrepreneurship. To sell or merge with another company is considered for your company to have failed not a successful exit. They dont care about having lots of money but having the power of being the CEO of a major corporation that is listed on some stock exchange, they will do anything to get listed even if they dont need the money and know that the stock will tank as soon as the IPO opens. What ends up happening is there are tons of great small tech companies but no giants because the small companies refuse to merge together to compete with giants like google and microsoft. Only giants like tencent and baidu who have become chinese giants on their own can compete globally. This is the big reason why there are few hardware giants coming out of china, there are tons of small hardware companies like xiaomi that refuse to sell their patents and IP and eventually die taking their tech with them. Xiaomi is extremely popular in china and their phones are quite good for the price, they are serious competition for google, samsung and apple in china.