The Chinese version of the Report has also been officially released
Mind the Bridge Reports “Tech Scaleup Europe” and “Tech Scaleup China” have been launched in China today during the SHVCA – Shanghai Venture Capital Association Special Event at Shanghai Science Hall.
The presentation has been followed by the Special Seminar by Dr. Martin Haemmig, Adjunct Professor at CeTIM and Global Network partner at GLORAD, and a cofounding partner of VIDIAN VENTURES, titled “Global overview for DeepTech VC/CVC and DeepTech Startups Going Global at early-stage.”
In the same occasion Mind the Bridge has officially released the Chinese version of its “Tech Scaleup Europe” report.
“Mind the Bridge data shows the difference of Startups/Scaleup companies from China vs. Europe and the UNITED STATES – commented Dr. Martin Haemmig, Network Partner of GLORAD and Co-founder of Vidian Ventures, co-signer of the Foreword of the Report – Though China’s first few “startups” were consumer-focused and started imitating the business models of their Western counterparts early on, they quickly began innovating, having been empowered by mass amounts of consumer feedback and data enabled by mobile behavior. With the Chinese government laying strong emphasis on artificial intelligence, cybersecurity, healthcare, and education, there is robust investment activity in these verticals as private companies, public venture arms and VCs participate in spurring competitive growth.”
“Though being the largest and fastest growing tech cluster in the world, China startup ecosystem is still quite unknown due to the lack of comparable data at international level”, added Alberto Onetti, Mind the Bridge Chairman and SEP Coordinator, ”With this report we aim at bridging this knowledge gap. We analyzed in depth the Chinese ecosystem applying the same methodology we regularly use to map Europe, US, and Israel. The outcomes of this analysis, produced with the support of Chinese Zero2IPO Group, are that the country is undoubtedly becoming an innovation powerhouse: China is home for slightly less than 10,000 companies (with more than US$ 1m / RMB 7m in VC funding), able to cumulatively raise $337B, that is more than double than the amount raised in Europe and half of the US. Specifically, China seems a particular ability to produce larger scaleups and tech giants”.
“With Shanghai’s government ambitions to catapult the region into a ‘Top 10 Global Innovation Hub’ by 2025, technology-based startups are one of the pillars in the ecosystem” commented Pingao Wang, Chairman of the Shanghai Venture Capital Association (SHVCA) and former President of the Shanghai Venture Capital Company. “According to the 2019 Startup Genome Report, Shanghai’s Startup Ecosystem ranks now global No. 8, only surpassed by Silicon Valley, New York City, London, Beijing, Boston, Tel Aviv and Los Angeles. The central and local governments have been big supporters to gain scale over the past decade, combined with foreign VC firms and foreign corporates/CVC teams, which have been in this region for years. They brought global best practice to investments and nurturing startups, when co-investing with local VC firms into innovative Chinese companies.”
According to Martin Haemmig, “Shanghai is in a few sectors at par with the very best in the world, notably in the area of ‘gaming’, where it ranks No. #2 globally. China accounts for over 25% of global gaming revenue and is the world’s largest mobile gaming market. Shanghai’s gaming industry is expected to reach over $15 billion by 2020. The city is home to more than 130 gaming startups, a satellite for industry giants such as EA, Ubisoft, and Virtuos. Furthermore, in the Edtech space, Shanghai now ranks No. 5 in the world, with over 1,000 Edtech companies headquartered here, receiving about $1.3 billion in venture funding between 2015 and 2017.”
Furthermore, Shanghai’s venture capital network includes about 5,000 angel investors. In addition, the ‘Shanghai Science & Technology Innovation Fund’ was launched by state owned investors with an initial round of $970 million. Zhangjiang Hi-Tech Park, sometimes referred to as China’s Silicon Valley, has more than 400 R&D institutions.