Over many years, China has gained acclaim as the world’s manufacturing powerhouse. But today, innovation is flourishing in the world’s most populous nation, which is rapidly becoming a trendsetter with the potential to disrupt business models globally.
On a recent research trip to China, we were struck by the huge enthusiasm for locally developed smartphones and the entrepreneurial spirit sweeping the country. Indeed, the number of patents filed by Chinese residents has surged in recent years, both locally and abroad, to exceed the world’s largest developed economies.
Some companies have received international recognition. For example, Shenzhen-based Estar Technology Group won the prestigious 2015 CES Innovations Award for its takee1 smartphone, which allows users to touch and interact with its holographic screen. Meanwhile Chipscreen, recently received Chinese FDA approval for Chidamide, a novel treatment for lymphoma. It was the first domestically discovered and developed innovative drug to receive regulatory approval.