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China’s biggest advantage in next-generation technology is the sheer number of global patents and intellectual property it has registered, GGV Capital Managing PartnerJenny Leesaid Friday.
“China needs to bring more of them to commercialization,” Ms. Lee said, adding that in 14 years time, 50% of the talent pool for tech will come from China and India.
Speaking at the Converge technology conference hosted by The Wall Street Journal and f.ounders in Hong Kong, Ms. Lee said Chinese companies benefit from having government support and funding, and a huge market of consumers who are eager to try products.
But she cautioned that Chinese hardware companies’ biggest challenge is that they must have industrial design, software and hardware expertise, along with marketing and supply chain wherewithal to successfully launch a product.
“If you miss any piece of this, you just don’t make it,” Ms. Lee said. The approach in this space is very different than a company such as Snapchat, which Ms. Lee said just needs a “bunch of software engineers.”
Some of the innovative areas to look for in China include wearables that will be able to track stress levels and tell the wearer if they need to take a break, and active contact lenses that can display text and images. Biomedical will be a large frontier, with camera capsules that are swallowed to do more than just take pictures inside of a person’s body and robotic arms that could help in surgery rooms.
She also said 4D printing isn't so far off, and that products will be able change shape and size once they are printed.
Ms. Lee also highlighted several Chinese companies, such as LeTV and Ninebot, that are innovating in smart and green cars, and said advances in China’s space technology lately have enabled companies to play catch up with their Western counterparts.
And when it comes to drones, Ms. Lee noted advances in personal drones, such as Hoover Camera, a self-flying camera. “Chinese consumers like to take pictures of themselves,” Ms. Lee said. “You can fold it and put it your pocket.”
(THE WALL STREET JOURNAL)
