With a massive consumer base, a tech infrastructure that’s way ahead of many advanced nations and unwavering government support, China has been blazing the trail in almost every aspect of technology like never before. To get a sense of how prodigious China’s push for tech innovations is, how important the collaboration with U.S. companies is becoming, and how your tech business can get involved, here are a few Reach Further stories to get you started.1. The changing realities of VR/AR
Virtual reality (VR) and augmented reality (AR) technology have come a long way from being a mere novelty to actually enhancing real-life human experiences in music, entertainment and even health. With its practical applications becoming more and more ubiquitous, especially in China where adoption is easier because of the existing technology infrastructure, consumer behavior and government support, VR and AR revenues are projected to hit $120 billion by the year 2020, according to Digi-Capital. How can businesses get a piece of this very sweet pie? Find out at Building a Business Model in Virtual and Augmented Reality.
It’s no surprise that China is now the biggest market within the gaming industry, raking in $22 billion in revenue from 534 million players in 2015. While the U.S. gaming business model has always focused on content, in China, distribution is king. You can have the latest hyperreal graphics, the most engaging narrative, or even the best out-of-the-box idea, but without a viable and efficient distribution network, winning the gaming industry in China is going to be a challenge. Find out more about how the rules of gaming have changed at Playing to Win in China’s Gaming Industry.
While getting investors interested in the next big tech idea can be difficult, the passage of the JOBS Act, specifically the section under Title III, has opened up more funding opportunities. Now startups and small businesses can go online and raise capital of up to $1 million even from non-accredited investors—under strict guidelines, of course. The safer alternative, through SEC’s Rule 506 of Regulation D, allows for raising an unlimited amount of money but only through accredited investors. How do businesses decide whether to rush forward or steer clear, far from the madding crowdfunding frenzy? Read more at Equity Crowdfunding: Is it Right for Your Business?
Many U.S. entrepreneurs and businesses that have set their sights on China are having a rude awakening—intellectual property rights don’t cross borders. It’s no secret that the Chinese market is awash with copycat products like medical devices, movies, leather goods, watches, auto parts, software, shoes, batteries, and more. While the government has been vigorously addressing this problem, setting up shop may still be a little complicated. To get access to China’s more than one billion consumers, U.S. businesses need to register their product, invention or concept with the appropriate Chinese government agency. Find more ways on how businesses can protect their intellectual property in China at Protecting Your Intellectual Property in China.
Financial technology, or “fintech,” has seen an exponential growth, with investments in the Asia-Pacific region quadrupling in 2015 to $4.3 billion and a further 500 percent year-on-year increase in the first quarter of this year. Still, conventional banks are holding their own by collaborating with startups, setting up their own fintech departments, and revisiting how they conduct their retail and SME relationships. Meanwhile, Chinese government regulations have also made this matchup even more interesting, with focus on mobile payments and tougher regulations for online P2P lenders, among others. Find out more about the future of finance and banking at The Future of China’s Fintech Boom.
With hundreds of smart cities enabled by the IoT, China has become the unexpected leader in this technology that was deemed, not long ago, as mere science fiction. As early as 2010, Beijing set up a national IoT center. For the next 10 years, about $300 billion have been invested in smart-city programs for more than 500 Chinese cities. Machine-to-machine (M2M) connections, normally provided on a business-to-business basis, are being offered to consumers as well. Western tech firms have already joined in China's IoT revolution and many more are coming. Find who the key players and main drivers of this global revolution in smart technology are at China’s Smart Cities Connected by the ‘Internet of Things’.