China has put innovation high on its political agenda and the Suzhou Industrial Park (SIP) has drawn thousands of start-ups. But that makes it not yet a Silicon Valley, warns venture capitalist William Bao Bean with Singtel Innov8 in Marketplace.
But SIP still has some way to go before it can rival Silicon Valley, according to William Bao Bean, a venture capitalist with Singtel Innov8 in Shanghai.
“You need to attract talent and create a culture, it’s not the easiest thing in the world,” says Bean. “The government can do a lot and Suzhou has done the obvious things, but it’s the software, the people side, that is important and it still has a way to go there. Building up a Silicon Valley is a step-by-step long term thing.”
On Thursday we organize the next Google+ Hangout on China. When you are interested, you can pick one of our planned subjects, and register for our broadcast here.