The number of start-up businesses grew nearly 40 percent in Zhongguancun,China’s entrepreneurial and innovative hub, in 2014, according to a new report.
Based on a sample of 2063 start-up companies, enterprises based in Zhongguancun received total revenues of 397.7 billion yuan ($ 61 billion) in 2014. Each company earned about 190 million yuan ($ 29 million), a year-on-year growth of 38.2 percent, the 2015 Zhongguancun entrepreneurial report shows.
A survey of 49 business incubators shows that the fastest growers were companies in information technology, biomedicine, energy conservation, environmental protection, new materials and equipment manufacturing.
Chinese people are used to working in companies. However, the report also shows that over 60 percent of people start businesses for “self-fulfillment”.
About 67.5 percent of entrepreneurs said that they started their own companies because they had opportunities to realize their dreams. The difficulty of climbing the career ladder in established companies is another factor.
The report shows that most entrepreneurs choose the “founder+ partner” model to reduce risks and increase comparative advantages.
Just like Xiaomi, a mobile phone firm founded in2010 inZhongguancun, such a pattern brings complementarity in markets, expertise, funds and management.
