How China’s Shenzhen became the world capital of hardware innovation
Idea to Value
OCTOBER 14, 2016
An estimated 44% of all money spent by the Chinese middle class in 2013 was on the service economy, which McKinsey estimates will grow to 50% in 2022, and a large proportion of this is done through smartphones. This huge market means there is ample room for large numbers of new entrants every year to offer new services. startups are able to exploit the knowledge, infrastructure, manufacturing capabilities and market size which the big dragons helped build.