There are a few major differences in how China is doing tech that are a little terrifying if you’re a Silicon Valley company that wants to compete (thread)https://twitter.com/patrickc/status/1008699726005325825 …
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4. They have a much, much greater supply of STEM workers China has 4x the population but 10x the tech employees. Ordinary software engineers get paid living salaries but not what they get paid in the US.
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5. There’s a lot of capital with nowhere else to go This is true in the US as well, but in China you not only have practically zero interest but a law that makes it difficult to get money out. Every VC backed company has an investment arm, and multiples are *higher* in China
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6. They have incredible ecosystems to build into I’ve never seen anything like WeChat. You use it for literally everything, from paying bills to connecting with friends. QR codes are everywhere and actually used, and people expect it
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7. They don’t fear hardware (or atoms generally) Companies were baffled that SV has such a hard time with hardware. It’s no more difficult in their eyes to ship atoms than bits.
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Put all those things together with good ol’ regulatory uncertainty, and it’s difficult to imagine any US company winning a Chinese market. Then you remember that the market is bigger there and growing, and it will likely always be the case that their tech scene is bigger
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End of conversation
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Their concept of shame is dissimilar to ours and they're not going to sit around and wait for someone to give them permission to go ahead when there's a lot of money to be made.
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Yawn. Plenty of companies in Europe doing the same. Mostly as a play to get bought out.
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