There’s a reason why Apple will never let go of the Chinese market. With 1 billion people strong, what company wouldn’t want a chunk of that market, right? But let’s shift our points of view for a bit. Imagine what you’d feel like if you’re a Chinese company wanting to go global? Would the prospect be as wide as Apple?
Consider these 7 companies for a moment. They are among the fastest rising and most innovative companies in China right now. With their capability and ambition, they’re poised to make a name in the global market scene. If you’re a startup with ambition, watch out because these companies might just teach you how to conquer the world by enforcing things now:
By manufacturing and selling smartphones really cheap, they have cornered the smartphone market and running Apple out of the picture. In 2013 alone, they released 4 smartphones that sold 19 million – increasing their net worth to $5.2 Billion. Not only that, they’re also creating applications which their users are currently patronizing. With that, their sales have reached a high of 150%. Their formula is simple – sell the phones for dirt cheap prices and then make a profit by providing the software to run it.
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Just how does one make DNA sequencing available for mass market consumption, ask BGI also known as Beijing Genomics Institute. In just a few years, they’ve become the world’s scientists go-to destination to seek the next ambitious frontier in terms of plant, animal and human DNA. Lately, their contribution to science is their genome-sequencing hardware and investing on training more analysts to read this data. They are now the most high-volume provider of human genome sequence equipment and tech. They’re even bigger now after acquiring Complete Genomics for $118 million.
In 2013, the company grew its profits to about $30 Billion. Their own CEO Zhang Ruimin is famous for asking his employees to smash malfunctioning units as a symbol of new quality control standard. The company manufactures mobile phones, computer, microwave ovens, air-conditioners, washing machines and many more. They voted among themselves as to who is inefficient at their jobs and then kicked them out. With that, their new zeal on quality paved the way for employees who are constantly producing. And the result was an undeniable rise in profits. Its revenue in 2013 alone is $29.5 Billion.
With the absence of Facebook influence in the Market (China has blocked social media), the company found a way to replace what Facebook users have done. They created a messaging app which allows users to share photos, join forums and create viral campaigns. Now their 400 million users can’t argue with the platform’s success. They’ve even gone beyond the Chinese borders. Internationally, it’s known as WeChat and it has became the 5th most used smartphone app in the world.
Because they thought of using a ring instead of just a watch to power smart devices, Geak sealed a place on the technology landscape. It’s the best security feature you can have to protect your smart devices like tablets and phones. Simply wear the ring and it uses significant information about your identity to unlock your devices.
For controlling the house by using phones, this company garners favor because of their unique service. Yes, a home appliance can be controlled via your smart phone – one example is the Eco Tower which can be managed by your phone’s application. This product is useful for tracking the air density, pollution levels in your home and even moisture. It then alerts you when the levels becomes too much. It’s a pretty nifty gadget appropriate for smoggy cities like Beijing. Phantom has step up to provide households with easy to use controls where homeowners can easily switch things on and off far away from home.
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It’s on the radar now because it’s taking the whole country (China) by storm. Besides, who can ignore a company with $198 million in revenue? The company was primarily aimed to serve gamers with a video-sharing capability. But the creative minds at YY had some other use for it – by posting a video of you singing a videoke hit, you get paid by other YY-ers by giving you gifts such as roses or $1000 worth of luxury gadgets. You can exchange this for cash and YY gets a 60% cut. Very smart, right? There are approximately 300 million users with top users said to earn up to $20,000 a month.
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So what are the lessons that startups can learn from these companies? Create a product that is unique and that will be used by millions of people. That is a sure way to success in our modern wired world.