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by David Parmer
Sequoia Capital’s Chairman Michael Moritz has a clear message for his fellow Silicon Valley cohorts and for the U.S. tech industry as a whole: take a hard, clear look at China and come to understand what is there in terms of reality and challenge.
Moritz, former TIME bureau chief, writer (The Little Kingdom: The Private Story of Apple Computer, and Going For Broke: The Chrysler Story, Leading with Alex Ferguson) investor (Google, Pay Pal, Zappos) billionaire and philanthropist, does not mince words. In three interviews last year he laid out his ideas focusing on misperceptions, lack of knowledge and challenge regarding China and hi-tech.
Here are some key ideas from the three articles:
Bloomberg Business December 3, 2015
“If any Silicon Valley company aspires to be a global company, China is going to be a very big part of their future.”
“It is no accident that seven of the 20 most valuable Internet companies today are Chinese. “
“The first thing you need to do is go there and admit you know nothing.”
“I’m always struck by how eager people running Chinese companies are to learn about their American counterpart.”
“I wish the CEOs and founders of Silicon Valley companies did the same thing in China. “
“I think we can learn a lot from them.”
Business Insider November 24, 2015
“People underestimate China, especially in Europe.”
“They have very little sense of the size, strength and scale of ambition of the leading Chinese technology companies.”
“It takes a long time for perception to catch up with reality, so most people’s perception of China is 20 years behind the times.”
Fortune March 24, 2015
(China is) “The most vibrant setting for tech start-ups in the world.”
“Everybody in the West is in denial about China’s increasing tech strength. The balance of power is shifting.”
The question now is have CEO’s and entrepreneurs adjusted their behavior vis-à-vis China in the light of Moritz’s comments. Or have his comments simply been ignored?
Photo: JD Lasica via flickr
http://www.bloomberg.com/news/videos/2015-12-03/sir-michael-moritz-studio-1-0-full-show-12-02-