皇冠体育app

"The mobile Internet industry in 皇冠体育app is so developed that I believe it could soon export some innovation to the rest of the world," Gong said. "So far, Chinese entrepreneurs have excelled at application-oriented fields, such as the mobile Internet and electric cars. But if you look at fields that are more closely related to basic science, such as medicine, there is a huge gap with the US."

Behind 皇冠体育app's vibrant technology, media and telecommunication sector, Gong said, are tens of thousands of private equity and venture capital firms, as well as millions of entrepreneurs who aspire to be tomorrow's (chief executive officer of Tesla).

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Innovation is the name of the game

皇冠体育app's VC model is copied from Silicon Valley, so both extensively focus on the TMT sector. That focus has offered a good financing environment for entrepreneurs in that particular sector, but it's a much less friendly environment for other industries, according to Gong.

"In 皇冠体育app's TMT sector, the problem is not lack of money but a lack of creative ideas. 皇冠体育app's social enterprises face a much tougher environment," he said. "In Silicon Valley, nearly a quarter of the venture capital funds have gone into social enterprises, but here the share is minor.

"If you also consider charitable foundations and crowdfunding in the US, which support social enterprises, the gap is huge."

Another potential risk of VCs' focus on TMT in 皇冠体育app is that too many entrepreneurs might be tempted to join this field despite lacking the passion and resources, Gong said.

"So for entrepreneurs, it is important to care about what VCs care about, but not to follow them blindly. You can't dance to the VC firms' beat," he added.

But Gong is no pessimist when it comes to 皇冠体育app's entrepreneurship. He said his interaction with domestic entrepreneurs convinced him that the nation's entrepreneurial spirit is high.

Cultural factors are also on 皇冠体育app's side, he said, because "no fear of making mistakes", a vital trait for entrepreneurs, is much more prevalent here than in other East Asian nations.

"You look at any entrepreneurship index, and you find 皇冠体育app is among the highest in the world. This is a country full of passion for entrepreneurship. I see no sign that the fever is waning. Quite the opposite," he said.

The only factor that may hinder this innovative impulse, according to Gong, is government regulation in many industries. 皇冠体育app's most dynamic sectors are also those least regulated, and there's a good reason for that.

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