Yo! I’ve been doing some recent reading on tech business news and these two stories about Chinese tech innovation caught my eye. Xiaomi, a tech darling in China founded in 2010 whose CEO was once called the “Steve Jobs” of China. In the following two posts, I learned about how Xiaomi innovated its way to success in the competitive tech industry, but also why this company subsequently struggled with to maintain its success.
Roughly speaking, Xiaomi succeeded as a mobile phone company by streamlining their supply chain in order to increase margins but keep prices low. However, they have been facing some current challenges in the form of competing Chinese Tech startups. Because China’s Tech boom has happened so quickly, there is relatively less government regulation of the tech companies, which has allowed new startups to easily copy what has made xiaomi so successful.
Of course, there are a lot more details to this story but I found it all fascinating because I have a friend who is currently running his own Tech startup and a lot of mathematicians migrate into the tech industry after academia. I hope to make future posts on news in the tech industry but we’ll see 😉
First link is a video from one of my favorite YouTube channels I stumbled across in 2017, L2 inc. In addition to discussing Xiaomi, they also give a nice discussion of how China’s current mobile payment systems technologically leapfrogged over credit card systems to become to popular method of transactions currently in China. I’m a huge fan of how the discussions in L2 inc are often between reputable academics who can cite their statistics /facts.
- Update: (1/18/18) I wanted to add a link to this video by the Wall Street Journal which does a nice job showing how ubiquitous the mobile payment systems are in China: China’s Great Leap to Wallet-Free Living | Moving Upstream
The second link is an article from wired in which they say much of the same information as the video, but I included because I want to show how recent and how relevant this company is to the tech industry.