Shanghai to lure ‘Unicorn’ firms
Print Edition
SHANGHAI wants to lure “Unicorn” startups to set up in the city offering them avenues to integrate traditional industries with latest technologies, industry officials said yesterday.
The number of “Unicorn” firms — those whose market value surpasses US$1 billion each — represents a city’s innovation level and entrepreneurship environment.
The majority of top dot-com firms and “Unicorn” firms are based in Beijing and Shenzhen, like Baidu, Alibaba, Tencent and Xiaomi.
Shanghai still lags behind Beijing and Shenzhen, according to consulting firm iResearch. Shanghai now has 18 “Unicorn” firms including online literature website China Reading and mobile take-out service provider Ele.me.
Shanghai can, however, seek to build up its innovation by getting traditional industries to embrace latest technologies, industry insiders said at an event to award Top-10 IT Talents in Shanghai. “We can seek opportunities of integration between traditional industries and latest technologies,” said Wang Dong, founder and CEO of Zhaogang.com.
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