Entrepreneurs, the `new icons in Communist China`

As globalisation and competitive economy take rapid strides, China was silently but aggressively encouraging, nurturing and developing huge pool of entrepreneurial talent.

Last Updated: Nov 16, 2009, 23:46 PM IST

Bangalore: As globalisation and competitive economy take rapid strides, China was silently but aggressively encouraging, nurturing and developing huge pool of entrepreneurial talent to ensure high-level competitiveness and job creation in the rapidly changing global scenario.

"Businesmen are the new icons in Communist China", said Robert Crompton, executive producer of `Win In China`, a one-hour documentary that captures the `silent entrepreneurial revolution taking place in the changing Communist country.``

``Chinese entrepreneurs are poised to dominate many of the leading industries of the 21st century--to the detriment of the rest of the world`s jobs base. Their investments in entrepreneurial infrastructure dwarf India`s, America`s and European Union`s`", said Crompton who uses the metaphor of a popular TV reality show `Win in China` to tell the story.

Shot over a period of two years, the documentary through the reality show (that has nearly 120,000 entrepreneurs compete for prize money in excess of dollar five million with the winner receiving nearly dollar 1.5 million to invest in their new business plan) captures how the show was an opportunity for government to educate and motivate
entrepreneurs.

"Entrepreneurship in China is not accidental as it is usually in US and India. It is a deliberate and intentional effort by the government", Robert said.

The leaders in the politburo, mostly trained as engineers, determined in the 1990s the only way to absorb the more than 20 million new workers entering the Chinese economy in the decades ahead was to turn China into the most entrepreneurial economy, Robert said during his roadshow.

The focus is on honing entrepreneurial skills, investing in entrepreneurial infrastructure and letting some people get
rich first with a view to encourage more to invest in start
ups, Robert said.

While India had 78 million engaged in overall entrepreneurial activity, China had 200 mn, he said quoting a global entrepreneur monitoring study report. The start ups were not just in high technology area but low technology as well including restaurants.

Top 20 universities in China had a special faculty to train entrepreneurs, apart from incubation, research parks and
providing seed capital. The early state entrepreneurial
activity was in the age group of 18-34 and there were 53
research parks, he said.

The Zhang Guan Cun Research Park in Beijing currently has
21,000 companies with a new company being formed in every 4.6
days. Beijing alone had around 200 venture capitalist firms.

"While the US is busy in bailing out 20th century
industries, China is focussing on new ventures to drive the
21st century Chinese economy", he said adding US had 1.5
trillion trade deficit with China.

He said China clearly stood out as a `hotbed of high growth
expectation entrepreneurship", which has large term
implication for countries like US and neighbouring India.

Currently, while India ranked 12th in terms of listing on
the NASDAQ, China ranked second, he said.

Robert is targetting various government officials world
over in marketing his film.

Bureau Report

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