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Shenzhen Innovation System

In: Successful Innovation Systems

Author

Listed:
  • Yiming Yang

    (Country Manager China at Sedo.com)

  • Ludovit Garzik

    (Austrian Council for Research and Technology Development, Innovationorbit)

Abstract

Shenzhen is one of the fastest-growing cities in human history. In 40 years, Shenzhen has grown from a rural village to a major metropolis and innovation hub. This chapter explores Shenzhen’s innovation ecosystem, infrastructure, policies, and strategies. The examination suggests that the special economic zone is an effective strategy, experimenting with regulations and bypassing bureaucracy to create a space for smart people with great ideas. Importantly, Shenzhen first achieved modern industrialization and then transformed into an innovation hub. Its industrial power enabled Shenzhen to achieve “Shenzhen speed”: If you have a smart idea in the morning, you are likely to have a prototype in your hands in the evening. This speed separates Shenzhen from other global innovation hubs. Today, Shenzhen is keen to create an academic environment where knowledge owners are encouraged to translate their knowledge into business ventures. Shenzhen is also the base of many major venture capitalists. Shenzhen has demonstrated that advanced industry plus knowledge owners plus venture capitalists can achieve great results in innovation.

Suggested Citation

  • Yiming Yang & Ludovit Garzik, 2022. "Shenzhen Innovation System," Future of Business and Finance, in: Ludovit Garzik (ed.), Successful Innovation Systems, edition 1, chapter 13, pages 209-224, Springer.
    • Handle: RePEc:spr:fuobcp:978-3-030-80639-2_13
    DOI: 10.1007/978-3-030-80639-2_13
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