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China’s ‘post-90s’ generation become major force for entrepreneurship

(People's Daily Online)    17:06, July 22, 2019

(Photo/Xinhua)

Over 45 percent of internet entrepreneurs who were born after 1990 started their first business under the age of 22, according to an online survey jointly conducted by Chinese technology news platform 36Kr and Baidu’s Phone Helper.

The survey results also indicate that over 70 percent of members of entrepreneur teams are aged between 18 and 25, while only 3.2 percent are over 30.

At Didi Chuxing, a mobile transportation platform, core executives are around 30 years old, and managers of all divisions in Didi are in their 20s.

A venture capitalist with over 10 years of experience said that the post-90 generation prefers creating businesses to satisfy individual demand, in contrast with entrepreneurs who are 10 years older and started up companies to deal with production problems.

Among these young entrepreneurs, the majority are of excellent educational background. They dare to explore cutting-edge technologies and empower the conventional industries with new technologies.

SenseTime co-founder Xu Chiheng was born in 1990. He started learning about robots in middle school and was later recommended to China’s prestigious Tsinghua University to study computer science.

After graduating, Xu entered into a laboratory in the Chinese University of Hong Kong (CUHK), where he met Professor Tang Xiaoou, founder of SenseTime, China’s artificial intelligence pioneer.

Xu is one of the eight entrepreneurs aged below 30 with experience of studying abroad ranked in a list issued by CYZone, a Chinese platform created to assist entrepreneurs.

The list said that 10 young entrepreneurs in China had obtained financing worth over 100 million yuan. Those young makers favor AI, online education, fintech and new retail.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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