(Yicai Global) July 1 -- Most of the Chinese companies exhibiting at this week's TechCrunch in Shanghai, a world technology summit for geeks and entrepreneurs, have foreign owners.
"China has a unique atmosphere for startups that is different from other parts of the world," Mr. Will Lawrence, co-founder of a startup company in Shenzhen, China's Silicon Valley, told Yicai Global.
"In the States, a project involves everyone in the company," he said. "From brainstorming, to design, to user experience, it is a collective effort involving people in all departments throughout the process. In China, however, different teams concentrate on their respective specialties. In a way, it's more efficient, but it may not necessarily be a good thing for long-term project development."
"Chinese hardware companies have exceptionally high innovation efficiency," said Ms. Jenny Lee, managing partner of GGV China Ltd. "It only took a Shenzhen hardware company six months to turn an idea into an actual product, and the same process would typically take two years in the US."
What started as a technology blog in 2005, TechCrunch has now grown into an influential tech media community, with more than 2 million followers on social media sites such as Twitter, Facebook, LinkedIn and Google.
TechCrunch Disrupt was launched on the TechCrunch website as a technology summit in 2011, providing a venue for tech start-ups to display their products and services to venture capitalists and the media. It has been held in San Francisco, New York, London, Beijing and Shanghai. It was held in Shanghai between June 25 and 29.