Various groups and organizations in the U.K. have launched several new initiatives to help enthusiastic London startups and venture capitalists (VCs) connect with the Chinese and global markets.
Cocoon, a company founded by John Zai, is one of those organizations that help build a China-U.K. startup as well as an entrepreneurship community, in cooperation with the China Management Research Institute at Lancaster University, Tuspark Global Network, the China-Britain Young Entrepreneurs Association, Bluepint Capital and other institutions.
An article published by Forbes said that U.K. entrepreneurs and VCs were hardly involved in the Chinese market a few years ago but now many of them are turning to China to learn more and expand their business.
According to the article, in one of Cocoon Networks' launching in Shoreditch, London's startup district, many startup founders, investors and dealmakers showed willingness to explore the Chinese market.
During the event, many of them took photos of slides that showed how the Chinese progressed from being imitators to innovators with new ideas and business models, the report said.
It also showed how the Chinese venture market became the second largest in the world and the third country in the world with the highest number of patent applications.
The report said that this change in China has become an eye-opener for U.K. to establish its own innovation hubs, with participation of government-led group and associations, pushing for U.K. tech agenda to spur innovation and entrepreneurial growth.
Currently, U.K. startups are planning to link up with leading hubs, especially in China which has a large mobile and Internet markets, in addition to having a more complex and advanced online ecosystem supported by its tech titans, R&D labs of universities and colleges and well-experienced venture investors and entrepreneurs.
Led by Silicon Dragon, another organization that helps startups and entrepreneurs, is set to jumpstart the links between China and the U.K., as well as with Silicon Valley, in its 5th annual venture and tech innovation forum that will on March 9, 2017 in London, the report said.