Beijing will rival San Fran as tech hub: Uber CEO

by Jonathan Adams

The boss of U.S. ride-hailing app Uber told CNBC has said that in the next five-to-10 years, innovation out of Beijing will rival Silicon Valley.

Uber is headquartered in the Bay Area of San Francisco which is known for its highly-valued start-ups and is the world’s most valuable start-up worth over £43.55 billion.

Uber chief executive Travis Kalanick told CNBC that Uber has been investing heavily in both China and India and after spending time in those markets, he was convinced that cities there could rival San Francisco.

“The Chinese culture is incredibly entrepreneurial and…has incredible educational institutions, they have great engineering here and so I think the surprise that maybe a lot of folks will be seeing in the next five to 10 years if the amount of innovation that’s gonna be happening in Beijing, is gonna start to rival what we see in the Bay area,” Kalanick told CNBC at the Boao Forum in China.

“I like to say that the global innovation hubs in the coming 10 years is about the 3 Bays. It’s the Bay Area, its Beijing and its Bangalore. And Beijing’s rise as a technology hub is about to be seen in a big way at least that’s my sense.”

Uber has focussed its international expansion on India in a big way in the last year. In 2015 it pledged to pour £0.70 billion into the region on top of receiving funding from Indian business giant Tata. In China, its division is valued at £5.62 billion. But Uber faces stiff competition from innovative start-ups out of the country’s technology hubs in both markets.

This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Related News

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Know more