A new global reality has emerged in the world of innovation and technology. It’s the upstarts from Asia, particularly China, that are now driving the global innovation agenda.
Ancient Chinese technological inventions such as paper, printing, gunpowder and the compass revolutionised the way humanity evolved, expanded and interacted. As it did in ancient times, the Chinese spirit of research and exploration is now driving the economies of the future.
Over the past few decades, the innovation and technology sector has rapidly evolved. For generations, we have relied on US and European made technology to connect us and be the foundations of our economic growth. This is starting to shift.
In fact, in 2016, 47% of the global (IT) patent applications were from Asia, 25% from Europe and 25% from North America. The top two global corporate patent applicants were Chinese, one of those was Huawei.
The emergence of Huawei
As the world’s largest telecommunication equipment supplier, Huawei is proudly a privately-owned business that operates in 170 countries. Last year, Huawei recorded global revenues of $USD92 billion, pushing its ranking to 83 on the global Fortune 500.
Huawei’s incredible success is based on its commitment to research and development. In 2016, Huawei invested $USD14 billion in research and development making it a global powerhouse in telecommunications infrastructure. China was once seen as a technological follower, now it’s a leader.
Huawei in Australia
Huawei has served Australian telco operators, businesses and consumers for 14 years. It employs over 700 people across the country and has established a local board with all the rigorous Australian legal and regulatory responsibilities that comes with incorporation.
Huawei equipment has been the field for 30 years, laying the foundation for the connected world. As a proudly diverse business, eighty-two percent of Huawei’s suppliers are non-Chinese. They are mainly from US, Europe, Japan, and Korea. Take for instance the Apple IPhone X. It is designed in the US, assembled in China, the screen is from Korea, the battery is from China and the camera is from Japan. The same global supply chain exists across the whole sector.
The next industrial revolution is upon us. It will enable machine to machine communication technology to deliver driverless cars, smart agriculture, advanced mining and intelligent cities which will significantly change the way we live and work. There is more come and Huawei hopes to lead this innovation.
Note, this article was originally published in The Australian.