‘Everyone’s a potential consumer’: Xiaomi boss Lei Jun vows to invest in 100 start-ups as tech advances in rural China promise riches
Billionaire tech tycoon says ‘anyone is welcome’ to present ideas for his venture capital firm Shunwei Capital Partners to consider
Investing in businesses that stand to gain from increased internet access in rural areas is topping the agenda for Lei Jun, the founder of Chinese smartphone vendor Xiaomi.
“It’s just like a shoe merchant entering an inhabited island and seeing that no one is wearing shoes,” said Lei, one of the most influential entrepreneurs in China’s technology industries.
“It’s a huge market, and everyone is a potential consumer,” he added at a financial forum in Beijing on Friday.
Lei said he has already invested in over 10 start-up projects targeting firms that stand to gain from China's rapidly expanding internet penetration rate in its hinterlands.
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He said he will continue to do so over the next decade through Shunwei Capital Partners, the venture capital firm founded by Lei