ZTE announced the company’s launch of 100 million yuan ($15.5 million) venture capital “Innovative Fund” created with the intention of driving innovations from within the company.
ZTE said it will seek technologies solutions, business models and management processes proposed by its 80,000-strong employee base, including 30,000 research and development personnel.
“The creation of this endowment is intended to foster innovative ideas and projects. Innovation is essential and fundamental to ZTE. The fund is one way ZTE is taking action to create ground-breaking new telecommunications solutions,” said Hou Weigui, ZTE chairman and chief architect of the venture capital fund,
The venture capital fund is part of ZTE’s ongoing efforts to stay ahead of changes in technological trends by seeking out investment ideas that will drive both the company and the telecom industry forward. To that end, it will support innovations in operations, strategy and management models, with the intention of creating a testing ground for ideas that break with tradition.