ZTE has announced a 100 million yuan (€10.7 million) venture capital fund to drive innovation from within the company.
The Chinese vendor’s fund will be used to back projects evaluating new concepts on technology systems, business models and management processes, and is part of the firm’s efforts to stay ahead of the technology curve by seeking out future investment ideas.
“Mobilization of our employees as creators of ideas for investments for the fund is part our strategy to create bold new concepts and products in the telecom industry,” explains Hou Weigui, ZTE chairman and chief architect of the fund. “The Dream Fund as one way for ZTE to test these waters and accumulate new ideas and management experiences.”
The announcement comes a day after the vendor revealed plans to establish ten new international innovation centers with major telecom operators in Europe and South America.
ZTE also announced plans to establish additional innovation centers in China through partnerships with the nation’s largest telecommunications operators.