Innovation; the word used by a Chinese company to describe the transformation of a simple idea into a booming multibillion-dollar company that saw the realization of some ten million bicycles on the streets of China and around the world and billions of dollars in financial returns in less than five years.
Ofo, One of China’s leading bike sharing companies started in 2014 as a simple vision and quickly evolved into a global company that is attacking business and has partners around the world including the United States, Europe and Singapore, Japan, Austria among others.
Information from the management of the company indicates that the number of bicycles in circulation presently has reached ten million operating out of 16 countries, one hundred and eighty-six cities around the world, while requests for daily usage has climbed to twenty-five million.
What, however, is bike sharing? According to answers provided by members of the company, it is simply making available bicycles for public use and collecting revenue in return through the use of mobile technology?
Senior Vice President of Ofo, Nan Nan addressing a group of journalist from Latin America and the Caribbean on Thursday as part of their visit to China for coverage of the 19th National, Congress of the Communist Party said the company has emerged to be a household name among Chinese nationals and today millions of them are taking advantage of the service using the bicycles to conduct business around the city to avoid traffic congestion among other things.
Nan Nan said in addition to its efficiency in one mode of transport around the busy streets of Beijing and other major cities of China the bicycles are contributing to lowering carbon emission and enhance China’s quest to protect the environment. She noted that statistically in just five years Ofo contributed to cutting 2.16 million tons of carbon emission worldwide.
Therefore what was initially seen as a simple vision has resulted in huge financial returns, it has also given rise to thousands of jobs around the world, contributed to environmental protection, and created an atmosphere for better synergies among companies and contributed to the country’s foreign earnings.
The senior vice president said the company is presently working along with the telecommunication companies in China, for monitoring the bicycles and collection of payments.
Ofo, however, was not the only company visited during the ten-day tour of China by journalists from Latin America and the Caribbean where seemingly simple ideas, through innovative mechanism have been transformed into billion dollar companies, creating global impact.
One other such company visited during the tour was DJI, the world leading manufacturers of civilian drones. There it was said that in 2006 a university graduate, Frank Wang in his quest to create a level of stability to what existed at the time transformed the drone industry by creating the world’s leading company in drone production and the first Chinese company to have developed an entirely new software paradigm.
It was noted that in just eleven years, the company occupies 71% of the market shares, boast of eleven thousand employees, 70 offices around the world and sells 80% of its products outside of China.
Dji drones are equipped with some of the most advanced technology in aerial photography and are used by a number of international companies around the world, including film industries, and firefighters to assist in surveillance, locate trapped victims, monitor company’s daily operation and for recreation activities.
Other companies visited were Hauwei of Guangdong Province in Shenzhen a world leader in smartphone manufacturing, the Gree Company a world leader in air conditioning and Leyard a company founded in China in 1995 and in less that twenty years has taken its place as a world leader in the manufacture of LED products.
What was visible about all of the companies visited was their seamless entry into the technological market, their ability to attract global appeal and literally grab hold of market space in little or no time.