China's Big Tech Advantage Is Speed, Not Cost

China's not just a copycat economy anymore; it has turned into a high-speed innovator. So says Ben Joffe, general partner of HAX, a five-year-old hardware accelerator and investor. And the rest of the world had better watch out. We call what China is doing "Xiaomization," because smart-phone giant Xiaomi's high-speed commoditization of product categories is driving a lot of people out of business. Right now, he says, Xiaomi has invested in 77 companies--and four are unicorns, meaning they have a market capitalization of over $1 billion.