ZTE has announced a 100 million yuan ($15.5m) venture capital fund to drive innovation from within the company.
ZTE’s venture capital fund will evaluate new concepts on technology systems, business models and management processes proposed by its 80,000 employee base, including 30,000 research and development personnel, the Chinese telecom vendor said in a statement.
The fund is part of the company’s efforts to stay ahead of changes in technological trends by seeking out investment ideas that will drive the company and the telecommunication industry forward.
“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,” said 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 Chinese telecom vendor announced it would establish 10 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.