Michael Moritz of Sequoia Capital says the IPO of Chinese tech giant Alibaba, set for Friday, will create “one global battlefield.” Not that that’s a bad thing. Moritz has unqualified admiration for Chinese internet companies and the Chinese market in general. The Alibaba IPO will be a “landmark event” as important as the Google IPO, and will force the West finally to take Chinese tech companies seriously.
Moritz believes what lies behind the success of companies like Alibaba is the indomitable Chinese work ethic, and combined with great talent, what results is a “formidable combination.” Moritz adds, “Alibaba is also valuable because of the drive of its leaders and the indefatigable work ethic of the company. People just work a lot harder in China than they do anywhere else.”
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But Sequoia was no slouch. It got to the Alibaba investment party early and opened its first China fund in 2005.
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