**Abstract:**
The first China Innovation and Entrepreneurship Competition concluded over four months ago in 2012. But what long-term effects has this competition had on businesses? What kind of innovations have the participants and their companies brought forward? And how much progress have they made since then? To explore these questions, we visited Mr. Chen Jifeng, a winner of the “2012 Second China Innovation and Entrepreneurship Enterprise Group.â€
**The First China Innovation and Entrepreneurship Competition Had a Lasting Impact**
Mr. Chen Jifeng shared his insights on the competition, highlighting that its system innovation was one of the most remarkable aspects. From online registration to national district-level competitions, followed by expert and venture capital evaluations, the process was transparent and fair. The finals were even broadcasted live on CCTV Economic Channel, ensuring openness and credibility. High-profile figures such as Wan Gang, vice chairman of the CPPCC, along with scholars and business leaders, attended the event. The program’s broadcast generated widespread attention and positive feedback, encouraging more entrepreneurs and innovators to step forward. This competition is expected to drive economic transformation and contribute to the vision of a smarter China.
For Mr. Chen’s company, participating in the competition not only earned them the grand prize but also boosted employee enthusiasm for innovation. It significantly enhanced the company's image and the popularity of the "Walde" brand. After the final show aired, many venture capital firms expressed interest in collaborating, and dealers showed strong confidence in partnering with Walde. The number of inquiries via phone and email increased dramatically, leaving the team overwhelmed with opportunities.
**Innovation Is the Engine Behind Walde’s Rapid Growth**
As the leader of a national high-tech enterprise, Mr. Chen emphasized that Walde is a technology-driven company. From the very beginning, they prioritized research and development, even during tough times. They chose to cut costs elsewhere rather than reduce R&D investment. Their annual "Innovation of the Year" initiative has motivated employees to continuously innovate. For Mr. Chen, innovation is not just a strategy—it’s the soul of the company and the driving force behind its sustained growth.
**a) Continuous Technological Innovation**
Walde has made significant breakthroughs in several key areas, including diamond cutter wheels, superhard tools, and glass-cutting technologies, with multiple patents filed:
1. The high-permeability diamond cutter wheel has been upgraded to the "Improved High-Permeability Diamond Cutter Wheel."
2. The "High-Precision One-Piece Tool Holder" was successfully developed.
3. The "High-Precision Cam Glass Cutter Seat" was also completed.
4. Micro-tooth processing technology was applied to introduce the "High Permeability Glass Knife."
5. Walde became the first in China to overcome technical challenges in developing "PVD Nano-Coated CNC PCBN Blades" and "Mini PCBN Blades."
6. The "Enhanced Stone Carving Knife" was successfully launched.
**b) Marketing Model Innovation**
To expand its reach, Walde implemented several innovative marketing strategies:
1. **Sales System Reengineering:** Partnering with Shengjing.com, a leading management consulting firm, to improve overall sales efficiency.
2. **Brand Marketing Strategy:** Collaborating with major platforms like CCTV Network, China Glass Network, and Alibaba to boost brand visibility.
3. **E-Commerce Expansion:** In July 2012, Walde launched its flagship store on Tmall. Initially, monthly sales were just a few hundred yuan, but it quickly grew to tens of thousands per day. This rapid growth demonstrated the potential of e-commerce, and Walde is now planning to build its own online trading platform.
**Competing for the Peak of the Industry, Creating a World-Famous Brand**
Thanks to continuous technological innovation and effective marketing strategies, Walde saw impressive results in Q1 2013, with order volume increasing by over 80% compared to the same period last year. Foreign tool orders doubled, showing strong international demand.
Looking ahead, Mr. Chen remains confident about the future. He believes that by embracing the spirit of innovation, Walde will continue to climb higher in the industry, aiming to create a globally recognized brand and drive China’s industrial development forward.
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