This former Apple executive is betting on Shenzhen, not Silicon Valley, to create the 'next Apple'

In a bold move that challenges conventional wisdom, Will Wang, the CEO of Even Realities, a rising star in China's smart-glasses market, argues that Shenzhen is the ideal breeding ground for consumer electronics innovation, eclipsing Silicon Valley. Wang, who previously contributed to the development of the Apple Watch and iPhone at Apple, emphasized the necessity of being at the heart of hardware production to foster the next big tech company. During a recent interview, he explained to CNBC's Chery Kang that Shenzhen's unmatched engineering talent and robust supply chain capabilities make it the perfect location for launching consumer electronics ventures. Even Realities recently secured $150 million in funding, achieving a valuation of $1 billion, with backing from notable investors like Meituan and Tencent. Wang pointed out a significant shift in Silicon Valley's investment landscape. He noted a dwindling interest in hardware startups due to the lengthy development processes and reduced potential returns compared to artificial intelligence ventures. "Silicon Valley seems to not really reward hardware people that much anymore," he commented, indicating a trend where talent and finances are gravitating more towards AI and software development. In contrast, Shenzhen continues to thrive as a hub for tech talent. The city is home to various tech giants, such as Tencent, Huawei, and DJI, contributing to a rich ecosystem that nurtures engineers skilled in mechanical, electrical, and optical disciplines. This environment has fostered a wave of new startups, from camera innovators like Insta360 to robotics companies like UBTech. Even Realities is targeting the lucrative U.S. market for its global expansion, as over half of its user base is located in America. Despite the challenges faced by Chinese startups in the AI consumer hardware sector, Wang believes their manufacturing capabilities can compete effectively against the U.S.'s software dominance. While many of Even Realities' investors are Chinese venture firms, Wang acknowledged their speed and proximity as advantages, though future funding rounds will aim to attract a more global investor base to facilitate international growth. Founded in 2023, the company launched its Even G2 smart glasses, which stand out by avoiding the common camera and recording features found in competitors' products, instead focusing on delivering notifications and translations through a heads-up display. With its innovative approach and strategic location, Even Realities is poised to make a significant impact in the consumer electronics landscape, challenging the traditional tech hubs and setting a new standard for future startups.