Lenovo Group Ltd – Chinese Multinational Company
The success of Lenovo Company that was founded 32 years ago is spectacular and an inspiration for the people who dare to dream big. From lurking in the doldrums to rising
to great heights, the company has proved its mettle. Based in Beijing, China, Lenovo is involved in the designing, development, manufacture, marketing and sales of laptops, PCs, smartphones, tablets, smart TVs, servers, storage devices and workstations.
Founding Date: 1984
Company Name: Lenovo Group Ltd.
Industry: Computer Hardware/Electronics
Country: Haidian District, Beijing, China
Company Website: www.lenovo.com
History of Lenovo
Lenovo Company was founded 1984 by Liu Chuanzi with a team of ten engineers and a humble investment of $29000. It was immediately incorporated and operated from a small bungalow. The initial aim of the company was to install foreign made computers in Chinese homes. This was followed by importing of televisions and digital watches. However, none of these ideas worked.
The first taste of success came when the company started developing circuit boards that enabled computers to process Chinese characters. However, lack of proper marketing took its toll on the organization which comprised mainly of scientists and engineers. Not to be bogged down by these challenges, Liu and his team persisted and after a number of errors finally made a mark and their first profit. As Lenovo Company gained success, it went on to open a subsidiary in Hong Kong.
Lenovo finally went public in 1994 with a listing in Hong Kong. This brought the company an impressive capital of $30 million.
The final breakthrough success for Lenovo came when they started developing their own brand of computers and marketed them in China. Named Tianxi, the computer was developed with an aim to simplify the operation of computers and accessing of internet for the not so tech savvy people of China. Released in 1998, the computer was a major hit in the local market and more than 1,000,000 units of this were sold in just a year.
Lenovo Products and Services
Ever since its inception, Lenovo Company aimed at offering supreme quality products and services, not only in the Chinese market but across the globe. With an impressive research and development segment in tow, over the years, their product and services line has grown manifolds.
In 1995, after acquiring IBM PC business which included laptops like ThinkPad, they started developing these products to get them in sync with the times. Ever since, the ThinkPad brand has evolved and offers devices like ThinkPad Yoga, ThinkPad Tablet2, ThinkPad 8, ThinkPad Helix and ThinkPad Twist.
Other than these, Lenovo offers ThinkCentre, ThinkServer, ThinkVision Displays, IdeaPad, ThinkStation, IdeaCentre, smartphones, tablets, smart televisions as well as wearable gadgets.
They have also been involved in the development of various applications for the smartphones like SNAPit Camera, SYNCit, REACHit, SHAREit, WRITEit, SEEit and SECUREit.
Lenovo Company has its headquarters in China and USA. However, their research centers are based in Morisville, Beijing, Chengdu, Shanghai, Xiamen, Shenzhen and Nanjing. They have manufacturing units in Japan, China and Argentina. With more than 60,000 employees working for it, the company recorded annual revenue of $44.91 billion in 2016.