Indigenous business research has largely mirrored the economic growth in China over the past 40 years, which has reached a critical juncture. It is, therefore, important to take stock of the past progress to identify critical success factors and remaining challenges, in searching for paths to the next leap forward. To this end, this commentary will first review the key milestones in indigenous business research over the past four decades. Then it will highlight two paradoxes, namely, the lack of indigenous theories despite the phenomenal growth of Chinese firms, and the growing divergence between scientific rigor and low relevance to practice, which will need to be addressed in the future. Lastly, several predications and suggestions will be offered.