Innovation Works unveiled today
Today, Innovation Works was launched - it is a business creation platform concentrating on creation of the next wave of Chinese high-technology companies founded by Dr. Kai-Fu Lee.
The announcement, which initiates a new business paradigm into the Chinese start-up environment, comes after news of Dr. Lee`s resignation as Google Vice President and President of Google Greater China.
The main aim of Innovation Works, which will be led by Dr. Lee, will be to focus on Internet, mobile Internet, and cloud computing technology advancements aimed at the Greater China market, and to develop "dream teams" to collect, analyze, prioritize and execute the most promising ideas.
With the launch of Innovation Works, an entrepreneur's capability to ideas, get hold of additional external funding, and then transform into an independent company, would definitely be enhanced.
An elite group of venture capital groups and investors - including Steve Chen (Co-Founder of YouTube), Foxconn Technology Group, Legend Group and New Oriental Education & Technology Group - will fund Innovation Works with $115 million. The lead venture capital investor is WI Harper Group.
Dr. Kai-Fu Lee, Innovation Works founder, Chairman and Chief Executive Officer said: "The Chinese entrepreneurial environment is still in its formative stage, with significant barriers for the early-stage entrepreneur: the lack of management experience and coaching, the reluctance of venture capitalists to invest in companies in the formation stage, and the lack of networking and experience to pull a company together."
He added: "These barriers all contribute to a dearth of high-tech start-ups in China. Innovation Works is matching entrepreneurs, engineers, ideas, and capital with a unique business model that improves success rates and speeds time-to-market."
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