Innovation Works, Supported by Industry Giants, Plans $115 Million Investment to Enable Chinese Entrepreneurs to Develop Next Wave of High-Tech Companies in China
Innovation Works, a business creation platform focused on establishing the next wave of Chinese high-technology companies founded by Dr. Kai-Fu Lee, launches today. This announcement follows news of Dr. Lee’s resignation as Google Vice President and President of Google Greater China and introduces a new business paradigm into the Chinese start-up environment.
Led by Dr. Lee, Innovation Works will concentrate on Internet, mobile Internet, and cloud computing technology advancements targeted at the Greater China market, and build “dream teams” to collect, analyze, prioritize and execute on the most promising ideas. Innovation Works will accelerate an entrepreneur’s ability to prove ideas, obtain additional external funding, and then spin-off into an independent company.
Innovation Works will be funded with $115 million from 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. WI Harper Group is the lead venture capital investor.
- Raquel Leoncio
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