(Source: Business Wire)
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.
"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," said Dr. Kai-Fu Lee, Innovation Works founder, Chairman and Chief Executive Officer. "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."
Dr. Lee continued, "Innovation Works will be the de-facto institution for launching the most promising technology ideas in China. Through the rigorous development and testing of prototypes, and identification of a ˜founding executive' to lead the venture, Innovation Works will provide capital, manpower, legal, financial and IT support. Our commitment is to mentoring and supporting the next-generation of Chinese entrepreneurs so that they can focus on building great products without distraction."
Said Steve Chen, co-founder of YouTube, "As a co-founder of YouTube and PayPal, I deeply believe that passion and dedication are critical success factors of start-ups. Every time I visited China, I am encouraged by the enthusiasm and commitment shown by the entrepreneurs there.
