There aren’t many people who can claim to have a great new business idea while “sick”. Enter Lee Kai-fu, Google’s former boss in China. This week he launched a $115 million incubator fund for China’s tech start-ups; claiming the concept came to him after Google was banned in June and he was hospitalised. Lee – who has worked for Apple and Microsoft, as well as Google – certainly has the pedigree to succeed. He hopes to mentor the next generation of Chinese tech entrepreneurs, and will seed five local entrepreneurs per year. His firm Innovation Works will give legal, IT and financial support. His own investors come from a very blue chip stable and include Taiwan billionaire Terry Guo and Lenovo founder and boss, Liu Chuanzhi.
© ChinTell Ltd. All rights reserved.
Sponsored by HSBC.
The Week in China website and the weekly magazine publications are owned and maintained by ChinTell Limited, Hong Kong. Neither HSBC nor any member of the HSBC group of companies ("HSBC") endorses the contents and/or is involved in selecting, creating or editing the contents of the Week in China website or the Week in China magazine. The views expressed in these publications are solely the views of ChinTell Limited and do not necessarily reflect the views or investment ideas of HSBC. No responsibility will therefore be assumed by HSBC for the contents of these publications or for the errors or omissions therein.