The platform will be funded with $115m from a group of venture capital firms and investors such as Steve Chen (Co-Founder of YouTube), Foxconn Technology Group, Legend Group and New Oriental Education & Technology Group. The investment will be led by WI Harper Group.
Innovation Works will concentrate on Internet, mobile Internet and cloud computing technology advancements in order to collect, analyze, prioritize and execute on the most promising business ideas in the Greater China market. It will accelerate an entrepreneur’s ability to prove ideas, obtain additional external funding, and then spin-off into an independent company.
The announcement of the launch comes after that Dr. Kai-Fu Lee, Innovation Works founder, Chairman and Chief Executive Officer, resigned as Google Vice President and President of Google Greater China.