Google Inc.'s newly departed China chief outlined his plans for a technology-incubation company, capitalized with $115 million from several prominent backers. Kai-Fu Lee told reporters Monday (Sept. 7) that he hopes his new investment company will spawn several technology start-ups each year focused on China's fast-growing Internet market.
Mr. Lee, a former computer-science professor who gained fame in China for being one of the most prominent ethnic-Chinese technology executives, told reporters he hopes to leverage his high profile in China to recruit talent.
Mr. Lee said he plans to hire aspiring entrepreneurs for the company, called Innovation Works, and provide financial and technical support for them as they develop and implement proposals for new ventures. From roughly 20 proposals, Mr. Lee hopes Innovation Works will help create five start-ups a year, and keep a stake of 10% to 20% or more in each.
From The Wall Street Journal
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