Silicon Dragon gets a tour of Innovation Works with Kai-Fu Lee

Kai-Fu Lee is quickly ramping up Innovation Works, as a tour of his new incubator facility at Beijing's Tsinghua Science Park shows. Five startup projects are being incubated at the office, which is equipped with sleeping bags so the young entrepreneurs can crash during workathons. Depending on the value that the engineers add to the project, they get equity in the projects ranging from 10-20% upwards to 80%. The mobile Internet is one of Lee's key investment areas. That makes sense since games, music, entertainment, e-books, photos and messaging all are moving to the handset as 3G service kicks in.
Innovation Works has raised $50 million toward a goal of two parallel funds of $100 million each, one of them in the Chinese currency renminbi, says Lee, the former head of Google China.
Silicon Dragon plans to do a follow-up visit at Lee's labs in the spring to check on the progress.

Category:

Science & Technology

Tags:

• Google
• entrepreneurs
• incubation labs
• Innovation Works
• Tsinghua
• Kai-Fu Lee
• 3G
• mobile