Kai-fu Lee, the ex-head of Google China who stepped down last week, has announced the launch of Innovation Works, a venture capital platform to shore up start-ups in the information technology industry.
The platform, for which Mr. Lee will serve as chief executive officer and chairman, will get involved with high-tech companies in the profitable Internet, mobile Internet, and cloud computing technology sectors.
In its opening statements it says it will court talents to set up outstanding management teams for the development, operation, analysis, and nurture of projects with high growth potential. Well-developed projects will be spun off to form independent companies, said Kai-fu Lee, noting that three to five companies are expected to come into service each year.
Trading Markets states that Innovation Works will get RMB800 million from a group of eminent investors.
Wrong to be gloomy about the propects of a new enterprise before it gets through the door but start-ups normally depend on either a person with a single great idea which is obsessively followed or is run by a hard-headed business executive (a polite phrase) who has targets very clearly in mind. Kai-fu Lee, for all of his genius, does not immediately come to mind as being in either category.