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Shanghai branch to drive mobile Internet
By Rich Zhu |
December 23, 2011, Friday
|
Print Edition
Print Edition
INNOVATION Works, founded by Google China's former president Kaifu Lee, will open its Shanghai branch in March to focus on the mobile Internet sector, the angel investment firm's local partner said yesterday.
Innovation Works will occupy a 9,000 square meter building built specially for start-up firms in the city's Yangpu District. Shanghai is the firm's second regional base after its Beijing headquarters.
The firm will boast a first-phase fund of 200 million yuan (US$31.2 million), said Feng Jin'an, executive vice general manager of the Shanghai Yangpu Science and Technology Innovation (Group) Co, the local partner.
"Yangpu will become Innovation Works' regional base for mobile Internet development. Some firms in Beijing will move to Shanghai," Feng told Shanghai Daily yesterday.
Innovation Works was not available to comment yesterday. But it said on its website it would develop business in the district.
Tapas Mobile Technology Co, the first firm Innovation Works has incubated, confirmed it would move to Shanghai. Tapas, which designs interface and system for mobile phone makers, has built a Smart Device Design Center in Shanghai.
The mobile Internet market has a bigger potential than the PC sector due to the popularity of mobile phones which come with a host of sophisticated services, Lee, who was Google China's president and used to work in Mircosoft, said during a previous interview.
Founded in 1999, Innovation Works has incubated over 30 projects in the IT and telecom sectors.
Innovation Works will occupy a 9,000 square meter building built specially for start-up firms in the city's Yangpu District. Shanghai is the firm's second regional base after its Beijing headquarters.
The firm will boast a first-phase fund of 200 million yuan (US$31.2 million), said Feng Jin'an, executive vice general manager of the Shanghai Yangpu Science and Technology Innovation (Group) Co, the local partner.
"Yangpu will become Innovation Works' regional base for mobile Internet development. Some firms in Beijing will move to Shanghai," Feng told Shanghai Daily yesterday.
Innovation Works was not available to comment yesterday. But it said on its website it would develop business in the district.
Tapas Mobile Technology Co, the first firm Innovation Works has incubated, confirmed it would move to Shanghai. Tapas, which designs interface and system for mobile phone makers, has built a Smart Device Design Center in Shanghai.
The mobile Internet market has a bigger potential than the PC sector due to the popularity of mobile phones which come with a host of sophisticated services, Lee, who was Google China's president and used to work in Mircosoft, said during a previous interview.
Founded in 1999, Innovation Works has incubated over 30 projects in the IT and telecom sectors.
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