Following his departure from Google (NASDAQ: GOOG) on Friday, Kai-fu Lee announced via Twitter that he was planning to launch a new venture fund. Today, he revealed the guts of a $115 million venture capital company that is focused on angel-round financing.
The company, Innovation Works, hopes to launch five successful start-ups a year in China. In addition to investing money in hot prospects, Innovation Works will act as an incubator for the businesses it backs. This approach doesn't exist yet in China.
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