InnoSpring launches US-China technology incubator
InnoSpring, Silicon Valley's first US-China technology incubator, began operations last week to support the expansion of US and Chinese start-ups beyond their home countries. The incubator also announced the establishment of its InnoSpring Seed Fund.
InnoSpring, which was first announced in January, is created from a joint partnership of a consortium of Chinese and US financial institutions include Tsinghua University Science Park, Shui On Group, Northern Light Venture Capital (NLVC) and Silicon Valley Bank. It already has an intake of 12 technology start-ups at its 1,350-square-meter Silicon Valley office and expects to accommodate up to 40 companies.
In addition to capital, the incubator will offer access to venture capitalists and angel investors, and referrals to professional services providers.
The InnoSpring Seed Fund is backed by Kleiner Perkins Caufield Byers (KPCB), GSR Ventures, China Broadband Capital (CBC Capital) and TEEC Angel Fund. It will support start-ups that have gained entry to its seed program, a six-month boot camp during which entrepreneurs are expected to complete their prototypes, build core teams and obtain initial customer feedback.
In InnoSpring's first year, up to 15 startups will be selected to receive $25,000. They may also receive an additional injection of up to $250,000 from TEEC Angel Fund.
"Newly-inducted incubatees joining InnoSpring's ecosystem can leverage our US-China focus as well as receive customized incubator services," said Eugene Zhang, president of InnoSpring. "Today, we crossed our first milestone and eagerly look forward to building InnoSpring for the long haul."
Technology incubators have sprung up throughout China in the last couple of years. The best known example is Innovation Works, which was founded by Kai Fu Lee, former head of Google China. It operates under a similar incubation-plus-investment model to that envisaged by InnoSpring.
Several US-based incubators are also seeking to establish a presence in China. TechStarts now has a Chinese affiliate called Chinaccelerator, while 500 Start-ups and Silicon Valley Bank recently made their first forays into the country.
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