Rumor v2: Kaifu Lee Is To Launch Innovation-Works

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logo-innovation-worksJust a very quick update, and hopefully it will be the last one about Kaifu’s leaving (update: the rumor has been confirmed). According to tweets from @hecaitou and report from cnreviews: Kaifu Lee’s new venture, the new platform/incubator for Chinese young entrepreneurs is Innovation-Works.

The site itself is obviously not finished yet. Its About Us says:

Innovaiton Works was founded in September 2009. Innovation Works will be funded at $*** million over the next few years, with *** leading this investment. Today, the following investors announced their support for Innovation Works:…

And the company will focus on Internet, Mobile Internet and IT industry in general. The idea is similar with the IdeaLab we mentioned in previous post about Lee’s next possible move, but it might be operated differently:

(Innovation-Works) builds Innovation Works into an institution that launches the most promising ideas through the rigorous development and testing of prototypes, and identification of a ‘founding executive’ to lead the venture. Innovation Works will provide capital, manpower, legal, financial and IT support, so that the entrepreneurial team can focus on building a great product without distraction.

Keso also commented on cnreviews’ post, and he added,

More world-class entrepreneurs, including co-founder of YouTube, Steve Chen, will join Lee’s platform to become the mentors of Chinese innovative young entrepreneurs.

I am exciting about what Dr. Lee’s doing. But the dilemma we have to think over is: Is Google China an Innovative company like Google? Let’s keep this discussion open.

Update: Kaifu Lee tweet – the site for my new company is now live, but the information on it is not accurate. More to come after the official press release.

Update 2 (12:00, 7th Sept) – Kaifu Lee spoke in the press conference and confirmed his Innovative-Works incubator project: RMB 0.8 Billions is prepared for next 5 years. More on