Pang Xiaowei, founded the Chinese leading retail business portal Linkshop back in 2001. In 2004, Pang invested Edushi which offers web business solution for enterprise customers; He left Edushi in the year of 2009 and started TiSiWi, the startup incubator (Y Combinator-liker) at the end of 2010 in Hangzhou.
In the email Pang wrote to me, he said, “the accelerator program is inspired by Y Combinator which I really respect. I hope TiSiWi to have the same success in China.” Any startup (with no more than 4 people) can now submit its project to TiSiWi and the deadline is set to 15th July. The project plans will be carefully reviewed by TiSiWi team, and the accepted project owners at this stage will be interviewed by phone for the second round. During the 25th to 30th July, the startups pass the second round (30 startups expected) will be invited to Hangzhou to present their project to the TiSiWi in person. 15 startups are expected to join the accelerator program in the end. They are required to stay in Hangzhou for 3 months fully focusing on their ideas, and there will be a Demo day in the end of October when the startups are given to chance to present their work to investors/VCs.
The famous Beijing-based startup incubator Innovation Works also runs its own accelerator program. Pang said in his email,
Y Combinator invests $20,000 to each accepted startup and takes around 7% company share; Innovation Works invests rmb 150k and takes 10% share; TiSiWi is to invest rmb 200k (~$30,000) on each selected startup and takes 8% share which is a better offer for startups.
A number of well-known local entrepreneurs such as the founders of Douban, Baixin etc will be invited as mentors for the startups. At the Demo day, the startups will pitch their product to famous VCs including Matrix Partners, MorningSide Venture, Gobi Venture etc for further fundraising.
China is not lacking of money in the startup ecosystem. What we do need is more startup incubators like TiSiWi which is able to educate the startups in an efficient and professional way.