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8/8/2019 Sep 8 Press Release
1/2
Press Release
Innovation Works Demonstrates Innovative Investment Model
at First Anniversary
------ Twelve Investment Projects and Nearly Two Hundred Staff
(Beijing, September 8, 2010) Today, Dr. Kai-Fu Lee, Chairman and CEO of
Innovation Works, along with the core team and the leaders of twelve investment
projects, presented the accomplishments of Innovation Works in its first year at the
first anniversary celebration of the company.
Founded in September 2009 in Beijing, by four founders led by Dr. Lee,
Innovation Works is an investment company focusing on making early-stagehigh-tech investments, coaching young entrepreneurs, and providing complete
services to help these start-ups. To date, Innovation Works has invested in twelve
projects, focusing on the areas of mobile Internet, consumer Internet, e-commerce,
and cloud computing. During the past year, the number of staff of Innovation Works
and its investment projects has increased from five people to about two hundred
today.
Innovation Works offers a highly valuable set of services to entrepreneurs
including: funding, business plan optimization, technology guidance, marketing,
human resources, legal assistance and staff training, Innovation Works helps start-up
companies to achieve a smooth launch and fast growth in the early stage. Innovation
Works has made twelve investments, including: Tapas: An Internet smart-phone operating system (based on Android)
tailored for Chinese users.
Wonderpod (Wandoujia): An easy-to-use software assistant for Android phones. With it, one can download applications, videos, and music without
consuming expensive mobile bandwidth, and securely manage and back up
personal information.
Umeng: An analytics tool for mobile developers in China. Photo Wonder: An international mobile phone software for enhancing and
sharing photos.
Ascending Cloud: A game publisher built on proprietary technology fordeveloping and publishing social and web games for the over 30 countries.
Innovation Works has raised funds from an elite group of investors, with the lead
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investor being WI Harper Group founded by Mr. Peter Liu. Among the investors,
there are Fortune 100 companies, well-known venture capital funds, and investors
from both the U.S. and China, including Foxconn Technology Group led by Mr. Terry
Gou, Legend Holdings led by Mr. Liu Chuanzhi, New Oriental Education &Technology Group led by Mr. Yu Minhong, and Mr. Steve Chen who is a co-founder
of YouTube. Innovation Works has also received support from Silicon Valley Bank,
Foundation Capital, Chunghwa Telecom, MediaTek Inc. and many top investors from
the U.S., Europe and Asia. Their investments will strengthen Innovation Works, and
more importantly, their active participation and involvement will inspire and develop
our young entrepreneurs.
Innovation Works and the staff of the investment projects consist of
extraordinary talents. There are not only professionals from well-known
multinational and Chinese companies and Chinese serial entrepreneurs, but also
returnee experts from the Silicon Valley and reputable multinational technology
companies in China. Apart from many outstanding graduates from computer science
departments of domestic universities, many start-up teams have attracted prominent
alumni of top overseas universities including Stanford, Harvard, Yale, Oxford, UC
Berkeley, Chicago, and MIT. Innovation Works has indeed been a magnet for young
entrepreneurs who are passionate about technology innovation.
Pleased with Innovation Works progress over the past year, Dr. Kai-Fu Lee said,
Our talent acquisition and project developments have exceeded our expectations.
Some projects have been in development for just a few months, yet already acquiredmany users. Targeting different types of entrepreneurs, we have started three major
entrepreneur-development and company-building programs: the Jump-Start Program,
the Acceleration Program, and the Entrepreneur-in-Residence (EIR) Program. We
shall join forces with these young entrepreneurs to create innovative products and
services"
Together with the young Chinese entrepreneurs, Innovation Works aspires to
develop innovative products that solve real user problems, innovative technologies
that advance the state-of-the-art, and innovative programs that help develop future
entrepreneurial leaders.
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