Zi Director Simon Jiang is getting Busy:
itdaily.com
Jan 18 news:
Tuesday, January 18
Cyber City launches IT incubator
Cyber City Holdings Limited (CCH) yesterday formed a 50:50 joint venture project with US investment firm Dynamics Technology (DTI), to establish the China Innovation Center (CIC), a business incubator for IT start-up companies. The CIC will invest in high-tech start-up companies in China. "We believe the 21st century will be the Chinese era in the IT industry," said Simon Jiang, chairman of CCH. "Our mission is to nurture and invest in start-up companies in the PRC that focus on software development, Internet-related technologies and services." The CIC will be located in CyberCity Shenzhen, a science park being developed by Hong Kong property firm Hing Kong Holdings .
DTI has reportedly worked with a number of firms in Taiwan's Hsinchu Science-based Industrial Park and will try to apply this experience to CIC's management.
"In almost all successful developing countries, the incubator approach has proved to be the best way of promoting and accelerating high-tech industries," said DTI founder and chairman Denny Ko.
The CIC will provide start-up companies with office space, network, consulting services, marketing, legal,
accounting, business development support, branding and financial support they need to develop new products and
services.
"We will commit our resources to our portfolio companies in their seed stage and make them successful by helping
them achieve fast implementation," said Jiang. "In 2001, when the first incubatees graduate, the CIC will launch a
venture capital fund exclusively devoted to financing incubator projects and bringing those companies to a successful financial exit through initial public offerings or mergers and acquisitions. "The firm also hopes to foster a venture capital community in China. "Phrases like 'venture capital' and 'business incubator' are hot buzz-words in the PRC at the moment but few people really understand what they mean," said Jiang. "We are looking for entrepreneurs with vision and strong ability to execute business plans. " CCH also has joint venture agreements with state-run science parks in Beijing, Shanghai, Xian, Wuhan, Tianjin and Changsha. |
