As A US-China Cross-border Incubation Platform, InnoSpring Achieves Significant AchievementsPrint

Post Time：2013-10-01来源：

InnoSpring, which is Silicon Valley'    s first Sino-US technology start-up incubator and a joint project between Tsinghua University Science Park, Shui On Group, Northern Light Venture Capital and Silicon Valley Bank, organized an exciting road show by start-up companies on May 9 this year, summarizing and celebrating its achievements since its establishment one year ago. In this event, InnoSpring announced that InnoSpring Seed Fund and Angel Fund of Tsinghua Entrepreneurs & Executive Club had co-invested in 12 innovative companies with a total investment of two million U.S. dollars.

Over the past year, InnoSpring has achieved many milestones: In the headquarters covering an area of over 1,300m2 in Santa Clara, the number of start-up companies in InnoSpring has increased from 12 at the beginning to 50 at the present; InnoSpring Accelerator Program has attracted more than 300 business plans from around the world. Among which, InnoSpring has selected and invested in 12 companies, and the admission rate is about 3%; meanwhile, InnoSpring has also attracted more than 50 industry experts to work as InnoSpring “mentors”, and these mentors are from the technological, financial, legal, marketing and other different areas, who provide resources and guidance related to their areas of expertise for the companies in the incubator.

InnoSpring's rapid growth verifies two inevitable trends: First, Chinese investors and companies are increasingly willing to invest in Silicon Valley, establish a partnership, or even acquire US companies; second, overseas Chinese entrepreneurs and US entrepreneurs hope to expand their business into the huge Chinese market. For example, the Chinese technology giant – Baidu acquired PPS online video business for 370 million U.S. dollars in May this year, and acquired 91 Wireless with 1.9 billion U.S. dollars in July, which shook the Chinese Internet industry. However, what the public did not notice was that Baidu's acquisition had also been under fast progress in foreign countries. Earlier this year, Baidu acquired the mobile security company TrustGo incubated by InnoSpring for 30 million U.S. dollars; before the acquisition, the company's business was only oriented to the U.S. market, however, through integrating with the company, Baidu launched com.baidu.security, and stepped into the mobile security field officially.

Similarly, “China wind” has also becoming increasingly intense in Silicon Valley venture capital circle in recent years due to China's continuous economic growth and the Chinese government's strong support for technological innovation. The reason why the entrepreneurs choose the Chinese capital is that they pay attention to China's huge potential consumer market. With access to 70 million U.S. dollars obtained through D round of financing mainly from the Chinese Broadband Capital (one of the investment partners of InnoSpring Seed Fund), the U.S. cloud service provider Evernote established a new data center in China, and began to carry out comprehensive local operation in China. After one year of operation, it had won 4 million individual users, which would certainly attract the U.S. start-up companies.

Mika Nuoti, CEO of the clean energy start-up company Empower under InnoSpring, said: “Empower and other start-up companies under InnoSpring are marching into the huge Chinese market. InnoSpring provides valuable industry expertise for our team, and in close cooperation with InnoSpring, we have established a vital partnership with the industry, which can not be done alone on our own.”

“As Silicon Valley's first Sino-US incubator, InnoSpring has played a unique role in supporting and accelerating the entrepreneurship, cooperation and investment between the two countries,” InnoSpring CEO Zhang Yuqing said, “more and more American companies, Chinese investors and companies have succeeded in reliance on our first-hand resources and information in Silicon Valley and China. Today, we celebrate the first anniversary of InnoSpring together, and we hope to make more contributions to the Sino-US cross-border cooperation in the future.”