A brand new incubator has opened up in Silicon Valley with the aim of fostering cross-border US-China startups. The facility will reportedly cover a “broad range of technologies” including mobile, software, health, and renewables.
The incubator claims to be the first operation of its kind “to focus on nurturing American and Chinese start-ups to expand beyond their home countries”. It believes that this focus “will increase technology development, commercialization, investment and job creation in both countries”.
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The incubator, which is housed in 13 500 square foot building, will reportedly house between 30-50 early-stage startups. It claims that it will provide these startups with “comprehensive incubation services” and physical space.
InnoSpring is the result of joint-partnership between four major players in the Chinese tech scene: Tsinghua University Science Park (TusPark), Shui On Group (Shui On), Northern Light Venture Capital (NLVC) and Silicon Valley Bank (SVB).
TusPark — which builds high-tech business parks — is particularly well established in China and has 30 branches around the country. InnoSpring represents a part of its bid to increase its international footprint.
Speaking to Techrice President of InnoSpring Eugene Zhang ”InnoSpring serves dual roles. First, as an incubator for US startup. Second, as a soft landing pad for US companies targeting Chinese market and Chinese companies targeting the US market.”
The incubator is also looking to capitalise on the emerging trend of Chinese graduates returning to their homeland after studying in the States to startup their own companies.
Charles Chan of the Shui On Group, believes that the incubator will help link China and Silicon Valley and will therefore “accelerate innovation for US and Chinese companies”.
To get things going, InnoSpring claims that it will provide the winning start-ups of the Second Annual North American Start-up Contest Summit six months’ complimentary office space and incubation services. It also claims that it will provide funding for any companies looking to expand into China.
It will do this, it says, by “working closely with Chinese public agencies to facilitate Silicon Valley companies’ expansion efforts into China”.