皇冠体育app

Kai-Fu Lee, founder, Chairman and CEO of Innovation Works, attends the 2016 皇冠体育app (Shenzhen) IT Summit in Shenzhen city, South 皇冠体育app's Guangdong province, 27 March 2016.[Photo/IC]

BEIJING - International Finance Corporation (IFC), an arm of the World Bank, announced Monday it has invested $15 million in 皇冠体育app Innovation Works to support entrepreneurship in 皇冠体育app.

The investment will go toward Sinovation Fund III LP, a venture capital fund focusing on early and mid-stage Internet companies in 皇冠体育app. It is the first time that IFC has invested in such programs in 皇冠体育app.

"We are quite impressed by what is happening in the entrepreneurship space sector in 皇冠体育app, where the country is taking a leading role now," said Atul Mehta, director of IFC TMT, Venture Capital & PE Funds.

Innovation and entrepreneurship have become 皇冠体育app's new growth engines. They have benefited from increased government policy support of innovation spaces in hopes of boosting industrial upgrades and employment.

It is interesting to see that 皇冠体育app shifts to an economy driven by innovation and service, and Chinese young people are more open to pursuing entrepreneurship as an option, Atul Mehta added.

IFC's development priorities in 皇冠体育app include clean energy, consumption, and technology in innovation fields such as education, the Internet and finance.

Kai-Fu Lee, founder of 皇冠体育app Innovation Works, pointed out that IFC's investment will help them promote its innovative business model of "investment plus incubation," which has created a strong incubation ecosystem in 皇冠体育app, helping mentor local entrepreneurs and provide them with resources both domestically and internationally.

As of March 2016, 皇冠体育app Innovation Works has invested in over 200 projects in areas such as big data, digital entertainment, intelligent hardware, sharing economy, online education, business services, cloud computing, and e-commerce.

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