SANTA CLARA, CA--(Marketwire - Jan 10, 2012) - In response to the increasing demand of technology start-ups seeking business support to expand into the Chinese and US markets, Tsinghua University Science Park (TusPark), Shui On Group (Shui On), Northern Light Venture Capital (NLVC) and Silicon Valley Bank (SVB) have jointly partnered to create InnoSpring, the first Silicon Valley-based Sino-American incubator focused on nurturing start-ups for cross-border successes.
InnoSpring is located in Silicon Valley and will focus on nurturing start-ups by:
- Providing comprehensive incubation services and physical space to technology start-ups.
- Acting as a soft landing platform for cross-border development of US and Chinese enterprises.
- Working closely with Chinese public agencies to facilitate Silicon Valley companies' expansion efforts into China.
InnoSpring officially launched on Sunday at the Second Annual North American Start-up Contest Summit organized by the US-China Association of High-Level Professionals and TEEC/TEEC Angel Fund. Located in Santa Clara, California, InnoSpring is the first incubator to focus on nurturing American and Chinese start-ups to expand beyond their home countries. This will increase technology development, commercialization, investment and job creation in both countries.
"The creation of InnoSpring is to support several emerging trends -- the rapidly rising number of Chinese returnees starting their own companies as well as American entrepreneurs seeking to enter the lucrative Chinese market. We're excited about the bridge InnoSpring can help build between Silicon Valley and China," said Mr. Wanfeng Liu, Senior Vice President, TusPark.
"InnoSpring is a vital node to connect to our network of Knowledge Communities throughout China. By linking to Silicon Valley, we will accelerate innovation for US and Chinese companies," said Mr. Charles Chan, Executive Director, Shui On Group.
"InnoSpring symbolizes a proud moment for Northern Light and our partners," said Feng Deng, founding managing director of NLVC. "China's fast growing group of entrepreneurs and Silicon Valley's globally-minded start-ups now have additional support as they seek cross-border expansion opportunities."
"SVB is proud to be a part of InnoSpring, China's first incubator in the San Francisco Bay Area. We hope our involvement will help accelerate the growth and prosperity of entrepreneurial companies both in China and Silicon Valley," said Ken Wilcox, SVB Chairman.
To kick-off its official launch, InnoSpring will provide the winning start-ups of the Second Annual North American Start-up Contest Summit six months' complimentary office space and incubation services. For companies that have the intention to expand business to China, InnoSpring will help in fundraising, business development and gaining support from relevant Chinese entities.
Based in Silicon Valley, California, InnoSpring is the first incubator to focus on nurturing American and Chinese start-ups to expand beyond their home countries. It is created from the joint partnership of Tsinghua University Science Park (TusPark), Shui On Group (Shui On), Northern Light Venture Capital (NLVC) and Silicon Valley Bank (SVB). www.innospring.net
About Tsinghua University Science Park (TusPark)
Tsinghua University Science Park (TusPark), founded in 1994, is the most successful university science park developer and operator in China. Headquartered in Beijing, TusPark has more than 30 branch parks throughout China.www.tuspark.com
About Northern Light Venture Capital
Northern Light Venture Capital (NLVC) is a leading China-focused venture capital firm targeting early stage information technology, consumer service, clean technology, and healthcare opportunities. NLVC manages US$ 1 billion with 3 US$ funds and 3 RMB funds. Leveraging significant investing and entrepreneurial expertise in both China and the United States, the NLVC team looks to support entrepreneurs who understand the Chinese market opportunity and help them, behind the scenes, to build world-class companies. The funds managed by NLVC are supported by leading institutional investors from United States, Europe and Asia, including sovereign funds, family offices, endowments and foundations. The firm was founded in 2005 and is legally headquartered in Hong Kong, with offices in Beijing, Shanghai, Suzhou, and Menlo Park, California. www.nlvc.com
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital and private equity. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 26 U.S. offices and seven international operations. www.svb.com
About Shui On Group
The Shui On Group, founded in 1971 by its chairman Mr. Vincent H. S. Lo, is a diversified group engaged in property development, construction and construction materials with interests in Hong Kong and the Chinese Mainland. The Group's corporate culture and long term objectives are based on its commitment to quality, innovation and excellence. www.shuion.com