China-based Tsinghua University Science Park (TusPark) has linked up with US-based financial services group Silicon Valley Bank (SVB) to create the first Silicon Valley, California-based Sino-American incubator.
InnoSpring, which is also backed by China-based property company Shui On Group and Northern Light Venture Capital, will provide incubation services and physical space to technology start-ups wanting to expand into China.
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.
Wanfeng Liu, senior vice-president of TusPark, which was founded in 1994 and has 30 university science parks in China, said: "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."
Charles Chan, executive director of Shui On, added: "InnoSpring is a vital node to connect to our network of Knowledge Communities throughout China."