Alibaba and InnoSpring venture suits IoT start-ups expanding in China
August 22, 2017
InnoSpring and Chinese technology group Alibaba have launched an innovation centre to support global start-ups expanding to China. It will focus on smart cars, biomedical sciences, intelligent manufacturing, robotics and the IoT.
Headquartered in Shanghai, InnoSprings operates multiple industrial parks, incubators and venture capital funds, and has offices in China, the USA and Germany.
In response to rising demand from global start-ups seeking resources and a ready ecosystem to expand business operations and market share in China and beyond, InnoSpring, an industry innovation catalyser and ecosystems builder, announced the joint venture innovation centre will be in Jiading, a district with automobiles as its leading industry. With this venture, InnoSpring and Alibaba aim to offer an expanded start-up support system and infrastructure to drive the globalisation of innovation.
Global, and Chinese companies seeking to accelerate growth can leverage the innovation centre along with InnoSpring's Shanghai Hongkou incubator and its four other satellite locations in the area as a landing pad for expansion. The centre's cloud service offerings and commerce infrastructure – along with InnoSpring's ecosystem of investors, partners, services and events – provide the physical and digital foundation for cross border businesses and online marketplaces to flourish.
One of the first joint venture initiatives is the launch of Demo Day. With additional support from Jiading District government and TEEC (Tsinghua Entrepreneur & Executive Club), the day-long event welcomed US start-ups to demo and pitch to a panel of investors. This batch of start-ups hailed mainly from the areas of biomedical sciences and intelligent manufacturing, and presented to more than ten global investors including SIMIC Holdings, Shanghai Jiading Venture Capital Management Company and Northern Light Venture Capital.
"Our joint venture with Alibaba underscores the importance of close collaboration between industry giants, government, associations and start-ups," said Xiao Wang, general manager of InnoSpring in Silicon Valley. "By working together to provide a vibrant ecosystem for start-ups, we collectively push technological boundaries to create open, global and borderless platforms for innovation."
With resources from TEEC's entrepreneur network and the Alibaba ecosystem, InnoSpring and partners are promoting and developing Jiading as a global centre of innovation in areas of smart cars, biomedical sciences, intelligent manufacturing and robotics, and the IoT, specifically in integrated circuits. Jiading is a launch pad and gateway to the China market for many companies in these industries. InnoSpring Silicon Valley has introduced international innovation best practices to the incubator and has drawn some US companies. such as Antibody BioPharm, Conju-Probe and Intelligent Pharma, there.
"This is an exciting venture for InnoSpring and Alibaba, two companies that have great entrepreneurial expertise and passion for the global exchange of business and technology innovation," said Eric Cheng, general manager of the innovation centre. "We look forward to working with exciting start-ups from around the world and helping them jumpstart their enterprises in China and across borders."
This centre joins InnoSpring's fast growing network of innovation centres and offices that the company has set up in China and the USA. The expanded network aims to advance InnoSpring's mission to nurture start-ups and accelerate the pace of the commercialisation of new technologies in the global market.
InnoSpring Silicon Valley, a subsidiary of InnoSpring, was founded in 2012 as the first US-China start-up incubator to help accelerate cross-border entrepreneurship and innovation in USA, China and beyond. InnoSpring Silicon Valley has worked with 150 US companies and invested in more than 50, including Drive.ai, Savioke, TrustGo, Kuaiya, Meadow and Meta.