| HONG KONG, Sept 6
HONG KONG, Sept 6 Kai-fu Lee, Google Inc's
GOOG.N former China chief who quit the search giant this
week, said on Sunday he will launch his own business next week
to fund Chinese technology start-ups.
Lee, described by Chinese media as the face of Google in
China, said on his Twitter page (twitter.com/kaifulee)
that he will launch a venture business platform, via which
young Chinese can get "angel funding" to grow their
An Angel fund is a popular kind of venture capital usually
offered to a start-up in exchange for convertible debt or an
equity stake. Many technology giants such as Google and Apple
Inc (AAPL.O) were initially supported by various angel funds.
Lee's Twitter account is verified by Twitter.com, the
mini-blogging service provider.
On his Twitter page, Lee, who joined Google from Microsoft
(MSFT.O) in 2005, also noted he will hold a press conference on
Monday to formally announce the launch of his own business.
Hong Kong's South China Morning Post reported on Saturday,
citing an unnamed person familiar with Lee's plan, that Lee was
expected to establish an investment firm with about 800 million
yuan ($117.1 million) in funds to help technology start-ups
grow in mainland China.
Lee's departure comes at a time when Google is inching
forward in its battle with Baidu in the world's largest
Internet market by users, while fighting Beijing regulators who
want Google to censor its searches. [ID:nSHA313987]
"I firmly agreed with the head offices of Google that we
needed great patience to make the best products (in China) from
the very beginning," the influential industry media China
Computer World (CCW) reported on its Chinese-language website,
citing a letter from Taiwan-born Lee. (www.ccw.com.cn)
"(We) should not attempt to hasten the pace or have a
speculative attitude on the hope that we can make a quick
success by offering products that can immediately earn money,"
CCW reported, quoting Lee's letter in response to his
resignation from Google.
Several industry watchers, including CNReviews, reported at
the weekend that Lee next week will launch a firm called
Innovation Works (www.innovation-works.com) to fund and help
young Chinese start-ups in particular in three sectors --
Internet, Mobile and Information Technology.
Lee, who have written several books about education and
career path, thereby earning his reputation as "a mentor for
all Chinese students", will also publish a new book called
"Making A World of Difference: The Kai-Fu Lee Story" soon in
China, according to Lee's notes on his Twitter page.
(Additional reporting by Simon Rabinovitch in Beijing; Editing
by Alex Richardson)