U.S. based accelerator Y Combinator (YC) has hired Shanghai-born Qi Lu, former Microsoft and Baidu executive, as CEO, to develop a branch of YC to run on Chinese soil.
Sam Altman, President of YC, highlights the importance of a “founder community” and states that between the US and China offices there will be visitors, shared mentors and other interaction, despite the two branches running independently of one another.
YC ran a “Startup School” event in Beijing earlier this year to both recruit prospects for their American program and establish connections in the city and has determined that YC will be based in Beijing. Timeframe to be determined. HealthVenture launched its first global expansion in China via its digital healthcare pitch competition, China Healthcare Goes Digital, held at and co-hosted with Yale Center Beijing in November 2017.
Our competition supported innovators by providing a forum of networking and practical learning; initiated cross-border business relationships; and leveraged global digital healthcare innovation.
HealthVenture recognizes China’s welcoming business environment to Western business expansion and as one of the largest economies in the world, which made choosing China as a first step towards establishing an international presence for HealthVenture simple.
YC in China will foster an ecosystem that allows entrepreneurs to prosper which directly aligns with HealthVenture’s mission and actives in the country.
Our next stop, Shanghai/Nanjing in Winter 2018.
Source: Tech Crunch, article by Jon Russel