Departing Google China Boss Starts Own Business

Lee Kai-fu, who resigned last week as head of Google China, plans to spend 5 years forming an ¥800 million ($1 = ¥6.8) "InnovationWorks" to create a new venture capital and entrepreneurship mode in China, he told China Business News Monday during a scoop. "I have raised $15 million in the first bout from Legend Holdings, Foxconn Technology Group, New Oriental Education & Technology Group, and YouTube co-founder Steven Chen," said Lee. "I hope to ultimately have 110 employees running 5 subsidiaries for 10 screened-out projects."