Khaled’s passion for tech started at a young age. He believes it may have been somewhere around the age of four when he first tried to elect Khaled’s passion for tech started at a young age. He believes it may have been somewhere around the age of four when he first tried to electrocute himself while putting the laws of physics to test, and the age of 6 when he received his first computer, a ZX Spectrum 16K/48K. Since then, he has developed a passion for all things digital and has been known to spend hours fiddling with toasters that have some intelligence in them. He still can’t make a sandwich though! To learn more about Khaled visit his LinkedIn profile at http://ae.linkedin.com/in/alsaleh
Despite recording significant growth, the Venture Capital industry in China is set to get a further boost thanks to a new plan announced by the Chinese Central government to channel VC funds to innovative companies with high-growth potential.
VC investments in China recorded significant growth quarter-on-quarter, almost tripling from $211 Million (1.4 Billion Yuan) in the second quarter to $630 Million (4.3 Billion Yuan) in the third quarter of this year.
A statement issued by the National Development and Reform Commission (NDRC) and the Ministry of Finance outlines a plan for collaboration between the central government, local governments and private investors to establish venture capital funds that could accelerate this growth further.
According to the statement, each of the funds will hold at least $37 Million Dollars (250 Million Yuan), though it does not elaborate on the number of funds that will be established. They will be required to invest in early-stage companies and those with a high-growth potential.
The capital for those funds will be provided through a combination of various government bodies and other investors.
The central government will provide no more than 20% of the total funds, the local governments should match or exceed the central government’s investment, while private investment from institutional, corporate or foreign investors will provide a minimum of 60%.
The government will not intervene in the management of those funds. Instead, a professional management institution that will be composed of at least three experienced venture capitalists will be tasked with the management of those funds
This plan follows an earlier announcement by the NDRC to launch VC funds with private investors totaling $1.32 Billion (9 Billion Yuan) and focused on supporting the technology and energy industries.
Details are still sparse, but it seems like an interesting initiative that could spur innovation in China.
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