China to produce next innovative internet entrepreneurs?

Kai-Fu Lee

While President Obama is focusing on the redistribution of wealth and Collectivism in the United States, in China opportunities for Internet entrepreneurs is being encouraged.  In that country a search has already begun to  find talented engineers and help them develop the next generation of Internet and mobile computing technologies.

Kai-Fu Lee, former head of Google's China operation, has already raised $115 million that would finance high-tech start-ups in that country.  Innovation Works plans to

....collect the best ideas, and we are going to hire the best engineers and entrepreneurs.  After one year, we'll send the companies into the open.  If they get venture capital funding, great; if they don't, they won't live.

Peter Liu, chairman of WI Harper, one of the investors, said:

Part of the logic behind forming the company was the lack of early-stage financing of high-tech start-ups in China:  angel investors who could provide financing and coaching of young companies.  Talented managers now working for technology companies are primed to leave those companies to become great entrepreneurs.

According to the latest reports, China's top 500 enterprises exceeded that of their counterparts in the United States. Although net profits for the Chinese heavyweights are down 12.4 percent from a year ago, those in the U.S. fell 84.67 percent, the worst decline in 55 years.

 Obama continues to surround himself with those advocating Collectivism, which is instead of free enterprise, the use of principles or a system of ownership and control of the means of production and distribution by the people collectively, usually under the supervision of a government. If China continues on the road to capitalism, it  is only a matter of time before it overtakes the United States economically and in world leadership.

Sources:
http://en.ce.cn/Business/Enterprise/200909/06/t20090906_19951187.shtml

http://www.nytimes.com/2009/09/08/technology/08google.html?8au&emc=au

To read more about Obama plans for U.S. economy, go to:

http://us-elections.suite101.com/article.cfm/obama_and_distribution_of_wealth_program

http://us-elections.suite101.com/article.cfm/obama_shared_prosperity_plan

http://us-elections.suite101.com/article.cfm/obama_recession_blues

http://us-elections.suite101.com/article.cfm/obama_budget_realities

http://www.examiner.com/examiner/x-2547-Watchdog-Politics-Examiner~y2009m8d31-Obama-scaring-Americans-with-his-socialist-tendencies

http://www.examiner.com/examiner/x-2547-Watchdog-Politics-Examiner~y2009m8d29-Government-control-of-the-private-Internet-next

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