Former Google Chief Starts Business

Kai-fu Lee made headlines when he quit Google and abandoned his post as the Internet search giant’s China chief. Now, Kai-fu Lee, who has become a well-known figure in China as the face of Google, has announced via his Twitter page that he will start up his own company dedicated to funding Chinese technology start-ups.
 
According to Lee, his plan is to launch a venture business platform that will eventually grant funding to young Chinese entrepreneurs hoping to get a foothold in the technology sector. The money will be given as part of “angel funding,” which is a practice in which venture capital is exchanged for convertible debt or an equity stake.
 
Lee also announced a press conference on Monday at which he will confirm his business plans, marking the official closure to his four years at Google that began when he joined the company from Microsoft in 2005. His forthcoming firm is expected to start up with an investment of around $120 million from Lee.

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