Anywhere else, an incubator like Dream Town would be a vision of venture capitalists, angel investors or technology stalwarts. Along with the government funds, venture capital money is flooding the country. “The Chinese know that state-owned enterprises are not going to employ everybody,” said Hans Tung, a managing partner at GGV Capital, a venture capital firm that operates in both Silicon Valley and China. Officials are forming a venture capital fund of 4.7 billion renminbi, with contributions from companies, according to the city’s website. The committee that judges applicants to Dream Town is usually made up of tech executives, financiers and academics.

Source: Mint September 04, 2016 19:07 UTC