INSUBCONTINENT EXCLUSIVE:
United States accelerator Y Combinator is expandingto China after it announced the hiring of former Microsoft and Baidu executive Qi Lu
who will develop a standalone startup program that runs on Chinese soil.
Shanghai-born Lu spent 11 years with Yahoo and eight years with
Microsoft before a short spell with Baidu, where he was COO and head of the firm AI research division
Now he becomes founding CEO of YC China while he also stepping into the role of Head of YC Research
YC will also expand its research team with an office in Seattle, where Lu has plenty of links.
There no immediate timeframe for when YC will
launch its China program, which represents its first global expansion,but YC President Sam Altman told TechCrunch in an interview that the
program will be based in Beijing once it is up and running
Altman said Lu will use his network and YC growing presence in China — it ran its first ‘Startup School& event in Beijing earlier this
year — to recruit prospects who will be put into the upcoming winter program in theUnited States .
Following that, YC will work to launch
the China-based program as soon as possible
It appears that the details are still being sketched out, although Altman did confirm it will run independently but may lean on local
The YC President heenvisages batch programming in the United States and China overlapping to a point with visitors, shared mentors and
potentially other interaction between the two.
China startup scene has grown massively in recent years, numerous reports peg it close to
that of the United States , so it makes sense that YC, as an ‘ecosystem builder,& wants to in
But Altman believes that the benefits extend beyond YC and will strengthen its network of founders, which spans more than 1,700
startups.
The number one asset YC has is a very special founder community,& he told TechCrunch
&The opportunity to include a lot more Chinese founders seems super valuable to everyone.Over the next decade, a significant portion of the
tech companies started will be from the United States or China [so operating a] network across both is a huge deal.
Altman said he also
banking on Lu being the man to make YC China happen
He revealed that he spent a decade trying to hire Lu, who he described as &one of the most impressive technologists I know.
Y Combinator
President Sam Altman has often spoken of his desire to get into the Chinese market
Entering China as a foreign entity is never easy, and in
the venture world it is particularly tricky because China already has an advanced ecosystem of firms with their own networks for founders,
particularly in the early-stage space
But Altman is confident that YC global reach and roster of founders and mentors appeals to startups in China.
YC has been working to add
Chinese startups to its United States -based programs for some time
Altman has long been keen on an expansion to China, as he discussed at our Disrupt event last year, and partnerEric Migicovsky — who
co-founder Pebble — has been busy developing networks and arranging events like the Beijing one to raise its profile.
That seen some
progress with more teams from China — and other parts of the world — taking part in YC batches, which have never been more diverse
But YC is still missing out on global talent.
According to its own data,fewer than 10 Chinese companies have passed through its corridors
but that list looks like it is missing some names so the number may be higher
Clearly, though, admission are skewed towards the United States — the question is whether Qi Lu and creation of YC China can
significantly alter that.
