Bubble net Information Channel "Angel Investment+Headhunting+Incubation+Entrepreneurship Coach" on September 7th. If you are still wondering what kind of concept the superposition of these terms will become, Dr. Kai-fu Lee, who just left Google, will present it to you completely in his new company "Innovation Factory". As chairman and CEO, Kai-Fu Lee said at the innovation works conference this morning that innovation works will invest 800 million RMB in five years to attract a group of outstanding entrepreneurs and engineers, and under his leadership, create projects with the most market value and commercial potential for R&D and market operation. The $800 million investment includes Foxconn Technology Group, Legend Holdings Limited led by Liu Chuanzhi, New Oriental Education Technology Group led by Yu and YouTube founder Steve Chen. Guo Taiming also said, "If innovation works's creativity is to be combined with hardware in the future, Foxconn will help them. The idea of acquiring them is not ruled out in the future. " Kai-fu Lee expressed the hope that the company size would remain at 1 10, and some employees would have ideas first. Kai-fu Lee made a final evaluation, selected 20 ideas from them every year to try, and then selected 10 projects after testing, and finally screened out 5 branches. Once formed, the internal subsidiary will break away from the platform of innovation works and become an independent company. These five independent companies can also recruit people from within innovation works to form a team. Innovation works will help these companies find venture capital such as Sequoia and IDG. When talking about innovation works's key industries, Kai-Fu Lee said that the key industries are Internet and mobile Internet, and he is very optimistic about China's e-commerce industry. He believes that the e-commerce industry in China has just started, and the future development space will be immeasurable. ■