Y Combinator to set up China arm with former Baidu executive Qi Lu as chief

MAGNiTT News cnbc.com - 2 years ago - Thu, Aug 16, 2018, 5:48 AM

Y Combinator to set up China arm with former Baidu executive Qi Lu as chief
Author: MAGNiTT

By Ryan Browne / CNBC 

 

SOURCE: CNBC - Y Combinator to set up China arm with former Baidu executive Qi Lu as chief


American start-up incubator Y Combinator is setting up shop in China, with a new unit to be led by former Baidu chief operating officer Qi Lu.

Sam Altman, Y Combinator's president, said in a company announcement Wednesday that China had been "an important missing piece of our puzzle" when it came to sourcing new start-ups to take under its wing.

"We think that a significant percentage of the largest technology companies that are founded in the next decade — companies at the scale of GoogleMicrosoftAppleAmazon, and Facebook — will be based in the U.S. and China," Altman said.

 

"YC's greatest strength is our founder community and with the launch of YC China we believe we have a special opportunity to include many more Chinese founders in our global community."

The accelerator, set up in 2005, has invested in more than 1,900 start-ups, including notable firms like Dropbox, Airbnb, Reddit, Stripe and Coinbase

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