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Innovation
by james on January 26, 2006

The polyglot Ms. Munce, Taiwan born, but educated in Brazil, speaks fluent Chinese, Portuguese, Spanish and of course, English. From her Sand Hill Road office in Menlo Park, she is a frequent traveler to China and is an ardent champion for Chinese entrepreneurship and technology innovation.
"Sure the innovation can be found in Tsinghua Science Park but these software
developers are also coming from the countryside," stated the effusive Fan- Munce.
Last November as part of its China initiative to help start-up companies in an emerging market, IBM held its 2nd Annual Innovation Forum in Shanghai, which included blue-chip venture capital firms, Hummer Winblad, Walden International, Mayfield and U.S. Venture Partners. That event drew nearly 130 attendees, up nearly 60 percent from the previous year.
IBM's brand has helped the Chinese e-payment start-up YeePay, which has made a significant ten-fold increase in customer transactions from just $120,000 to over $1.2 milllion per month. Backed by IBM systems and support, this start-up, which was venture supported, including financing from Mint Capital, is among the fastest growing e-commerce payment service providers in China.
Expect IBM's Venture Capital Group profile among the VCs to increase as China stays the course in innovation and entrepreneurship.
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