Top US venture capital companies arrived in China in late May to participate in a two-day inaugural venture capital summit at the Knowledge and Innovation Community (KIC) in Shanghai's Yangpu district.

The summit hosted by KIC brought members of the Yangtze and Bay Area Councils together with representatives of government, universities and venture capital firms from both sides of the Pacific to share insights on Silicon Valley's success in attracting venture capital and how that can be applied to Shanghai's rapidly growing economy.

"The Yangtze and San Francisco Bay Area share a great history of friendship and mutual support," said Vincent Lo, president of the Yangtze Council and chairman & CEO of Shui On Land. "Further joint development of both regions is the next logical step."

With more than 500 participants from both the United States and China, the summit proved to be "an excellent opportunity for exchanging ideas and networking", Lo said.

KIC's combination of entrepreneurship, IT and vibrant cultural atmosphere has made it a magnet for large companies such as Baidu, Oracle and EMC that leverage its position in Shanghai's burgeoning Yangpu Knowledge and Innovation Zone.

Its business and university partnerships with Cisco, Shanghai Telecom and Fudan University, among others, have shown how an economic ecosystem like KIC modeled on Silicon Valley can drive innovation.

The first day of the summit explored the roles of government, the private sector and universities in encouraging innovation in China.

Lo and Bay Area Council CEO Jim Wunderman delivered keynote addresses, followed by speeches from Chen Anjie, secretary of the Yangpu district committee of the Communist Party of China, Sean R. Randolph, president of the Bay Area Council Economic Institute, Ma Songde China's former vice-minister of science and technology and Phil Ting, assessor-recorder of San Francisco.

The second day of the conference focused on the development of specific industries and deal making opportunities through panel discussions that included clean tech, biotech and computer animation.

The discussions also covered trends affecting the venture capital industry as a whole.

Prominent in Yangpu district's Wujiaochang Municipal Center and covering more than 1 million sq m, KIC is an integral component of the Shanghai government's "Revitalizing the City with Science and Technology" strategy.

KIC comprises four major sections - KIC Plaza for smart office buildings, IT and commercial services, KIC Village for residential homes, offices, retail, recreation and entertainment facilities, Jiangwan Sports Center for sports amenities and KIC Tech Park for hi-tech pursuits.

While KIC Village and Tech Park are approaching completion, KIC Plaza already has 99.6 percent occupancy with IT firms representing well over 70 percent.

KIC is easily accessible by highways and MTR Line 3 and will have its own stop on the soon to be completed MTR Line 10.

From left to right: Andrew Goodridge, business development manager of Shui On Land, James D. Atwell, partner of Deloitte, Ken Wilcox, CEO of Silicon Valley Bank, Richard Kramlich, general partner of NEA and Gary Rieschel, managing director of Qiming Ventures are present at the venture capital summit.

(China Daily June 12, 2008)