Cheetah Mobile Inc (獵豹移動), a Chinese mobile tools application developer, yesterday said it plans to set up a NT$100 million (US$3.13 million) program to fund Taiwanese startups in the mobile Internet business.
“Taiwan almost missed the Internet era, and it is now time for Taiwan to deploy and integrate more resources to catch the tail end of the mobile Internet era,” Cheetah Mobile chief executive Fu Sheng (傅盛) told a cross-strait Mobile Internet Conference in Taipei.
Fu said the program would welcome business ideas that might become a market trend in three to five years, adding that these startups would stand a better chance of forming strategic partnerships with Cheetah Mobile or even Xiaomi Corp (小米) compared with other companies.
Photo: CNA
“We are eager to seek talent and new business opportunities. We hope the fund will break geographical barriers and create win-win opportunities for Taiwanese startups and us,” Fu said.
He said he expects the program to commence this quarter, adding that the company is considering hosting an open audition to screen business proposals.
Fu said the program aims to mentor rather than just provide money to help young Taiwanese establish their own businesses.
Providing funding does not mean Cheetah Mobile will control the companies, he said.
“It will be an investment, not a merger and acquisition,” Fu said, adding that he would personally help mentor Taiwanese startups.
Cheetah has no plans to set up similar programs in Southeast Asian countries, as Taiwan, given its language and cultural proximity, serves as an important gateway for Chinese enterprises to access the global market.
Xiaomi founder and chief executive officer Lei Jun (雷軍), who is also a cofounder of Cheetah Mobile, agreed, saying that Taiwanese who wish to establish their own businesses should focus on mobile Internet and smart home devices.
“Many of my Taiwanese friends have complained that they are constrained by Taiwan’s rather limited market, but if you launch a mobile application on Google Play or Apple Store, you have the global market,” Lei said.
When Cheetah Mobile was established a few years ago, there were only three to four people writing mobile apps, Lei said.
As of this month, the company’s Clean Master application has 340 million active users around the world, he said.
Lei said he foresees smart home devices that link to personal handheld devices via cloud computing will be the major market trend in the next five years, adding that Xiaomi is also working on this sector.
“To be honest, I have not seen many Taiwanese manufacturers working on this business opportunity,” Lei said.
In response to Fu’s remarks, the Investment Commission said Cheetah Mobile could fund its NT$100 million through a Taiwan-based venture capital company in accordance with Taiwanese regulations on Chinese investments.
“Plus, Cheetah Mobile can only control 49 percent at most of the venture capital’s operation,” Investment Commission Acting Executive Secretary Emile Chang (張銘斌) said by telephone.
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