In the past year Taiwan has seen a steady stream of venture capital firms trickle in. Yesterday, the island added a new(ish) group to the list: TMI.
Chaired by Kai-Fu Lee, head of China’s Innovation Works, TMI (whose Chinese name 台灣創意工廠 is almost identical to Innovation Works’ 創新工廠) is an early-stage venture capital group and incubator looking to invest in the Mobile, Internet, and eCommerce spaces. As it wrote on its invitation to its grand opening, its main aim is simple: “We hope that we can work together to improve Taiwan’s start-up space.”
More specifically, TMI is looking for creative Taiwanese teams and individuals who are looking to jump beyond the island of Taiwan. “We are looking for entrepreneurs who want to tackle a global market. Through our assembled network of seasoned professionals, serial entrepreneurs and institutional investors from across the global, we can allow a start-up to ‘soft land’ in any major market,” its website states.
Incubated teams have three potential tracks to choose from depending on the market they aim to enter. The Beijing track provides 2 months in TMI, 2 months in Innovation Works (Lee Kai Fu’s incubator), wheras the US track 4 months in TMI plus acceptance into incubators in US (Y-Combinator, 500 Startups, Techstars). How TMI would guarantee acceptance to the incubators is not immediately clear. The third track seems to be internally oriented, and provides 4 months in TMI.
In exchange for TMI’s acceleration, teams trade $12,000 for 8% of shares for 4 months of incubation time.
The TMI team features many prominent names in Taiwan’s internet scene, such as CEO Lucas Wang (formerly of WI Harper), CIO Kevin Ho (of ITRI), Mark Hsu (of Pinehurst Advisors), Alvin Woon (Plurk founder), and Tiffany Wu (of Pinehurst Advisors).
Kai-Fu Lee (center) takes a photo with the TMI team
TMI’s recent history has been a bit stop and start. Inspired by the success of Innovation Works in China, the fund was initially announced last March, then going by the name TMI Labs. With the blessings of ITRI, WI Harper, and Kaifu-Lee, the fund moved forward and was featured in the press, only to subsequently stall for several months.
“Like any start-up, the launch of TMI had its share of ups and downs over the last 16 months. But in the process, we have become better and stronger, experiencing firsthand the difficulties start-ups in Taiwan will encounter,” the TMI ‘about us’ reads.
To apply or learn more about the TMI program, visit http://tmi.vc
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