First Chinese Tech Incubator Opens in Tel Aviv Amid Trade Thrustby
TechCode aims to be gateway between China and global tech
Launch of incubator comes amid accelerated trade talks
The first Chinese tech hub in Israel opened for business Wednesday, as Beijing-based TechCode’s startup incubators in Silicon Valley, Seoul, Berlin and several Chinese cities gained a new family member in Tel Aviv.
With four floors in the center of the Israeli city’s financial heart, the company wants to increase China’s technology prowess and offer an entrepreneurial gateway between both nations.
“Everyone says there is a China wave, but maybe lots of people don’t know how to communicate with the Chinese people or how to catch up with the Chinese market,” said Chief Executive Officer Erica Huang. “At the same time, the Chinese entrepreneur wants to look outside and doesn’t have a platform. We hope TechCode will be the connector and the gateway.”
TechCode will work with young Israeli startups to help them penetrate the Chinese market, or connect them with companies in China looking to outsource R&D to an entrepreneurial new business.
Doors opened a day after Israeli Prime Minister Benjamin Netanyahu and Chinese Vice Premier Liu Yandong began to discuss a bilateral free trade agreement.
Israel hopes such a relationship, which will reduce the cost of doing business with China by removing impediments to trade and easing regulations, could help Israel’s exports to the country double from last year’s $3.2 billion, said a senior official who agreed to elaborate on the talks on the condition of anonymity.
By reaching out globally, TechCode will help China build a network that will allow leverage of the country’s manufacturing capabilities and its market size, Chinese Minister of Science and Technology Wan Gang said at the opening.