Sil­i­con Val­ley cre­ates Chi­nese start-ups

New YouTube mu­sic ser­vice

The Star Late Edition - - BUSINESS REPORT - In the num­ber

BEI­JING’S un­slake­able thirst for the lat­est tech­nol­ogy has spurred a pro­lif­er­a­tion of “ac­cel­er­a­tors” in Sil­i­con Val­ley that aim to iden­tify promis­ing start-ups and bring them to China.

The surge GOOGLE’S YouTube said on Wed­nes­day that it would launch a new mu­sic stream­ing ser­vice, YouTube Mu­sic, next week and soon un­veil a premium ser­vice that will charge more for its orig­i­nal shows. YouTube Mu­sic, which will be launched on May 22, comes with ex­tra fea­tures, such as per­son­alised playlists based on an in­di­vid­ual’s YouTube his­tory and other us­age pat­terns, YouTube, owned by Al­pha­bet’s Google, said. The video stream­ing com­pany said it would also launch YouTube Premium, the re­vamped YouTube Red sub­scrip­tion ser­vice. – Reuters of China-fo­cused ac­cel­er­a­tors – which sup­port, men­tor and in­vest in early-stage start-ups – is part of a larger wave of Chi­nese in­vest­ment in Sil­i­con Val­ley.

At least 11 such pro­grammes have been cre­ated in the San Fran­cisco Bay area since 2013, ac­cord­ing to the tech-sec­tor data firm Crunch­base. Some work di­rectly with Chi­nese govern­ments, which pro­vide fund­ing. In­ter­views with the in­cu­ba­tors showed that many were fo­cused on bring­ing US start-ups to China.

For US of­fi­cials wary of China’s grow­ing high-tech clout, the ac­cel­er­a­tor boom reaf­firms fears that US tech­no­log­i­cal know-how is be­ing trans­ferred to China mainly through in­vest­ments. – Reuters

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