Traditionally dependent on manufacturing, Hangzhou, a city of six million people, has been embracing the high-tech sector.
Local Communist Party officials have been aggressively promoting the city as a magnet for start-ups through special economic zones, high-tech incubator centers and low-cost capital to young entrepreneurs. Mr. Lai, the former Alibaba product manager, pulled together $81,000 for his company, supplementing his own funds with money from an angel investor and a no-interest loan from the local government.
via Alibaba, With Its I.P.O., Mints Millionaires and Risk-Takers – NYTimes.com.
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