On September 7, 2009[29] he announced details of a $115m venture capital (early-stage incubation and seed money business model) fund called "Innovation Works" (later changed to "Sinovation Ventures")[30] that aims to create five successful Chinese start-ups a year in internet and mobile internet businesses or in vast hosting services known as cloud computing. The Innovation Works fund has attracted several investors, including Steve Chen, co-founder of YouTube; Foxconn, the electronics contract manufacturer; Legend Holdings, the parent of PC maker Lenovo; and WI Harper Group.[31]