Zhongguancun Haidian Science and Technology Park in Beijing is a top recommendation for people looking to start an innovation business in the capital.
The high-tech hub offers several preferential policies and has educational and human resources advantages.
A 100-million-yuan ($16 million) innovation street in Zhongguancun's western area was recently built, making the park even more attractive to startups and young entrepreneurs.
The street is part of the city government's long-term strategy for science and technology development and aims to be a place "where you can start your dream", Sui Zhenjiang, Party chief of Haidian district, said at the opening ceremony yesterday.
The street is jointly managed by Beijing Haidian Property Group and Tsinghua Technology Innovation Holdings and so far has 10 innovation startups and service institutions, including Garage Coffee, Angel Crunch, Legend Star and 36 Kr.
The transformed street, which once was home to shops selling books and clothes, now aspires to help the area forge ahead to create a global center of technological innovation by 2020, said Sun Wenkai, head of Haidian district.
"We want to build the innovation street into an area gathering high-tech small and mid-sized companies by providing targeted services and lowering their start-up costs," said Ma Shengjie, deputy director of the Zhongguancun administrative committee.
"We also want it to become an innovation and entrepreneurship landscape avenue that features a strong sense of science and fashion. We want it to become known around the world as Inno Way," he added.
The street management team said it was committed to building a sound business environment for pioneering companies with complete service systems.
The management team plans to introduce different kinds of service agencies based on the integration of service resources worldwide. The team said it would focus on the street's advantages in financing and investment, trade and business exhibition.
Monetary support will be offered to promising startups in the street through Zhongguancun Angel Investment, Internet banking and bank credit.
Companies will also be able to use multimedia facilities to showcase their products, technologies and services, and take part in communication and business matchmaking activities with investors, entrepreneurs and business mentors.
The management team also plans to follow up the government's policy direction, and then inform related companies and provide guidance.
Some government organs and intermediary agencies will also have a presence in the street to help with business registration, qualification recognition and legal services.
The team said its next move was to start reconstruction of the street's south and north squares, including new traffic signs, billboards, logo sculptures and other landscape projects.
An app for the street is also due to be launched to update people with the latest information.
Business incubator 36 Kr, which mainly serves Internet startups, moved to the street in April and was the third company of its kind following Garage Coffee and 3W Coffee.
The company's CEO, Liu Chengcheng, said that starting a business has become easier and has attracted more attention.
36 Kr was established in 2011 and in its first year of operation the company received less than 1,000 projects. Last year, the number increased to nearly 10,000.
The company's 36 Kr Plus is a real-name social networking website built to facilitate information exchanges between project holders and investors.
It now has 800 certified investors and more than 17,000 projects.
The 36 Kr Space provides offices to startups and helps them find investments.
Sui Zhenjiang (right), Party chief of Haidian district, and Gou Zhongwen, member of the standing committee of Beijing municipal Party committee and chief of the Party leadership group of Zhongguancun Administrative Committee, opening the innovation street yesterday. Photos by Wang Jing / China Daily
The innovation street, or Inno Way, now aspires to help the Zhongguancun area forge ahead to create a global center of technological innovation by 2020.