Laoshan to grow ideas into businesses

By 2017, 10,000 new businesses are expected to have been founded in Qingdao's Laoshan district, according to the local government.

The district government plans to support 100,000 innovative professionals to realize their entrepreneurship dreams or creative ideas, and more than 100 "little giants" are anticipated to grow into leading startups.

Qi Jiabin, Party chief of Laoshan said the district will take the lead in Qingdao's mass innovation strategy as the city designated it to fulfill its Central Innovation Area Initiative.

The initiative draws a planned area covering Binhai Avenue - which goes through the district to Jimo in North Qingdao that teems with marine technology institutions and enterprises - Qingdao Jinzhu Entrepreneurship Street, Qingdao Makers Street and the Qingdao International Innovation Park.

"Laoshan has been a hotbed for innovation in biomedicine, new materials, marine development and information technology and high-end manufacturing," Qi said.

"We will also embrace the concept of Internet Plus and leverage online marketing to boost traditional sectors such as tea, steamed buns, tourism, floriculture, leisure activities, housekeeping management and marine food products."

There are already 29 high-tech startups operating in the Qingdao International Innovation Park where both online-to-offline incubation services and financial support are offered.

Many success stories have started at the park, including Zheng Anmin who founded NovelBeam Technology in 2003 after working in Silicon Valley for years.

His company has developed the world's first LED-based 1080P liquid crystal on silicon projection optical engine for endoscopes and become a global leader in high performance optics technology solutions for medical and life sciences.

Qingdao Makers Street is home to the headquarters of Qingdao University and other facilities, as well as a number of incubator developers.

"Qingdao Makers Street will create an ecosystem for college students, technology researchers and would-be entrepreneurs to start their own businesses with services in shared work space, ranging from roadshows, exhibitions, housing and conventions to entertainment, social networking and financing," Qi said.

Several leading venture capital firms and innovation incubator developers, including BingoCafe, You Plus International Community and Iheima, have shown interest in working with the street to turn creative ideas into business operations.

To ensure sufficient financing for startups, Laoshan has set up a 500-million-yuan ($80-million) capital pool annually amid other approaches to technology financing, such as the Qingdao Blue Ocean Equity Exchange.

The local financial sector is also supporting innovation by exploring new services, such as technology insurance, intellectual property-collateralized loans and Internet financing.

huqing@chinadaily.com.cn

(China Daily 06/30/2015 page12)