Innovation vouchers empower tech-oriented enterprises

Ma Jianchao, general manager of Shandong Yijiekang Medical Technology Co Ltd, which is located in Wucheng county of Dezhou, Shandong province, never expected he could receive subsidies from the local government for product testing and research.

Due to the help of subsidies from the county government, Ma's company now has much less cost and financial pressure for engaging in product testing, as well as research and development. All these can be attributed to the assistance of innovation vouchers from the local government, according to Ma.

For technology-oriented SMEs, innovation holds the key to further growth, but financial restraints on them are usually obvious.

The Yijiekang Medical Technology is a technology-oriented small and medium-sized enterprise established just four years ago. Currently, they are conducting research and development on new disinfection products, facing challenges such as a lack of high-precision research equipment and high testing costs.

"A single testing instrument can cost more than 5 million yuan... And testing costs are considerable expenses for us. For this time only, the cost for testing our new product reaches as high as 100,000 yuan," Ma elaborated.

The innovation voucher is a universal policy tool applied in Shandong Province to promote R&D among technology-oriented SMEs. Since the beginning of this year, three enterprises in Wucheng county, namely Yijiekang, Longda, and Laibao, have successfully applied for a total of 125,000 yuan of innovation subsidies, greatly stimulating the innovation vitality of these enterprises, Fan Zhongxin, director of Wucheng County Science & Technology and Industrial Information Bureau, released.

The innovation capability of the country lies in individual companies and local governments at various grassroots levels. And joint efforts made by local governments at all levels and tech firms across the country will make a big difference in further enhancing the nation's innovation prowess," Yang Weiyong, an associate professor of economics at the University of International Business and Economics, commented.