Beijing incubators receive injection of funds for startups

A total of 27 incubators in Beijing will receive three-year financial support of up to 30 million yuan ($4.33 million) each. It was announced at the 2018 National Mass Innovation and Entrepreneurship Week earlier this month, as part of the capital's efforts to help startups with core technology to grow.

All of these incubators, selected from among about 400 candidates, focus on startups introducing hard technology for cutting-edge industries, such as intelligent equipment, artificial intelligence, new materials and integrated circuits, according to the administrative committee of Zhongguancun Science Park, the organizer of the event.

Yan Ying, the committee's deputy director of entrepreneur services, said the event aims to serve construction of a national technological innovation center in Beijing.

"Zhongguancun Science Park has many universities, central State-owned enterprises, listed companies and investment institutes. We need carriers to link these resources and promote commercialization of research achievements," he said. "Incubators are such carriers. We expect to support the incubation of startups introducing hard technology and back the technological innovation in Beijing."

He added that candidates were evaluated based on several criteria, such as the professionalism of their operations and teams, their equipment, testing space, laboratories and connections with industrial partners.

Know-How Micro-Technical Incubator, a company mainly serving biological medicine startups, was one of the supported incubators.

Fan Lanfeng, a partner in the company, said the most important thing for an incubator is whether it can meet the real demands of companies.

"Some companies only have two or three researchers. The other work, such as public relations, legal and government-related issues are all assigned to us," he said, adding many of their clients are from overseas and they expect to help them to join the nationwide wave of innovation and entrepreneurship quickly.

He said licensed incubators will get allowances from the government and connections to good projects.

"I would say the entrepreneurial environment in this area is the best in the country. It is more advanced than that of other cities by about 10 to 15 years."

Ma Chao, CEO of Z-Park Cuihu Science and Technology Platform, another supported incubator, said: "People in Beijing have reached a consensus that the country's future development relies on innovation and the entrepreneurship in the technology sector."

"We aim to help small and micro companies to grow stronger to complete the whole industrial circle."

He added Beijing has strength in technology and human resources thanks to the many scientific institutes, universities and leading companies.

"Beijing stands on the highland of innovation. But, it is also the starting point."

Guo Lulu, general manager of Dohitech, a two-year-old startup, said to begin one's own business in Beijing, entrepreneurs should choose industries that conform to the development plan of the city.

"We have seen policies that show the city's encouragement of high-technology research and development. The capital matching and entrepreneurship services are also helpful."

(China Daily 10/18/2018 page18)