Shanghai Sees Rapid Growth in High-Tech Firms Thanks to Incubators, Supportive Policies
Jin Yezi
DATE:  Mar 24 2023
/ SOURCE:  Yicai
Shanghai Sees Rapid Growth in High-Tech Firms Thanks to Incubators, Supportive Policies Shanghai Sees Rapid Growth in High-Tech Firms Thanks to Incubators, Supportive Policies

(Yicai Global) March 24 -- The number of high-tech companies in Shanghai almost doubled last year from the year before, largely due to the city’s emphasis on cultivating innovators and entrepreneurs through initiatives such as technology startup incubators, creative working spaces as well as science and technology parks at universities.

Some 9,956 high-tech firms were newly registered in Shanghai last year, bringing the total to over 22,000, according to data published by the Shanghai Bureau of Statistics on March 22.

Incubators such as Zhangjiang Hi-Tech 895 help startups build bridges of cooperation and foster their ambitions. Zhangjiang Hi-tech 895 has held camps for firms in the integrated circuits, healthcare, smart cars and aerospace sectors in the past two years. Some 100 projects worth CNY124 billion (USD18 billion) have enrolled.

"One of the purposes of attending this training camp is to find opportunities for cooperation, as many firms from the upstream and downstream of the industrial chain will come," said Cao Jin, the head of an aerospace startup at a recent camp organized by Zhangjiang Hi-Tech 895 for aerospace startups.

I hope to find business opportunities, but more importantly, I would like to exchange ideas with my peers for inspiration, the head of an aero-engine design and smart tech firm said at the camp.

The private aerospace firms attending our camp tend to be weaker in terms of company strengths than those from other sectors, such as integrated circuits and healthcare, said Fu Xiaoying, director of Zhangjiang Hi-Tech 895, which has held camps for over 1,500 startups so far.

They also rarely interact with each other, so our camps can act as a bridge for the sector’s leading players to bond with startups, she added.

"Industries such as aerospace and intelligent automobiles mainly develop applied technology. Once an application scenario is set, it should be easy to generate new markets and business opportunities," she said.

The government should provide differentiated support for fresh graduates and those with business experience, said Yao Kai, director of the Global Science and Innovation Talent Development Research Center at Fudan University.

"Tech startups need to have one-stop incubation services. For example, the park should be able to provide a complete incubator eco-system, like Silicon Valley in the US and Espoo in Finland, and provide a good environment to encourage people to start their own businesses," Yao said.

Editors: Tang Shihua, Kim Taylor

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Keywords:   Startups Incubator,Innovative Enterprises,Government Policy,Industry Analysis,Shanghai