(Yicai) Aug. 21 -- Shanghai’s Pudong New Area has unveiled the second version of its Group Open Innovation initiative to deepen collaboration between large businesses and startups and drive industrial transformation.

Zhai Jinguo, deputy director of the Shanghai science and technology commission, and Li Hui, Pudong’s deputy head, jointly launched the updated plan at a conference yesterday. It is aimed at further improving the district’s open innovation ecosystem and accelerate industrial upgrading.

First introduced in 2021, the GOI plan invites large firms to share resources, including laboratory equipment, patents, and industrial solutions, with small and medium-sized enterprises through a free-to-use platform to foster new technologies and applications.

Over the past four years, the program has attracted 107 major businesses across 13 industries and 12 countries in Asia, Europe, and the Americas. It has facilitated the creation of more than 750 tech startups and supported over 6,600 SMEs.

The initiative will next integrate mechanisms for ecosystem evolution, institutional innovation, and the circulation of key elements such as technology, incubation, business, and investment, according to Xu Minxu, deputy director of Pudong's technology and economic commission.

Xu added that the policy framework will focus on incubation, technological development, industrial growth, financial support, and talent cultivation to promote the coordinated development of SMEs and large firms.

Pudong will also encourage major companies to contribute to building scientific infrastructure and collaborate with universities to tackle critical technological challenges. Dedicated funds will be pooled to support key sectors such as integrated circuits and biomedicine, promoting collaborative development and pilot applications across industry chains.

To attract talent, Pudong will prioritize GOI participants in its recruitment efforts, supporting strategic scientists, industry leaders in science and technology, and outstanding engineers. The district rolled out new policies earlier this year to help young professionals with housing and entrepreneurship. 

Editor: Emmi Laine