Updated: 2017-09-19
It has been 30 years since China's first technology business incubator was set up in 1987 in the East Lake High-tech Development Zone (Optics Valley of China) in Wuhan, Hubei province.
In the first eight months of this year, a total of 12,738 new businesses registered themselves in Optics Valley of China. The zone now incubates more companies than anywhere else in Wuhan.
A meeting to mark 30 years of development of the technology business incubators, and innovation and entrepreneurship was held in Wuhan on Sept 18. Around 500 representatives from technology departments, high-tech zones, and makerspaces from places including Beijing, Shanghai and Jiangsu province attended the meeting.
After 30 years of development, China's incubators now rank first in the world, both in number and in size, significantly promoting scientific and technological progress.
By the end of 2016, the country had 3,225 incubators and 4,298 makerspaces. The country has incubated 223,000 scientific and technological small and medium-sized enterprises and helped 89,000 companies graduate from incubators, including 1,871 listed companies.
As the birthplace of the country’s incubators and one of the first demonstration bases for innovation and entrepreneurship, Optics Valley of China has made pioneering achievements in business incubation.
The zone particularly encourages innovation and entrepreneurship from young highly-skilled workers, helping provide 2 billion yuan ($303.53 million) for over 70 entrepreneurship programs in the past three years.
Optics Valley of China has recently enacted policies to accelerate scientific and technological growth, as well as new economic development, providing rewards for key high-tech projects.
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