Taicang ramps up support for college entrepreneurs

In an ambitious move to bolster innovation and entrepreneurship among students, Taicang in neighboring Jiangsu Province has announced measures to support startups at the Taicang College Student Entrepreneurship Park, effective January 1, 2024.

Under the new scheme, the 167,000-square-meter park is set to offer zero-cost startup aid, focusing on minimizing the costs associated with setting up new ventures.

Notably, newly established university student entrepreneurial projects in the park will receive immediate startup funding of 50,000 yuan (US$7.015).

Projects that achieve awards at national competitions of university innovation and entrepreneurship are poised to receive even more substantial financial support.

In a groundbreaking effort to reduce the economic burdens on budding entrepreneurs, the park will provide three years of rent-free space to new entrepreneurial ventures. This initiative is expected to significantly ease the financial pressures faced by young business founders.

Ti Gong

Further enhancing the entrepreneurial ecosystem, the park is increasing its backing for entrepreneurial finance.

A 300-million-yuan angel investment fund is a key component of this strategy, offering up to 3 million yuan in equity investment for qualifying entrepreneurial projects.

Additionally, the introduction of the "Lou City Entrepreneurship Loan," a government-backed financial product, will provide credits of up to 1 million yuan for individual projects.

Beyond financial incentives, the Taicang initiative also encompasses a range of employment and living support.

These include inspection subsidies and free accommodation for full-time undergraduate and graduate students, internship subsidies for students with the park's enterprises, and a one-year living subsidy for graduates newly employed in Taicang.

A one-stop service center for innovation and entrepreneurship has also been established within the park.

This center integrates business employment consulting and rapid government approval services, ensuring comprehensive support for young entrepreneurs. Moreover, the park has set up a guidance center, tasked with providing guidance and assistance through entrepreneurial mentors and training programs.

In addition to these measures, the park is introducing incentives for market promotion and talent attraction efforts. These include subsidies for enterprises participating in domestic and international exhibitions and rewards for newly recognized co-creation spaces.

Info:

Address: 20 Jianxiong Road, Taicang, Suzhou, Jiangsu Province 江苏省苏州市太仓市健雄路20号