Pudong lures startups with competition, cash, and favorable policies

Ti Gong

Pudong New Area launched a global competition this week as the whole country celebrates a week of innovation.

The "Entrepreneurs in Pudong" competition is the sixth of its kind organized by the youth league and human resources and social security bureau of Pudong, as well as science and business authorities in the area.

The event targets innovative programs and startups younger than three years.

Besides road shows to present programs, this year's participants will also have to do on-site assignments to show their comprehensive capabilities.

Participants will be able to participate in entrepreneurial training and connect with incubators and other services during the competition if they pass the primary screening.

Outstanding programs or companies will be able to receive training sponsored by the city's scientific and technological innovation foundation, and 300,000 yuan (US$45,677) in interest-free loans, as well as collateral from angel funds.

The winners will enjoy not only monetary prizes, but also favorable support, such as government-guaranteed loans, subsidies and rent deductions.

The event is expected to attract a lot of innovative programs and inspire more people to innovate with creative ideas.

Pudong has been a popular hub for startups because of favorable policies and services.

There are at least 103 incubators and co-work spaces in the area, covering various industries like the Internet, electronic information, intelligent devices and biomedicine.

Graduates of local colleges who are younger than 35 and have permanent residence permits in Shanghai can apply for up to 3 million yuan of loans, held exclusively for startups, if they create businesses in Pudong. Current students of the colleges can also apply for government-sponsored internships in startups.

This year alone, Pudong has provided assistance for 1,088 college students in starting up businesses. These account for 59 percent of all startups it has helped.

Foreigners can also enjoy favorable policies, such as allowing foreign students to work or start up companies in Pudong directly after graduation without work experience.

Ti Gong