Shanghai leading global innovation thanks to youth entrepreneurship

Shanghai is stepping up its ambition to become a global innovation hub by investing in young entrepreneurs and creating one of the most supportive startup ecosystems in China.

City officials unveiled plans to attract more young professionals and help early-stage companies grow at the 6th Shanghai Y50 Forum for Innovation and Entrepreneurship on Saturday.

The event drew more than 300 startup founders, researchers and investors to Shanghai Tower, China's tallest and the world's No. 3 skyscraper at the Lujiazui financial hub.

"Shanghai has the richest innovation resources and the best startup environment," said Luo Dajin, director of the Shanghai Science and Technology Commission.

"It means the most opportunities for innovation, the highest success rate, and a strong foundation for young entrepreneurs."

The city's research and development spending reached 4.4 percent of GDP – up from 3.41 percent a decade ago. About 11 percent of that went into basic research.

The results are visible. Shanghai now has 25,000 high-tech companies. The city also leads the world in the number of "gazelle" companies – fast-growing startups – surpassing San Francisco, Luo said.

Entrepreneurs at the forum shared how they built companies with Shanghai's support.

Wang Xingxing, founder of Unitree Robotics, said his startup got its first boost from a student competition in Shanghai that awarded him 8,000 yuan (US$1,105).

"That was my seed money," he said. "Back then, humanoid robots seemed like a dream. Now, we're fulfilling global orders."

His company develops advanced quadruped and humanoid robots used in education, public safety, logistics and R&D. Unitree is often seen as China's answer to Boston Dynamics.

"We're flooded with orders," Wang said. "This is no longer a future idea – it's happening."

Wang said Shanghai plays a critical role in Unitree's growth.

"The city is inclusive, open and full of opportunity," he said. "You can find everything here – funding, suppliers, talent and users."

He also emphasized that the future of robotics lies in software and artificial intelligence, and called on more young people to join the industry.

The company, headquartered in Hangzhou, has established a branch in Shanghai and aims for further expansion in the city. It is seeking talented personnel across various positions, including administrative, procurement, sales, R&D and marketing, and invites young professionals to join, said Wang.

Wan Jiayu, a Shanghai Jiao Tong University professor, shared how he returned from Stanford to start a research center focused on next-generation batteries.

His team developed an ultra-thin, flexible solid-state electrolyte that prevents short-circuit issue in lithium batteries and improves battery safety and energy efficiency.

"We want to close the gap between renewable energy demand and slow research cycles," Wan said. "That's where Shanghai helps – with access to companies, funding, and a clear path to market."

The forum also hosted a "startup carnival" and pitch session, connecting more than 100 startups with investment firms. New deals were signed on-site.

Since 2019, the Y50 Forum has supported 30 outstanding startup cases from over 600 candidates and trained 1,300 young entrepreneurs.

"The forum is crucial for building a platform to support tech companies and foster world-leading firms," Luo said. "This is central to the mission of an international innovation center."