Haven for en­trepreneurs opens in Shang­hai

China Daily (Canada) - - FRONT PAGE - By ZHOU WENTING in Shang­hai

zhouwent­ing@chi­nadaily. com.cn

A com­mu­nity for en­trepreneurs was un­veiled in Shang­hai’s Lu­ji­azui busi­ness dis­trict on July 7 and it of­fers a holis­tic range of ser­vices for young peo­ple with busi­ness plans in emerg­ing fi­nan­cial in­dus­tries.

Ac­cord­ing to ex­perts, this haven for bud­ding en­trepreneurs would likely stand out in com­par­i­son to sim­i­lar zones in Bei­jing and Shen­zhen of South China’s Guang­dong province, as Shang­hai has a big­ger rep­u­ta­tion for be­ing a renowned fi­nan­cial cen­ter.

“The com­mu­nity is built in the Lu­ji­azui area so that en­trepreneurs can take ad­van­tage of the fa­vor­able re­sources in this core fi­nan­cial zone and ben­e­fit from the latest fi­nan­cial in­no­va­tion poli­cies,” said Wang Hua, deputy di­rec­tor of Lu­ji­azui Fi­nance and Trade Zone Man­age­ment Com­mit­tee.

De­vel­oped by Shang­hai Xingyue In­vest­ment Co Ltd, the com­mu­nity pro­vides ser­vices in­clud­ing prod­uct de­sign, fi­nanc­ing and au­dit­ing. It can also fa­cil­i­tate com­mu­ni­ca­tion with po­ten­tial in­vestors for fund-rais­ing pur­poses, or help with the or­ga­ni­za­tion of tu­tor­ship ses­sions and road shows.

More­over, liv­ing and so­cial needs will also be catered to. In ad­di­tion to ac­com­mo­da­tion op­tions, of­fice spa­ces and in­cu­ba­tion cen­ters, ameni­ties like con­ve­nient stores, laun­dry rooms, book­stores and a cafe­te­ria will re­main open round the clock.

“For­eign ex­perts spe­cial­iz­ing in start­ing busi­ness ven­tures and pro­fes­sional en­tre­pre­neur­ial ad­vis­ers who have clients in Sil­li­con Val­ley were in­vited to pro­vide ideas for this com­mu­nity. We wanted this com­mu­nity to be one with a pi­o­neer­ing spirit and fun at­mos­phere for star­tups and in­no­va­tors,” said Yang Zhiwei, vice pres­i­dent of Shang­hai Xingyue In­vest­ment Co Ltd.

The re­cep­tion to this new de­vel­op­ment has been good, with Har­vard grad­u­ate Wu Xin­hong al­ready plan­ning to set­tle in the com­mu­nity.

“The ar­ray of re­sources of­fered is the main rea­son we would move to this com­mu­nity. We are very sat­is­fied with the fa­cil­i­ties and rea­son­able pric­ing here and are look­ing for­ward to it,” said Wu, who has formed a team that does busi­ness in In­ter­net bank­ing.

Entrepreneurship and in­no­va­tion are cur­rently the hottest top­ics in China fol­low­ing Pres­i­dent Xi Jin­ping’s re­cent call for Shang­hai to be­come a global cen­ter for in­no­va­tions in science and tech­nol­ogy. This en­trepreneurs’ com­mu­nity looks to be yet another com­po­nent in the blue­print to at­tract in­no­va­tors from within China and abroad.

It is es­ti­mated that 20,000 of some of the world’s bright­est tal­ents are gath­ered in Lu­ji­azui, a bustling dis­trict that is home to more than 3,000 fi­nan­cial in­sti­tu­tions, and where 300 com­pa­nies have head­quar­tered their oper­a­tions.

“The con­cen­tra­tion of in­sti­tu­tions and tal­ents, as well as the ac­tive fi­nan­cial trans­ac­tions in Shang­hai is unique in China,” said Zhang Yuchen, pro­fes­sor of busi­ness ad­min­is­tra­tion at Shang­hai Tongji Univer­sity.

“While Bei­jing and Shen­zhen of­fer en­trepreneurs sup­port in tech­nol­ogy, Shang­hai helps them with an in­te­grated busi­ness model,” Zhang added.

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