An innovation incubator in Zhangjiagang, Suzhou, Jiangsu province. [Photo/zjgonline.com.cn]
Zhangjiagang, a county-level city in Suzhou, East China's Jiangsu province, has been building innovation incubators to improve its business environment and attract entrepreneurs.
The city is presently home to 41 provincial-level incubators and has 1.77 million square meters of incubation space. The construction of about 1.4 million square meters of new space, the highest ever in the city, started in 2021.
One of the incubators, the Fengbang Innovation Park in Fenghuang town, has two national-level "little giants", two companies that are listed on the main board of stock markets, and 18 provincial-level high-tech companies in Jiangsu.
Since establishing a presence in the park in 2019, Suzhou Gaussian Automation Technology Co has experienced rapid growth, with its sales revenue in the first five months of this year amounting to 150 million yuan ($22.25 million), more than last year's total.
The local government has played a critical role in Gaussian's business development, said Zhang Yanzhao, a production director at the company, explaining that Fenghuang town had streamlined the process for the company to acquire the land needed to build its offices and factories.
In addition, the park recently offered another 40 mu (2.67 hectares) of land and about 100 million yuan in loans, both of which are expected to raise the company's annual sales to 3 billion yuan.
The Zhangjiagang High-tech Industry Development Zone is currently building the 240-mu Dongdu International Talent Entrepreneurship Park, which is equipped with talent apartments, roadshow centers, innovation incubation centers, and other facilities. The first phase of the park is expected to be completed in 2024.
During the 14th Five-Year Plan period (2021-25), Zhangjiagang plans to invest over 20 billion yuan to add more than 2.6 million square meters of innovation incubation parks.