Cheng Yuan and his colleagues. [Photo/WeChat account: snd-szgxqfb]
Suzhou New District recently launched a 50 million yuan ($7.69 million) fund to help college graduates pursue innovation and start businesses, with the first phase of 5 million yuan to be issued soon.
Innovative and entrepreneurial projects by students who graduated within the past year or by students from needy families will receive financial support of up to 200,000 yuan.
Cheng Yuan, a doctoral student from Shanghai Jiao Tong University and founder of a sci-tech company in SND, is one of the beneficiaries. His company owns several independently-developed intelligent hardware products as well as some intellectual property patents.
"In addition to financial support, SND also invited experts to help us research market conditions, find our place in the market, roll out medium to long-term plans, establish market connections, integrate resources, and seek partners," Cheng said.
The fund reflects SND's determination to create a friendly environment for high-end talent and entrepreneurs. The district announced a specific plan in 2020 to offer solid support to over 1,000 start-ups of college graduates over the next three years.
Start-up projects that are ranked as "excellent" by SND, meaning they have a high demand for talent, strong market potential, and high scientific value, will receive between 50,000 to 200,000 yuan in awards.
College graduates can also apply for a loan of up to 500,000 yuan from SND to ensure their companies are able to run smoothly. Those who plan to work in SND can benefit from a series of internship allowances, employment bonuses, and living and rent allowances.
