Given that Beijing is currently constructing a national-level science and technology innovation center that aims to hold global influence, the innovation week has become an important platform for innovative entrepreneurs to exchange ideas and achievements, Yin said.

The Zhongguancun Innovation and Entrepreneurship Festival, running through Oct 15, showcases the stories and experience of entrepreneurs from both home and abroad.

The themed exhibition, covering an area of 18,000 square meters, has attracted more than 300 exhibitors displaying more than 600 items, according to the administrative committee of Zhongguancun Science Park.

Multipronged approach to success

Beijing's "mass entrepreneurship and innovation" campaign focuses on five key areas:

Developing cutting edge technologies, led by artificial intelligence, which will give rise to a new wave of mass entrepreneurship

Associated projects, which apply and industrialize original frontier or disruptive technologies, have increased significantly.

About 45 percent of startups based in Beijing have centered on new areas such as AI, big data, intelligent healthcare and robots.

Increasing the amount of knowledge based entrepreneurship, entrepreneurship among young people and serial entrepreneurship

About 49 percent of entrepreneurs are former executives or technicians in major companies. Researchers, college teachers, doctorate holders and college students make up the rest.

Members of the younger generation have become entrepreneurial mainstays, with 39 percent of all entrepreneurs born in the 1980s and 11 percent born in the 1990s.

Integrating technology with entrepreneurial business models and making this part of the mainstream

Solutions-based entrepreneurship is becoming a new standard in China, with the information technology, healthcare and education industries adopting cross-disciplinary integration of mass entrepreneurship and innovation, thus helping to improve the quality and efficiency of manufacturing and public services.

To date, 27 sites within Zhongguancun have been selected as core technology incubator platforms.

Better organizing innovation and entrepreneurship to focus on the transformation of scientific findings

A total of 191 innovative incubators have been established in the Zhongguancun Demonstration Area, of which 54 are at the national level.

The incubators, covering a total area of 1.67 million square meters, support the growth of 4,641 budding entrepreneurs.

To date, 7,442 startups have graduated from these incubators.

Research institutes such as Peking University, Tsinghua University and the Chinese Academy of Sciences have founded dedicated teams to promote the commercialization of their research achievements.

Growing global entrepreneurship and innovation

As innovation and entrepreneurship internationalizes, global entrepreneurship promotes the upgrading of mass entrepreneurship and innovation.

Domestic incubators such as Techcode and TusPark are setting up subsidiaries abroad.

The Sino-Israel Technology Innovations Center and the Beijing-California Innovations Center are also taking shape.