The Alliance of Shanghai Science and Technology Innovation officially launches on Feb 21. [Photo/ WeChat account: zjpark]

The Alliance of Shanghai Science and Technology Innovation was officially launched on Feb 21.

The alliance is one response to the country's call for mass entrepreneurship and innovation. It is hoped the initiative will further Shanghai's already developing and exciting entrepreneurial scene.

The alliance intends to unite the wide range of innovative forces acting in Shanghai. It aims to promote cooperation and sharing and to advance innovation in the fields of technology, products development, and business.

Another aim of the alliance is to enhance the connection between large enterprises and small and medium-sized ones. It is hoped this will be achieved through the sharing of capital and technology.

Attendees take time to chat following the launch ceremony of the Alliance of Shanghai Science and Technology Innovation on Feb 21. [Photo/ WeChat account: zjpark]

In addition to offering work spaces, the alliance will use its members' resources to give startup projects support in the areas of policy, services, fundraising, and training. It will also help startups optimize their business models, improve capital operation, intelligently tap into markets, seek partners, and strengthen management capacity.

Zhao Boji, chairman and CEO of accountancy firm PricewaterhouseCoopers China, believes the alliance will greatly stimulate entrepreneurship and innovation in Shanghai and contribute to the city's goal of developing into an international center for scientific and technological innovation.

In recent years, Shanghai has become an important center for both Chinese and foreign business incubators, venture capital institutions, scientific research institutes, entrepreneurship and innovation industrial investment funds, universities, large enterprises, and startup firms.