State-level status granted to Inno Valley of Hengqin

Macao-Hengqin Youth Entrepreneurship Valley (Inno Valley HQ) became the first State-level sci-tech enterprise incubator in Hengqin New Area on Dec 12.

The Torch High Technology Industry Development Center of the Ministry of Science & Technology announced the result after a comprehensive review of the startup's operating mechanisms and incubation system, services, and performance. Founded in 1989, the Torch Center promotes high-tech industrialization and internationalization and supports tech businesses in China. The goal is to spur widespread entrepreneurship and innovation as the economy is being restructured.

Inno Valley HQ now is tasked to cultivate and support high-tech small and medium-sized enterprises. Such State-level sci-tech enterprise incubators are also asked to help develop high-tech industries and improve national and regional innovation systems.

The Hengqin New Area business fosters communication and cooperation among Macao-based and domestic entrepreneurs. It opened in June 2015 after gaining municipal and provincial recognition. Inno Valley HQ was listed as a National Makerspace and National Developer of Sci-Tech Business Incubators in 2016.

According to available statistics, Inno Valley HQ has incubated 227 businesses that later carried out more than 80 sci-tech projects and obtained 300 patents. Among them, 52 evinced a high rate of development, with 16 firms having collectively attracted 360 million yuan ($54.5 million) in financing. There are 82 startups currently in the cultivation process. 

Inno Valley HQ [File Photo]