Grants for money lost
Print Edition
ANGEL investors who lost money investing in small Shanghai technology startups will get subsidies as the city boosts support for innovative firms, a statement said yesterday.
These investors will get fiscal subsidies from February to cover up to 60 percent of their losses from investing in young technology companies.
A 3 million yuan (US$456,000) cap is placed on a subsidy for a single project, and a single angel investor will have an annual cap of 6 million yuan.
Shanghai Science and Technology Commission, Shanghai Commission of Development and Reform, and the Shanghai Finance Bureau will jointly allocate the subsidies, the statement said.
The subsidies are part of the Shanghai government’s efforts to build the city into an international technology and innovation center.
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