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Funding for startup groups
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HANGZHOU plans to provide financial support of up to 5 million yuan (US$749,546) each to 30 leading business startup groups in the next five years.
To qualify for funding, groups should be set up within three years with one leader and at least three core members. They should sign a work agreement with related enterprises for five years in succession. And team members should work in related enterprises for at least six months each year.
These related enterprises should have a “sound business” with investments in research and development accounting for more than 3 percent of their main business revenue.
As for the qualifications of related enterprises, they should be registered with the Hangzhou Industry and Commerce Bureau for more than one year and less than five years. The contribution of capital from the team leader and core members should be no less than 5 million yuan.
Team members should be graduates of “famous” universities at home or abroad, professors from scientific research institutions, or high-level executives in “renowned” companies. The team members should also have at least three years of consistent cooperation in the development of projects, products or technologies.
For those teams with outstanding research outcome and transformed results, they can receive the subsidies of up to 5 million yuan.
The city government also plans to support innovative teams with loan subsidies of up to 2 million yuan. For enterprises receiving venture capital, they can be granted policy-based guarantees with no more than 50 percent of the total investment and a cap of 20 million yuan.
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