Incentives bolster startups in Lingang
Print Edition
LINGANG is located quite a distance from downtown Shanghai, but the special area is going out of its way to woo budding entrepreneurs filled with innovative ideas and passion.
One newcomer from Hangzhou arrived without any paperwork, documents or slides to validate his credentials. He only had a backpack and a piece of luggage.
However, after demonstrating on his mobile phone how he had provided scene rendering services for the role-playing game “Black Myth: Wukong,” he received enthusiastic praise from all five judges on the evaluation panel.
He exemplified the “super individual” who qualifies for free office space and accommodation in Zero Cube as part of a new gift package offered by Shanghai Lingang Group to individuals with potential for success in selected sectors.
In less than a month since their launch, approximately 110 startups have emerged, with a significant portion focused on data processing, cross-border e-commerce and advanced technology.
In a plan known as Super Individual 288 Action announced by the Lingang Group in late August, a package of measures centered on two centerpieces — free use of office space for three years and free use of accommodation for one year.
The plan targets eight sectors, spanning from hardcore technology and data processing to cross-border e-commerce and short dramas. The talent would have access to eight services, including loans and hukou (household registration).
Zero Cube is the first such project under the auspices of Lingang Sci-Tech Innovation City Economic Development Co, a wholly owned subsidiary of the Lingang Group.
It affords burgeoning entrepreneurs 20,000 square meters of workspace, complete with a one-stop service center, laundry and wellness facilities.
Wang Xiyu, CEO of Shanghai Lawyershome Technology Co, originally had an office in Lujiazui. The location was super, and so were the rentals, especially for a startup like his, which is engaged in LawGent, an all-in-one AI platform designed for legal professionals.
“We are serving small and medium-sized enterprises, which might come across some common compliance issues. Since they are in the initial stage of development, they could not afford the usual legal fees,” said Wang, 27.
They have an 11-person team, predominantly under the age of 30.
To its credit, the firm has nearly 100 AI applications adapted for the interpretation of contract clauses, drafting suggestions, conducting case analogies, and dispute judgment analysis. They are even capable of intelligently generating Chinese legal documents.
Typically, specialized personnel verify AI-enabled contracts or refer them to over a dozen specialized firms. The human review would come out within 24 hours.
They used to have a 30-square-meter office in Lujiazui, which set them back 17,000 yuan (US$2,395) a month, meaning most of the employees needed to work remotely.
At Zero Cube, they have a 90-square-meter space, affording the young team daily face time, which Wang believed to be important for a startup team, for there is something that cannot be substituted by online conferences. Furthermore, they have more confidence in receiving clients now.
“Settling here in Lingang, we seem to find our family home, since for the first time we could all work in a space of our own,” said Wang.
The benefits are not restricted to rentals.
“Since we have to use AI agents a lot, that means a huge amount of computing power at a significant cost. But we might get some subsidy here,” Wang said.
He highlighted the synergistic relationship between AI and human legal services.
“AI could tackle some formalized issues, like the scrutiny of a conventional contract, to help operators of small and medium-sized companies avoid some legal pitfalls, but in terms of contracts for sales or cooperation, we make a point of using human services,” he said.
Apparently, for startups like Wang’s, the well-furnished office and bedrooms enable them to be fully committed to legal consulting without having to fret over expenditures.
The preferential policies are tailored to the needs of most startups.
Luo Yijun, who oversees the operation of the Zero Cube project, said that in the one month since the project began, 110 projects have been accepted after assessment, and it is estimated that about 500 pioneering entrepreneurs will work there.
Nor is infrastructure the only thing that matters.
“Like an egg being hatched, startups could be particularly vulnerable at this stage,” said Zhang Zhen, deputy manager of Shanghai Pudong Software Park Huizhi Technology Co.
The Lingang Makers Hub in the software park, similar to Zero Cube, intends to bolster startups in the first year of their incubation. In this hub, burgeoning entrepreneurs could have access to a full life-cycle service matrix. These include mentoring intended to help avoid pitfalls common to startups in their early stage and facilitate access to such core factors as technology, capital and market.
“We would also help interpret the latest policy changes and give updates on information concerning the latest startup competition to help keep the startup teams abreast of the latest trends and better envision their development paths,” said Zhang.
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