The mass entrepreneurship and innovation initiative, proposed by Premier Li Keqiang, has inspired China’s tide of startups, and depicted a broader prospect for the real economy, especially the manufacturing sector.
During a visit to Zhongguancun Inno Way, or Innovation Street, in Beijing on May 7, 2015, Premier Li had coffee with people involved in startup businesses and encouraged entrepreneurship at 3W Cafe, which since then has set up branches in 10 cities, including Shenzhen and Guangzhou.
“The power of a cup of coffee” - media outlets hailed the inspiration brought by the Premier’s visit.
His visit to Inno Way, seen as a gesture to reaffirm the government’s support to entrepreneurship and innovation, not only stimulated expansion of the coffee business, but also stoked the innovation and startup campaign in the real economy, especially the manufacturing sector.
A research center under the Ministry of Industry and Information Technology studied startups on Zhongguancun Inno Way, indicating that their incubation models of “mass entrepreneurship and innovation” are driving upgrades in the manufacturing sector.
Data shows that among 1.7 startup programs that are incubated at Zhongguancun Inno Way per day, 1.3 are related to manufacturing. In 2016, 53.96 billion yuan ($7.83 billion) was raised for mass entrepreneurship and innovation projects across the nation, of which 72.5 percent were channeled into manufacturing projects.
In 2016, 79,000 valid intellectual properties were obtained by 49,000 startups and maker teams across China, with 66,000 properties relating to the manufacturing industry. 92.3 percent of ideas or innovative products developed by these startups were adopted by manufacturing companies.
As Premier Li said, “The combination of Internet Plus strategy, the mass entrepreneurship and innovation movement, and Made in China 2025 will trigger a ‘new industrial revolution’.”
