Incubators discussed in LA

Updated: 2013-11-11 08:32

By WANG JUN in Los Angeles (China Daily USA)

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As Chinese capital markets continue to open up and barriers between capital and talent flow continue to dwindle, an increasing number of Chinese talents are choosing to start businesses in either the US or in China. Their demands in understanding China's entrepreneurial environment, expanding business in China's market and seeking domestic support have grown accordingly.

To help meet that end, the US-China Entrepreneurship Investment Seminar and International Mixer was held in Los Angeles on Nov 8, co-organized by Zhejiang Jiangong Real Estate Development Group (JREG), Amidi Group and NPO PlusYoou.

More than 100 entrepreneurs and professionals attended and had in-depth discussions on a variety of topics, including how to better provide support for overseas-educated Chinese entrepreneurs.

Representatives from Los Angeles and Zhejiang introduced their respective local entrepreneurial ecosystems and policy environments. Young entrepreneurs engaged in intensive discussions on how overseas-educated talent could adapt to China's environment, what favorable policies were available for start-up companies, and how incubators operate in China.

While Zhejiang has long been a cradle for entrepreneurship, local start-up businesses mainly fall into traditional industry categories such as manufacturing and wholesale. Incubation is still a relatively new and novel concept there.

"Compared to receiving big investments, my greater concern is whether I can receive guidance from experienced mentors," an LA-based entrepreneur said. "In the US, incubators will make star mentors accessible to accepted start-up teams, something that is a luxury in China."

Zhang Chenchen, co-founder of NPO PlusYoou, said incubators and their projects have formed a virtual cycle in the US, "a successful project usually develops a great emotional connection with its incubator, like what alumni feel about their alma mater. They are more than willing to share their experience and resources with current incubator projects."

In response to entrepreneurs' questions, Gao Limin, JREG's strategic planning manager, mentioned that they planned to invite several incubators to settle in their new Euro-America Financial City project. "We want to create a real entrepreneurial environment in the city, instead of merely providing a place for people to work and stay," he said.

"Our visit comes with the objective to experience the cutting-edge entrepreneurial environment in the US and study the operation of efficient and successful incubators," Gao added. "By importing advanced management skills, technology and capital, our EFC project will better meet talents' needs."