|Innovation Eco-system China|
Shanghai, China - March 22, 2016 - Innova Research won a consulting project on 21st March 2016 with the tasks to provide strategic advices on how to improve innovation eco-system for Shanghai, one of the largest cities in China. The project, sponsored by the Shanghai Overseas Returned Scholar's Association (SORSA), aims to map out the bottlenecks existing in current innovation eco-system and make suggestions for the government to smooth the flow of innovative elements among major stake holders, including universities and research institutes, enterprises, VC and other investors, and service providers such as IP agecies. This is the second consecutive year for Innova to win innovation policy consulting projects with SORSA.
In 2015, Shanghai government announced an ambitious plan to turn the city into a world-class innovation hub. It is a local resonance to China's national strategy to upgrade the economic growth strategy from largly low-value-added manufacturing, to high-value-added, innovation-driven growth in coming decade. The city has set a series of initial targets to achieve by 2020 via a two-pronged approach. On one hand, Shanghai will provide sized financial investments along with policy measures to recruit top research talents with new technologies from the overseas, and to attract multinational companies to set up their subsidiaries, regional R&D centers in Shanghai. On the other hand, Shanghai will provide incentives to encourage local universities, research institutes, and enterprises to commercialization their IPs and technologies. Currently, leadiing Chinese universities and research institutes generate a huge number of IPs each year but only a very small portion of these are commercialized. It is primarily due to two reasons. These institutes are all state-owned and relatively isolated from the other stake holders in the innovation eco-system such as industry players and investors. The lack of entrepreneurship among the inventors in these institutes also contributed to the low commercialization rates of the IPs. Innova Research will give advices and action plans to turn it around.
Richard Jun Li, Vice President of Innova Research commented:" The efficiency of the Chinese innovation eco-system will improve significantly once the barriers preventing the flow of innovative elements among the stake holders in the innovation eco-system are removed. A more efficient and transparent innovation eco-system is not only valuable for China but also brings ample opportunities for multinational enterprises, foreign inventors and investors, IP agencies and other service providers globally."
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