Chaoyang’s effort to make entrepreneurship cost free for young entrepreneurs
Beijing’s Chaoyang District, one of the most vibrant districts in Beijing, boasting a GDP of 923 billion yuan (approximately $127 billion) in 2024, home to the Beijing Central Business District (CBD), numerous foreign embassies, and a thriving hub for finance, IT, and international trade, is rolling out an enhanced Talent Support Policy aimed at young tech entrepreneurs eager to transform innovative ideas into viable businesses. This initiative focuses on fields like AI, industrial internet, and “technology+” sectors that integrate tech with diverse industries, creating a nurturing ecosystem for first-time founders. By lowering innovation barriers, reducing costs, and minimizing risks, the policy supports young entrepreneurs, researchers, tech enthusiasts, and scientists in building sustainable ventures.
Who Can Benefit?
The policy is designed for emerging leaders in the digital economy, targeting individuals who are at the forefront of technological innovation and eager to contribute to Chaoyang District’s vibrant tech ecosystem:
– First-time founders based in Chaoyang with startups established within the last three years, ensuring support is directed toward early-stage ventures that need a strong foundation to grow.
– Under 35 years old, emphasizing support for young entrepreneurs innovation and aligning with the district’s goal to nurture the next generation of tech pioneers.
– Digital economy, including AI, industrial internet, and innovative “technology+” areas that empower other industries such as healthcare, finance, manufacturing, and more, by integrating advanced tech solutions.
What kind of Support?
1. Housing Support
Establishing a Stable Foundation To address early-stage living challenges faced by young innovators relocating or starting up in Beijing, the policy provides up to three years of housing assistance, helping to reduce personal financial burdens and allowing focus on business development:
– Three months of free housing to facilitate smooth initial settlement, followed by 50% or 20% rent subsidies (up to 2,000 CNY/month) in subsequent periods for young founders.
– STEM PhD Graduates: From global top 200 universities, eligibility for rent-free apartments, attracting high-caliber international talent to contribute to local R&D efforts.
– Postdocs: A 200,000 CNY settling-in allowance or rent-free apartments for those signing three-year contracts in Chaoyang, incentivizing long-term commitment to the district’s innovation hubs.
Additional Benefits:
– Foreign talents: Assistance with five-year multiple-entry visas, including for spouses and children, to ease international relocation and family integration.
– Local talents: Support for work residence permits, medical insurance, and children’s education, ensuring comprehensive welfare coverage.
2. Office Space
This policy empowers startups by providing flexible, cost-effective office solutions to support growth from ideation to expansion:
– Startups: Free registered address, shared meeting spaces equipped for collaboration, and up to five workstations for two years, ideal for small teams bootstrapping their ventures.
– Growing Enterprises: Subsidies of 50% in year one, 30% in year two, and 20% in year three, covering up to 500 sqm, to accommodate scaling needs without prohibitive costs.
– Research Access: On-demand use of international academic databases, enabling access to cutting-edge research and data for informed decision-making.
3. For Innovation Hubs
Chaoyang invests in innovation hubs to create founder-friendly spaces that foster networking, knowledge sharing, and accelerated development within a supportive community:
– Up to 1 million CNY in subsidies over five years for upgrades that enhance startup and talent appeal, such as modern facilities, event spaces, and tech infrastructure.
– One-stop services for government affairs, finance, and investment, streamlining administrative processes and connecting entrepreneurs with funding opportunities.
4. Financial and R&D Support
To ease financial pressures and bolster research capabilities, the policy includes a suite of incentives designed to fuel innovation and help startups overcome common funding and development hurdles:
– Full interest subsidy on first-time loans, eliminating initial borrowing costs for new ventures.
– 30% interest subsidy on financing, up to 100,000 CNY per year for three years, to support ongoing capital needs.
– 10% reward on angel round funding, up to 500,000 CNY, rewarding early investment successes and encouraging investor engagement.
– R&D Funding: 50% support for lab rentals, equipment, or experiments, capped at 500,000 CNY, enabling investment in essential research tools without full upfront costs.
– Computing Resources: Up to 500,000 CNY annually for computing power, model training, and data access, critical for AI and data-intensive projects.
5. Real-World Opportunities
The policy bridges concepts to practical applications through targeted mechanisms that provide testing grounds, streamlined processes, and additional incentives to turn innovations into market-ready solutions:
– Testing Scenarios: Government-backed pilots with rewards up to 500,000 CNY per project (3% of contract value) and 100,000 CNY for securing five or more scenarios annually, promoting real-world validation and adoption.
– Whitelist Mechanism: Dedicated channels, compliance guidance, and streamlined approvals for youth tech startups, reducing bureaucratic hurdles and accelerating operations.
District-Level Initiatives:
– Up to 2 million CNY in matching funds for provincial projects landing in Chaoyang, amplifying external investments.
– Matching rewards for overseas talents, plus inclusion in the “Phoenix Plan” for high-level services like priority networking and resources.
– Internship support, with incentives for enterprises to offer positions for returning talents, building a skilled workforce pipeline.
– Achievement conversion rewards up to 200,000 CNY per project for milestones like securing financing or product launches. 100,000 CNY subsidy per recruited and retained STEM PhD from top 200 global universities, encouraging talent acquisition and retention.
– Lifestyle attractions for talents, including vibrant street experiences, cultural-commercial-tourism activities, VIP fashion district services, and exclusive cultural landmark benefits, enhancing overall appeal and work-life balance.
If you’re a young tech entrepreneur, researcher, or innovator excited about Chaoyang’s Talent Support Policy and ready to turn your ideas into reality, we’re here to help guide you through the process. As part of our incubation and startup support community in Beijing, reach out to us today for personalized advice, application assistance, or connections to the right resources. Email us at hello@nhub.online to schedule a consultation.