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Unboxing INNOSPACE+, One-stop Solution Platform for Entrepreneurship

After a couple of years hustling in the startup scene in China and Shanghai particularly, I have burst out of a laowai bubble we have created. In the next several articles I will be researching and reviewing the local startup scene which is largely unknown within the foreign media.

I would like to start with InnoSpace+, which is a big player in Shanghai and has been gaining traction recently within the international community. InnoSpace (Startup Incubator) founded in November 2012 is a community for early-stage startups, providing effective incubation and open innovation services. It comprises a cube for startup incubation, labs for industry acceleration, a college for talent development, club for connecting entrepreneurs, investors and industry experts and funds for angel investment. Together, these form a comprehensive and robust support ecosystem for startups.

InnoSpace is a member of the “National Innovation Alliance” recognized by the Ministry of Science & Technology of PR China and has received many awards including “2015 Top 10 Best Incubator in China” by CYZone Magazine and “2016 Top 10 Best Platform of Innovation & Entrepreneurship” by ChinaVenture.

I asked Amanda Ma, Head of Industrial Accelerator and Marketing Director at InnoSpace+ a few questions.

"How many locations are there in China?"
«We are in 3 cities with 4 locations at the moment:
Shanghai: Yangpu and Minhang (Caohejing);
Shenzhen: Shenzhen Bay;
Nanjing: Xuanwu District.
We only started to expand this year. Our 2nd location is the one in Shenzhen and it’s only been operational for 2 months. The one in Minhang is still getting ready. Our Nanjing location will be open next week.»


"What are the verticals, target industries?"
«TMT, upgraded consumption, retail tech, smart manufacturing, AI, etc. Generally tech-driven startups.»
«How long do startups stay on average?»
«One of our earliest portfolios stayed with us for over 5 years~ shortest 3 months~ but on average startups stay with us for about 1-2 years.»


"How many startups have you incubated?"
«We’ve incubated almost 400 startups since 2012, with our location in Yangpu.»


"Does InnoSpace have funds?"
«Yes. Our 1st fund of RMB40m was set up the end of 2015; we’ve invested in 46 startups within 2 years; currently, our first fund has made 3 exits and achieved 65% cash return. Our 2nd fund of RMB200m is now being set up, ready to invest later this year.»


"How many startups in total have you had in your portfolio so far?"
«46 is the number of our portfolio startups.»


"What are the 5 most successful cases?"
«There’s no ranking, just to name the ones I can immediately think of.
Wuta — beauty camera;
Mifang / printronic — integrated electronic printer;
xPower – flexible power rail;
Ziyan – drone for military use;

Geefish – man-machine interaction / gesture control solution.»


by Marian Danko

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