Zhongguancun Innoway, incubator for 878 startups in 2017

Zhongguancun Innoway has incubated a total of 878 companies, including 121 overseas teams, with a total financing amount of 7.65 billion yuan ($1.22 billion), Xinhua reported on Feb 5.

Located at the core of Zhongguancun Science Park with China's most intensive innovative and entrepreneurial resources, the Zhongguancun Innoway is one of the distinctive blocks in Beijing themed around innovation and entrepreneurship.

The country's first-ever global innovation community was built and put into operation in Zhongguancun Innoway over the year, attracting more than 200 worldwide projects, providing incubation services for over 100 startups and becoming home to five companies from the United States, Switzerland and South Korea.

An official from the block said that it will build itself into a global industrial innovation accelerator, sticking to three strategies of–"Global Innovation", "Industrial Innovation", and "Internet + Innovation and Entrepreneurship Services".

Statistics reveal that since its opening in June, 2014, the Zhongguancun Innoway has served 2,459 hatching teams, of which 315 are returnees and foreign teams, 905 companies have been financed with the total financing amount of 14.18 billion yuan.

The success rate of the block's financing reached 36.8 percent with average financing amount of 15.67 million. It has more than 50 companies receiving financing of more than 100 million yuan.

Currently, the block brings together 45 domestic and foreign venture service agencies, more than 50 large enterprises, more than 50 colleges and universities, and over 2,000 venture capital agencies. It opened 10 branches and offices all over the world, and established innovative cooperation with more than 50 institutions from 20 countries and regions, including the United States, Israel, Finland, and India.