OVC launches call for projects with 10 PoC funds

Wuhan East Lake High-tech Development Zone (Optics Valley of China, or OVC) has initiated a call for projects with 10 proof-of-concept (PoC) funds. These funds target entrepreneurial ventures led by university faculty, doctors, and senior researchers, as well as startups less than a year old.

Each eligible project will receive up to 2 million yuan ($287,272) in funding, addressing the financing challenges faced during the "0 to 1" phase of technological development.

These funds are spearheaded by leading innovation platforms, including Optics Valley Laboratory, Jiufengshan Laboratory, Jiangcheng Laboratory, and the Wuhan Institute of New Energy. With a deep understanding of both technological trends and market demands, these platforms oversee key processes such as project approval and investment decisions.

The funds follow a "grant-to-equity" model: successful projects can transition to entrepreneurial ventures, while unsuccessful ones are not required to repay the funding. This approach allows for a 100 percent loss on individual projects, effectively providing "trial-and-error" capital for early-stage technology validation.

Beyond financial support, these funds offer a comprehensive service chain that includes technology validation, scenario integration, talent cultivation, and follow-up capital support. This holistic approach empowers projects throughout their lifecycle and helps connect them with subsequent angel and venture capital funds.

The current call for projects covers cutting-edge fields such as optoelectronics, integrated circuits, new energy, medical devices, artificial intelligence, and smart equipment, addressing diverse early-stage innovation needs across multiple sectors.