Aim is to create an ecosystem that supports Shanghai’s ambition of being a global innovation hub
Hong Kong, 21 February 2017 – PwC China today announced the launch of its Shanghai Innovation Centre located in Xintiandi Shanghai, marking the official start of the Alliance of Shanghai Science and Technology Innovation (ASSTI), initiated by PwC. The Shanghai Innovation Centre is committed to providing space for innovation and entrepreneurship, as well as building up an innovative platform for communication and sharing. ASSTI is designed to create an innovative ecosystem to enable resource sharing and drive mutual benefits within the entire ecosystem. It will also help develop Shanghai into a technology-driven innovation hub with global influence.
Raymund Chao, PwC Greater China Chairman and CEO, said, “PwC China Centre of Excellence is an integral part of our development blueprint for Greater China, with three functions: Innovation, Strategic Research and Education. It demonstrates PwC’s commitment to helping businesses create value, grow with disruptive technology and transform through innovation.”
As China steps up efforts to encourage entrepreneurship and innovation, a range of new business models to promote entrepreneurship are emerging and quickly expanding. In Shanghai there are international and domestic innovation incubators, venture capital and other investment funds, government research institutes, universities, international market leaders and start-ups, which all help form the ecosystem.
ASSTI aims to leverage the strengths of all the stakeholders in the innovation ecosystem and jointly promote innovation in major technologies, products and business models through decentralised collaboration. This will improve cooperation and sharing between the various stakeholders. It is also committed to strengthening communication and sharing between large enterprises, and small to medium-sized ones with through disruptive innovation. The platform will help share funding and technologies to support innovation and entrepreneurship.
Members of ASSTI will take advantage of their global networks and expertise to provide startups with policy support, help with fundraising, coaching and other essential services. By screening and evaluating these start-ups, the alliance will strive to make them commercially successful more quickly. It will tailor strategies for them in business model optimisation, capital operations, marketing, international development and many other areas.
Raymund Chao added, “We hope that through technology and innovation we can help companies address their challenges and transform their business models. We also hope that the alliance will help to create a mutually beneficial ecosystem for innovation and develop Shanghai into a technology-driven innovation hub with global influence. It also demonstrates PwC’s purpose to ‘Build trust in society and solve important problems.’”
The Shanghai Innovation Centre is open to the innovation ecosystem and will provide strong support to the development of new technologies and products, as well as accelerator services. It will have five functional areas: Incubator, Emerging Tech Lab, Catalyst Workshop (Sandbox), Experience Centre, and Video and Creativity Centre. The design features state-of-the-art technologies to create a new thinking space.
Elton Huang, Senior Partner of PwC China in Shanghai, said, “We hope that the Shanghai Innovation Centre will not only provide work space for entrepreneurship, but integrate different strengths in the innovation ecosystem to prompt resource sharing. The launch of ASSTI will make this goal more achievable and will help Shanghai to develop in new, exciting ways.”