East China’s Jiangsu province will start funding innovation and entrepreneurship projects for 2021 as the annual review meeting got underway on Sunday.
4190 projects submitted in March the application for the funding of innovation and entrepreneurship projects, a gain of 450 from a year ago.
904 applicants and 121 teams were given the eligibility after the first round of assessment.
82.9% of the applicants entering the defense period come from enterprises and 93.2% of them are talents badly needed by the strategic emerging industries in Jiangsu.
Some applicants demonstrated new technologies in key areas. Huo Liang from Nantong Deep Blue Aerospace has explored how to turn disposable rockets into reusable space vehicles by carrying out the static ignition test of recoverable rockets.
Sun Wei from Jiangsu Hengtong demonstrated the "Energy Transmission Fiber" project in the hope of getting funding support from government policies.
After more than two years of technical research, Sun Wei and his team broke through this bottleneck technology and played a supporting role in the localization of this technology.
75.2% of the startups survived since the launch of the funding of innovation and entrepreneurship projects 13 years ago.
The tax contribution of these companies last year alone was more than three times the total amount of provincial fiscal investment in the past 13 years.
