China's capital opens arms to global entrepreneurs

HICOOL, a startup ecosystem established in Beijing in 2020 to support entrepreneurial talent, has seen its initial vision become a reality.

Over the past five years, HICOOL has nurtured 16 unicorn companies and 127 enterprises that use specialized and sophisticated technologies to produce novel and unique products. Meanwhile, it has attracted 32,000 entrepreneurial individuals and 24,000 projects from 145 countries and regions worldwide.

By doing so, HICOOL has extended an invitation to global entrepreneurs to convene in Beijing, showcasing the Chinese capital's efforts to become an international science and technology innovation center as well as a high-level talent hub.

As one of the unicorn enterprises that emerged from HICOOL, Agile Robots from Munich, Germany, participated in the HICOOL 2022 Global Entrepreneurship Competition and secured an award. With the support of various levels of government agencies in Beijing, the company has set up a state-of-the-art factory spanning nearly 5,300 square meters in the suburban area of Shunyi District.

"We have evolved from a small team of just over 10 individuals to a globally recognized high-tech enterprise with a workforce exceeding 2,800 employees, realizing a market valuation of more than 3.5 billion U.S. dollars and annual sales surpassing 1 billion yuan (about 140 million U.S. dollars)," noted Chen Wei, the company's deputy general manager.

Chen added that the company currently holds over 100 patents and has essentially achieved independent research and development of core technologies.

A highlight of this year's HICOOL 2024 Global Entrepreneur Summit, held from Aug. 23 to 25, is its focus on new quality productive forces, creating a platform to empower technology-based startups and encouraging innovation through value creation.

This year's session has drawn extensive attention from Chinese and foreign entrepreneurs. A total of 9,700 outstanding players and 7,406 entrepreneurship projects from 124 countries and regions participated in this year's global entrepreneurship competition during the summit, with overseas projects accounting for 63 percent of the total.

"Beijing is vibrant and brimming with innovation," remarked Zhang Xujia, founder of QL Biopharm and a first prize winner at this year's competition.

Specializing in the production of recombinant protein drugs using Escherichia coli, Zhang said the enterprise has taken root in the Zhongguancun Life Science Park, where it has pioneered innovative biopharmaceuticals for chronic metabolic diseases.

The company has also constructed a pivotal platform for independent innovation, with multiple technologies, including long-acting technology and fusion protein technology, all achieving a leading position on the global stage, Zhang added.

Rafael Suchan, a German entrepreneur and founder of Vastalta Circular Technology (Beijing) Co., Ltd., held the trophy in his hands as a third prize winner at this year's competition, acclaiming China's inclusive and open innovation ecosystem for entrepreneurs.

"Establishing our company in Beijing has provided us with a unique opportunity to bridge the gap between German engineering excellence and China's vast market potential. We are committed to contributing to the development of Beijing's circular economy and are excited about the opportunities that lie ahead," he said.

Wang Xiaodong, founder of BeiGene, a biopharmaceutical company that develops and commercializes cancer drugs, explains why entrepreneurship is important at the summit by using a set of data.

"Only around 10,000 people in China could afford a particular cancer drug in the past. But thanks to the rise of our homegrown companies, that number has soared to 1 million. That's what entrepreneurship is all about," Wang noted.