Exterior of the old factory buildings in Jiangqiao town, Shanghai's Jiading district. [Photo/jiading.gov.cn]

In response to the nation's call for mass entrepreneurship and innovation, Jiangqiao town of Shanghai's Jiading district recently announced to transform old buildings and factories into a new business incubator, which has been named Sifang Scientific and Technological Innovation Center. It will help more people start up their businesses, local media reported on Dec 17.

With investment of 100 million yuan ($15.5 million), the new business incubator will cover an area of 42,000 square meters and is expected to complete its construction by the end of 2016. In a bid to create a better working and living environment for the workers, the center has been designed with apartments, hotels, sports areas, entertainment facilities and restaurants.

Rendering of the new business incubator in Jiangqiao town, Jiading district of Shanghai. [Photo/jiading.gov.cn]

According to its investor Shanghai Hongan Wealth Co, the center will target high-tech companies and startups with great potential as well as talented individuals who harbor entrepreneurial dreams and aims to offer them office areas and exhibition areas to display their innovative products. It will also provide startups with financial support, preferential policies and training services to promote their further development.

The investor said that they are now working on attracting investment, for instance, bringing in student entrepreneurship bases of Shanghai Jiao Tong University and Tongji University.

Local authorities explained that the incubator was part of their efforts to advance regional development. In addition to establishing business incubators, they also cooperated with leading services agencies and Shanghai's top universities to give local companies professional and comprehensive services.