Gov't encourages venture capitals to support sci-tech startups

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Last updated at: (Beijing Time) Sunday, November 02, 2003

Gov't encourages venture capitals to support sci-tech startups

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An official with the Ministry of Science and Technology said Sunday that his ministry has already recommended a batch of promising sci-tech startups to venture capitals and other non-governmental funds.

Zhang Guocheng, deputy director of the ministry's Administration Center for Innovation Fund, said it is the first ever endeavor done by the ministry to bridge non-governmental funds to those investment-eager startups.

The 133 recommended sci-tech startups, which have been financed by the innovation fund, have good business potential but need moreinvestment, Zhang said.

The innovation fund, started by the State Council in May 1999 to support companies developing new and high technologies, should set an example for other funds in pouring money into those startups, Zhang said.

"We should be more active in introducing those companies to venture capitals and other funds," he said.

The four-year-old innovation fund, with 2.973 billion yuan (358million US dollars) from the state budget and another 30 billion yuan from provincial budgets, has financed 3,972 projects carried out by small companies.

Zhang said his ministry will disseminate information on those recommended companies at the website www.innofund.gov.cn or other platforms.

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