Responding to the change in business direction, Chen, who had become deputy head of the street's management bureau, led a team attempting to turn the location into a bar area.

"However, it took less than a year for us to realize we were going in the wrong direction. The bar street plan was a failure," he said.

In 2012, the district government said the street should focus on providing services for startups, as Haidian had cultivated many high-tech companies and was attracting increasing amounts of capital from Chinese and overseas investors.

"As a result, we introduced many cafes to the street because investors and young entrepreneurs like to discuss their business plans in such venues. This plan soon proved to be a success," Chen said.

In June 2014, the street was renamed Innoway and officially opened to the public. The aim was to offer a platform for open exchanges between global players in the field of innovation.

On May 7, 2015, the street became known to a wider audience when Premier Li Keqiang walked into a cafe in the area and ordered a cup of coffee.

He sat down in the cafe and talked with young people eager to start their own businesses.

In the following years, forums and other activities were staged in the street to attract talent and capital.

According to Innoway's website, in the past six years the area has incubated 3,841 startups and raised a total of 77 billion yuan ($11.28 billion).

Chen said it is not difficult to embrace change.

"It's natural to change with the times. Twenty years ago, living conditions and facilities in Zhonggauncun were poor and lagged far behind other areas. The tallest building in the area only had four floors," he said.

Now, Zhongguancun is home to numerous modern buildings and facilities thanks to its role as Beijing's science and technology hub.

Even the public bathrooms are smart and high-tech, Chen said, adding: "Transformation is inevitable. We should grow with the times."