News

Business incubators assisting entrepreneur

By Xu Xiao (China Daily)
Updated: 2010-09-15 07:56

Wu Hongliu studied organic chemistry for his PhD degree at America's Duke University, and completed his NIH fellow research with California based Scripps Research Institute.

But even several biopharmaceutical breakthroughs couldn't keep the young scientist from his home country.

Nearly a decade after graduation, Wu returned to China, where he founded Beijing Kaining Bioscience Co.

The corporation was made possible by a Ministry of Science and Technology business incubator.

Wu has been teaming up with five Chinese post-graduates from top overseas universities. However, faced with the 2008 financial crisis, the young entrepreneur began to struggle.

This time, he turned to Beijing's Haidian district. Wu received 800,000 yuan from the State and local government funds to salvage his floundering company.

"The year of 2009 was a lucky year for me," said Wu, who was recognized by the government as one of the nation's top 1,000 talented individuals.

"As a member of the plan, I am eligible to receive certain government subsidies and venture capital funds," he said.

Wu's company specializes in disease prevention research.

 

 

(China Daily 09/15/2010)