A bird's-eye view of Hangzhou. [Photo/IC]

To drive innovation and foster future industries, Hangzhou is stepping up efforts to cultivate high-tech enterprises with disruptive technologies.

The city's science and technology bureau recently released the New Fledgling Enterprises Cultivation and Management Measures, aiming to nurture around 300 "new fledgling" companies by 2027.

These companies will be key players in Hangzhou's five industrial ecosystems and 14 priority future industries, including general AI, humanoid robots, brain-like intelligence, synthetic biology, the low-altitude economy, semiconductors, future networks, aerospace information, metaverse, future healthcare, hydrogen and energy storage, advanced materials, flexible electronics, and quantum information.

Eligible applicants must be small and medium-sized tech companies registered in Hangzhou, founded in the past five years, and meet rigorous criteria for R&D, intellectual property, and technological innovation.

The program awards first-time recognized companies with up to 500,000 yuan ($70,428). It also offers additional support such as R&D subsidies and insurance coverage, helping companies accelerate their growth and fuel Hangzhou's high-quality development.

A bird's-eye view of Hangzhou. [Photo/IC]