Shijingshan District in Beijing will launch a public entrepreneurship space with an area of a million square meters to activate start-ups.

The district also released a proposal on public innovation and started a special project involving services considering special capital funds, entrepreneurship services, multi-channel financing, and talent pools.

With the continuous adjustment of the industrial structure, manufacturing corporations have gone through transitions and upgrades. The proposal emphasizes the effective integration of unused factories in the heavy manufacturing industrial time. The district plans to reform and reconstruct the factories into public entrepreneurship spaces for tlocal start-ups.

In addition, the district encourages the reconstruction of the Entrepreneurship Mansion and Internet Financial Industry Public Entrepreneurship Space, as well as public entrepreneurship spaces such as the Global Talent Harbor, International Entrepreneurship Harbor, and Entrepreneurship Community.

Apart from the hardware upgrade, the district will also promote the "incubation plus venture capital" pattern to provide investment and financing to start-ups. The district supports any kind of investment capital funds and will establish a risk compensation mechanism.

Any registered capital funds, angel investment capital funds, and college based entrepreneurship funds are eligible to receive risk compensation of 10 percent of the investment amount. The compensation will not exceed 500,000 yuan ($80,550) per order and two million yuan ($322,200) each year. After discovering valuable start-ups, the capital funds may receive financing subsidies to activate multi-channel financing.

The district will launch sub-projects on talents, finances, services, resources, policies, and culture. A development pattern for market-oriented operations, open start-ups, entrepreneurship services, global resources, and multiple models will be formed in 2020.

The public entrepreneurship space will include apartment buildings, communities, office areas, incubators, and accelerators. It is estimated that the space will attract 10,000 experts and cultivate 5,000 start-ups.