The MIT REAP team from Hangzhou, China had Professor Jiang Wei of Zhejiang University as the driving force for the formation of the Hangzhou team. The team members described him as the ideal champion because he has a strong background in driving student entrepreneurship as a teacher of innovation and entrepreneurship. He also leads several start-up organizations at Zhejiang University. Professor Wei recruited one team member from the VC firm, Cybernaut and the other out of Hikvision, a publicly listed company in Hangzhou, making sure that all stakeholder groups were equally represented on the team. To learn more about the team’s strategy please visit the “Team Strategy” tabs below.
Innovation Ecosystem Stakeholder Model
Champion Zhejiang University
Champion Huadan Incubator
General Manager, EZVIZ Inc.
Challenge & Opportunity
Strategy & Action
Historically, Hangzhou City economics were driven by traditional manufacturing, but Hangzhou needed to find a new model for supporting emerging technologies such as e-commerce.
“Other countries see China as the manufacturing base. But because of the growth of labor cost, resource cost and the development of the traditional economics, we need to upgrade to modern economics,” explains Dr. WEI Jiang, Professor of Business Administration, School of Management at Zhejiang University in China and the Hangzhou team champion.
The region has skilled talent but previously lacked high-level management personnel to bring IDE startups to the next level. Sometimes talent from the region would travel abroad to be formally trained in management and entrepreneurship not return in the short to medium-term.
The team’s challenge was to show local would-be entrepreneurs that entrepreneurship in China is profitable.
They hoped to gain cooperation with other entrepreneurial provinces to create linkages within their ecosystem.
The team analyzed past and current initiatives as well as identified future trends, to map-out a forward-looking vision of the ecosystem.
The team facilitated the integration of different groups of entrepreneurs including overseas returnees, university students and faculty, and second generation entrepreneurs.
The most important result of the team’s efforts was fostering the collaboration of all different stakeholders with IDEs at the forefront of the community members’ minds.
The team used the program to spur the Hangzhou entrepreneurial ecosystem, including several Fudi Startup Incubator Centers in the city.
Worked with Zhejiang University to become a feeder farm for local high-tech firms that aggressively recruit graduates.
Local Communist Party officials were aggressively promoting the city as a magnet for start-ups through high quality education, high-tech incubator centers and low-cost capital to young entrepreneurs from angel investors and local government).
Other initiatives driven by Team Hangzhou included:
Phoenix Tree Project(梧桐会): Attracting talent, a joint program by government & local entrepreneurs to get outside entrepreneurs to build start-ups in Hangzhou – started Oct 2013
Entrepreneurship Acceleration Program by Zhejiang Province and Hangzhou Municipal Government, including financial support
Zhejiang University startup joins MIT Start-up Accelerator, GFSA (now Delta v)
Investment attraction for overseas Chinese entrepreneurs to locate their startup in Hangzhou
Core Regional Metrics
Economic & Social Progress
Social progress and economic prosperity as a collective measure of development in a region.
Innovation-Driven Entrepreneurial Ecosystems are regional environments that effectively support startups focused on addressing global markets based on technological, process or business model innovation.
Ability to develop new to the world innovations from inception through to the market.