15 September 2018
On 15 September 2018, the Office of the People's Government of Foshan Municipality issued a notice concerning the funding for technology and innovation teams, which will take immediate effect and will be valid for 5 years. Technology and innovation teams which plan to establish or have already established companies in Foshan may apply for the funds. Eligible applicants may receive funds ranging from RMB 2 million to 20 million.
In order to implement innovation-driven development strategies, the Office of the People's Government of Foshan Municipality issued a notice concerning the funding for technological innovation teams on 15 September 2018. With technology advanced and increased automation in various sectors, the government has decided to nurture and gather high and new technology enterprises.
The funding of technological innovation teams will be managed by the Ministry of Finance in Foshan Municipality. The Ministry of Science and Technology will coordinate all the administrative matters of the technological innovation teams, such as supervision and assessment.
Teams applying for funding should not have been selected for Foshan Municipality technological innovation projects, or should not have been nominated by Foshan Municipality government for Guangdong Province technological innovation projects in the past.
The funding is classified into 5 categories. Each year, the Ministry of Science and Technology will issue guidelines for applying for the fund and gather all applications. After assessment, they would short list the eligible teams and determine the funding amount for each team. Eligible applicants may receive funds ranging from RMB 2 million to RMB20 million.
The assessment process is ensured to be conducted fairly and eligible parties will be selected based on merit.
This notice will take immediate effect and will be valid for 5 years.