(Yicai) Aug. 22 -- The Sci-Tech Innovation City in Lingang Special Area, a key testing ground for economic and trade policies within the Shanghai Free Trade Zone, has launched a new project to provide three-year rent-free office space to startups, one-year rent-free housing for entrepreneurs, and other relevant benefits.

The Zero-Bound Cube project aims to reduce operating costs in the early stages of startups and foster an innovation ecosystem in the area, Yang Zhengwei, executive deputy director of the Lingang administrative committee, said at the Sci-Tech Innovation City Construction Promotion Conference held yesterday.

The project will provide settled sci-tech startups with 100,000 square meters of rent-free space, including offices and workshops, for three years and a 50 percent discount over the next two years. In addition, it will offer 100,000 sqm of homes to startup teams and outstanding young talents, with the first year being rent-free and more discounts over the next two years.

The Sci-Tech Innovation City commits to "building an open sci-tech innovation ecosystem and creating low-cost startup spaces for young people, enabling them to start their ventures with light burdens," Yang noted.

"We aim to build the most cost-effective, inclusive, and accessible area for innovation and entrepreneurship," Chen Hao, deputy general manager of Lingang Group, told Yicai. The Sci-Tech Innovation City will not set an upper limit on the area of preferential office spaces and houses provided, he noted, adding that it will increase the supply based on entrepreneurs' actual demand.

The Sci-Tech Innovation City will also provide settled startups with high-value supporting resources, including up to CNY800,000 (USD111,415) in guaranteed loans, a maximum of CNY500,000 in non-repayable grants, up to CNY500,000 in subsidies for each of digital marketing expenses, computing resource procurement, and logistics service costs, and a up to CNY100,000 in subsidies for network communication and data services.

The Sci-Tech Innovation City is committed to attracting innovative and entrepreneurial projects in new businesses, including hardcore technology, data processing, cross-border livestreaming, cross-border medical services, short dramas, game innovation teams, code outsourcing, and niche events.

Many young innovators and entrepreneurs have already come to ask for details regarding the Zero-Bound Cube's services, Guo Jinjing, the service manager of the project's first phase, said to Yicai. The included preferential policies are highly attractive to early-stage startup teams, Guo noted.

The Sci-Tech Innovation City plans to build five sci-tech innovation communities, Lu Yu, director of the Lingang administrative committee's development and reform department, said to Yicai. Each will develop its industrial characteristics and leading firms and have the necessary capital support, incubation capabilities, and residential areas, Lu said.

This will create a "15-minute" circle integrating entrepreneurship, employment, and daily life within the area, Lu noted, adding that small clusters of startups in distinctive industries will be formed through the development of each community.

"We want to make it cheaper for young people to start businesses in Lingang, with lower risks, higher returns, and a greater chance of success," Lu pointed out.

Editors: Tang Shihua, Martin Kadiev