Chuangxing Cafe is an innovation incubator café on the Internet of Things (IOT) technology and it is engaged in nurturing college students' start-ups in Wuxi city.
Initiated by Wuxi-based China Sensing Network International Innovation Park and Jiangsu R&D Center for Internet of Things, the innovation incubator was founded by local entrepreneurs, intermediary agencies and institutional investors via crowdfunding, which allows a project to raise funds from a large number of people and investors via the Internet.
Chuangxing Cafe aims tocreate more cooperation opportunities for entrepreneurs, investors, intermediary agencies and local government by bringing in the key resources to form a complete industrial chain for the IOT.
It will try to grow into a cluster of IOT startups, a communication platform for the entrepreneurs, and help recruit partners and set up new businesses, as well as providing value-added services for start-ups.
A total of eight entrepreneurial teams had received a one-off subsidy worth 300,000 yuan ($48,311) in total and another two groups had secured loans worth up to 100,000 yuan by April 2015 thanks to the incubator’s assistance .
Meanwhile, the IOT incubation park also organized training, education and promotion activities such as forums on 3D printing, smart hardware and wearable devices, IOT promotion events attended by angel investors and lectures on fundraising and financing management to meet the demands by new start-ups.