Hunan Xiangjiang New Area has recently launched a pilot program to expand the scope of the "Newgen" special support fund beyond the new-generation information technology industry. The expanded coverage will include construction machinery, biomedicine, aerospace, advanced energy storage, new energy vehicles, and other industries. 

All sci-tech innovation projects at a seed stage in the Xiangjiang New Area can apply for the "Newgen" special support fund. The selected projects can enjoy 200,000 yuan to 3 million yuan worth of policy support, including startup subsidies, angel investment, and rent-free office spaces.

Initiated in 2015, the "Newgen" program is an incubation policy jointly launched by Hunan's provincial, municipal and district governments to foster innovative startups. In principle, it is to aid projects at an early stage that have been set up for no more than one year.

More than 6,500 projects have signed up for the program, and 640 projects have received support from the program. Among them, 93 projects have received 127 rounds of equity financing, totalling 2.04 billion yuan. In addition, 115 projects have been recognized by small and medium-sized sci-tech enterprises and 85 projects by high-tech enterprises.

Source: en.changsha.gov.cn