The inauguration ceremony for the Optics Valley Sci-tech Innovation Supply Chain Service Alliance on Jan 18. [Photo/WeChat account of Optics Valley of China]

The Optics Valley Sci-tech Innovation Supply Chain Service Alliance was inaugurated on Jan 18, witnessed by a number of new research institutions, university departments for sci-tech achievement transfers, national innovation centers, and industrial associations.

The alliance is a practical effort that was initiated by Hubei Sci-tech Supply Chain Co, to promote coordination among all kinds of sci-tech innovation services as well as prompt the matching-up of supply and demand in the innovation resource sector. It will also promote the vitalization of sci-tech resources and the optimization of sci-tech services.

By 2026, the alliance is expected to promote the signing of related contracts worth no less than 150 billion yuan ($20.9 billion), connect some 500 global investors and 100 famous human resource institutions, and serve about 1,000 industrial innovation talents.

So far, the valley has formulated incentive policies for sci-tech supply chain projects, with a special fund of 200 million yuan every year. This fund will be distributed in a phased manner for sci-tech achievement transfer and commercialization activities. The highest fund such a project can obtain is 30 million yuan.

In addition, the OVC has also established a concept validation seed fund to support early-stage technology projects.