An aerial view of the Optics Valley of China, which is located in Wuhan, Central China's Hubei province. [Photo/WeChat account of Optics Valley of China]

The East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) recently released its proposals on cultivating local unicorn enterprises, which included 17 targeted policies covering graded cultivation, financial support, innovation-related services, and more, according to a news conference on Sept 14.

Each unicorn can receive up to 500 million yuan ($69.65 million) in comprehensive support.

The commercialization and incubation of cutting-edge scientific research achievements in the valley is encouraged, with a maximum of 100 million yuan in non-reimbursable funds available.

Those who have been recognized as seed unicorns, potential unicorns, or unicorns, will be granted rewards of 1 million yuan, 3 million yuan, and 10 million yuan, respectively.

A 10-billion-yuan unicorn development fund will be established, and OVC encourages State-owned venture capital firms to provide capital assistance for enterprises in need.

Unicorn companies listed for the first time on domestic or overseas capital markets can receive a maximum award of 12 million yuan jointly provided by the province, city, and valley.

Additionally, local unicorns can receive up to 5 million yuan in subsidies for renting or purchasing houses.

The regular release of lists of application scenarios and application scenario capabilities by the government will assist enterprises in product refinement and demonstration promotion.

OVC is currently home to over 5,200 high-tech enterprises, 559 gazelle firms, and 150 specialized and innovative little giant enterprises, as well as more than 20 unicorns and potential unicorns.