A local lab in the Optics Valley of China benefits from the Hubei Sci-tech Innovation Supply Chain Platform. [Photo/WeChat account of Optics Valley of China]

Since its establishment in June 2023, the Hubei Sci-tech Innovation Supply Chain Platform has formed an industrial innovation ecosystem that is demand-oriented and enterprise-centered.

It also efficiently integrates industry, academia, research, and application through effective technological innovation matchmaking and the shared risk of innovation investment between government and enterprises.

The platform, piloted in the East Lake High-tech Development Zone (also known as the Optics Valley of China, or OVC) in Wuhan, Central China's Hubei province, has set up one service center and eight service sub-venues. Currently, it has accumulated over 1,260 enterprise demands.

By integrating data resources from government departments, universities, research institutes, technology transfer service agencies, and financial institutions, the platform builds professional sub-platforms that act as gathering places for innovative elements such as technology, talent, finance, scenarios, and policies.

The platform has established a new model that features enterprises highlighting challenges, and universities and research institutes responding with technological research.

So far, the platform has facilitated technological cooperation between 71 companies and corresponding universities and research institutes. These matches have a total research and development investment of 336 million yuan ($46.8 million).

In 2023, OVC enterprises alone undertook 63 technology transfer projects from Huazhong University of Science and Technology, with a total amount of 56.72 million yuan. This represents year-on-year increases of 85.3 percent and 85.7 percent, respectively.