Taizhou city in East China's Jiangsu province has set a target of cultivating 100 "gazelle" companies, or high-potential startups, by the year 2025.
The city has in recent years been focusing on improving its cultivation mechanism for innovative enterprises, including gazelle enterprises, unicorn enterprises, high-tech enterprises, and technology-based small and medium-sized enterprises.
To date, Taizhou has nurtured 33 provincial gazelle companies. One of them, Jiangsu Asia Electronics Technology Co Ltd, recently completed a new round of financing.
An exterior of Jiangsu Asia Electronics Technology Co Ltd. [Photo/zhjjwx.jsjjw.cn]
Based in the Jiangyan Economic Development Zone, the company has been making significant investments in research and development. It invested 14.17 million yuan ($1.94 million) in 2021, 33.41 million yuan in 2022, and is expected to invest 50 million yuan this year.
This focus on independent research and development has resulted in tremendous returns for the company – its average annual revenue growth rate from 2019 to 2021 was an astounding 1,918 percent.
Aland Health Holding Ltd, another gazelle enterprise based in the Jingjiang Economic and Technological Development Zone, has achieved rapid development through the firm support provided by the city and its collaboration with top universities worldwide.
An employee works in a lab in Aland Health Holding Ltd, a manufacturer of customized nutrition products and provider of wellness services. [Photo/zhjjwx.jsjjw.cn]