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Backstory: The university with highest rate of alumni startups in China

2019-01-14

Mobvista Inc., a technology platform that provides mobile advertising and analytics services for APP developers worldwide was officially listed on the Hong Kong Stock Exchange on Dec. 12, 2018. The company was founded by DUAN Wei, member of the ITP Class of 2008 at ZJU. Just a week ago, Mogu Inc. co-founded by CHEN Qi and WEI Yibo, both ZJU Class of 2004, went public on the New York Stock Exchange.

ZJU has been dubbed "the university that nurtures the highest rate of alumni startups in China". Statistics from the ZJU Alumni Association suggest that the numbers of the listed companies established by ZJU alumni are 6, 10 and about 10 in 2016, 2017 and 2018 respectively. In the current economic climate, enterprises established by ZJU alumni are bucking a downward trend in the capital market.

Why can these enterprises go public against the odds? In addition to personal efforts, there is an “invisible” hand—the innovation education ecosystem at ZJU.

Then what on earth contributes to the success of these enterprises?

Innovation-driven Entrepreneurship Education

In China’s innovation and entrepreneurship community, enterprises established by ZJU alumni are celebrated for “innovation-driven entrepreneurship”, which can be justifiably attributed to ZJU’s entrepreneurship education.

For example, the mission of ZJU’s School of Management is to cultivate professionals and leaders with global visions, innovative faculties, entrepreneurial spirits and social responsibilities. Meanwhile, the Intensive Training Program of Innovation and Entrepreneurship (ITP) has been committed to cultivating innovation talents with profound professional knowledge, keen innovation awareness as well as exceptional innovation quality and skills since its inauguration.

Moreover, ZJU has long been playing a crucial role in inspiring inter-disciplinarity. “ZJU has always been in the forefront in sciences and engineering, so students are well-equipped with technological knowledge. Plus, it is a comprehensive university with a wide spectrum of disciplines, including humanities, economics and management. In this cross-disciplinary context, students can gain easy access to a favorable, innovation-oriented entrepreneurial ecology,” says WU Xiaobo, a professor at the School of Management.

ZJU offers more than 100 courses related to innovation and entrepreneurship. Innovation and entrepreneurship, so to speak, have been integrated into various programs.

Inheritance and Transmission of “Early Genes”

ZJU’s “early genes” of innovation and entrepreneurship education can date back to the year of 1986 in which a team headed up by XU Qingrui, a professor at the School of Management and a Fellow of the Chinese Academy of Engineering. XU pioneered in research and talent cultivation in the field of innovation management.

Back then, insufficient attention was drawn to the field of innovation and entrepreneurship. It is not until 1998 that JIANG Zemin, the then General Secretary of the CPC proposed the idea of building an innovation-driven nation. Against this backdrop, the ITP was co-founded by the School of Management and the Chu Kochen Honors College.

With persistent and strenuous efforts, this program has turned out over 1,000 high-caliber inter-disciplinary talents well-armed with remarkable innovativeness, approximately 200 of whom engage in business. DUAN Wei, co-founder of Mobvista and FANG Yi, CEO of GeTui, are both from this program.

Ample Supporting Resources

ZJU owns roughly 7,000 square meters of startup venues in various forms. Distinguished ZJU alumni in the business sector are frequently invited to deliver lectures to students. For example, Dr. ZHENG Gang, Director of Zhejiang University Technology Venture Program (ZTVP), sets up “Zijin Entrepreneurship Sharing Lectures” in which famous makers are invited to share experience with students every Friday evening, thus acting as a marvelous facilitator of future startups.

After graduation, ZJU alumni can still obtain immense support from over 140 domestic and overseas alumni associations. As it is, innovation and entrepreneurship have become an integral part of the development of alumni associations in various localities. For example, alumni associations in Xi’an, Hefei, Nantong, etc. have established innovation and entrepreneurship platforms in partnership with local governments.

Besides, ZJU also holds innovation and entrepreneurship competitions. Participants can obtain a series of support in fund raising, entrepreneurial training, startup mentoring, market expansion and media promotion.