Tibet launches venture base to promote cultural industry

China's Tibet Autonomous Region Tuesday launched its first innovation and entrepreneurship base for small and micro venture companies wanting to take a share of the booming cultural industry.

The base, established by the regional department of culture, prioritizes incubating locally-established cultural startups by providing innovation-oriented training as well as displaying featured cultural products.

Sambo, deputy head of the department, said the base aims to promote Tibetan culture through innovative companies and their featured cultural products.

Official data shows the number of cultural companies in Tibet exceeded 6,000 with more than 50,000 employees by the end of 2018. Their total annual output value surpassed 4.6 billion yuan (about 683 million U.S. dollars), with average yearly growth being maintained at over 15 percent.