Taizhou enterprises harness innovation points for 500-million-yuan payout

Enterprises in Taizhou city, Jiangsu province, have cashed out their technological innovation points, resulting in a payout of nearly 500 million yuan ($68.66 million) this year.

In 2022, 5,919 local businesses earned a combined 528,386 innovation evaluation points, with 2,618 also securing 84,188 policy incentive points.

In 2020, Taizhou pioneered an enterprise innovation points management system and integrated various innovation policies into a single package. These accrued points are subsequently centralized and converted into tangible benefits for enterprises.

Yytek Electronics Co Ltd recently earned almost 3 million yuan with 303 innovation points, ranking 14th on the city's technological innovation points leaderboard. This marks their second year as an outstanding innovation enterprise.

Yytek Electronics' achievement is partly due to their provincial-level intelligent workshop which uses QR codes to provide material identification and has automatic guided vehicle robot car-assisted material distribution as well as real-time monitoring of workshop conditions. Research and development personnel accounted for 44.79 percent of the staff.

A workshop of Yytek Electronics. [Photo/WeChat ID: tzfabu]

Apart from direct payouts, the city has introduced credit-based products and provided financial support for business development. For example, Rongxing Medical Co Ltd recently obtained an unsecured online credit loan based on their innovation points.

This enterprise innovation points system bridges the gap between technology enterprises and financial backing, thus enhancing collaboration between the two. Five partner banks are already offering "Innovation Points Credit" products. A total of 369 new loans worth 1.88 billion yuan have been given so far this year.