Attendees take time to chat following the launch ceremony of the Alliance of Shanghai Science and Technology Innovation on Feb 21. [Photo/ WeChat account: zjpark]

In addition to offering work spaces, the alliance will use its members' resources to give startup projects support in the areas of policy, services, fundraising, and training. It will also help startups optimize their business models, improve capital operation, intelligently tap into markets, seek partners, and strengthen management capacity.

Zhao Boji, chairman and CEO of accountancy firm PricewaterhouseCoopers China, believes the alliance will greatly stimulate entrepreneurship and innovation in Shanghai and contribute to the city's goal of developing into an international center for scientific and technological innovation.

In recent years, Shanghai has become an important center for both Chinese and foreign business incubators, venture capital institutions, scientific research institutes, entrepreneurship and innovation industrial investment funds, universities, large enterprises, and startup firms.