Communication History Serialization 486 - China Telecom's Innovation Incubation Base and Those Things About Employee Entrepreneurship

December 2011: China Telecom Group proposed the idea of establishing an incubation system.

January 10, 2012: At the award ceremony of the "2011 Mobile Internet Application Innovation Competition", Yang Xiaowei, deputy general manager of China Telecom, revealed that mobile Internet innovation incubation bases will be set up in Beijing and Shanghai this year to provide capital, technology, software and hardware support for developers and development teams with business models.

At the beginning of 2012, China Telecom issued a document to start the internal employee entrepreneurship plan: each entrepreneurial team starts from 3 people, the entrepreneurial period is two years, the position is retained during the period, and the start-up capital ranging from 50,000 to 100,000 yuan will be given to each team.

March 22, 2012: Yu Zhengsheng, member of the Political Bureau of the CPC Central Committee and Secretary of the Shanghai Municipal Party Committee, and Wang Xiaochu, Chairman of China Telecom Corporation, jointly unveiled the inauguration ceremony of China Telecom Innovation Incubation (Shanghai) Base. Wang Xiaochu, chairman of China Telecom Group, said the bold words of "striving to cultivate several innovative companies with a market value of 10 billion yuan in 5 to 6 years".

China Telecom Group selected 14 entrepreneurial teams from 382 entrepreneurial projects and introduced incubation bases, covering a number of strategic emerging industries such as mobile Internet, Internet of Things, cloud computing, and e-commerce. The 14 projects are divided into 10 first incubations and 4 second incubations, the former can receive 5-100,000 yuan of angel investment, and the latter are mostly projects that have been commercialized or trial-commercialized in local provincial companies, and can receive 5 million yuan in Series A financing.

May 23, 2012: In order to cooperate with the incubation project, China Telecom's first venture capital company of domestic operators, Tianyi Technology Venture Capital Co., Ltd., was established.

July 23, 2012: Tianyi Technology Venture Capital Co., Ltd. was registered and established in Shanghai with a registered capital of 200 million yuan, and the Shanghai incubation base began to operate as a corporatization. Li Anmin is the general manager of e-Surfing Ventures. Wang Xiaochu emphasized that China Telecom continues to adhere to the incubation model of "professional incubation + entrepreneurial mentor + angel investment".

October 30, 2012: The graduation ceremony of the first batch of incubation teams of China Telecom Innovation Incubation Base was held in Shanghai. Yang Xiaowei, Deputy General Manager of China Telecom, presented the graduation certificate of China Telecom to the entrepreneurial team, and Xiao Jinxue, General Manager of China Telecom's Innovation Business Division, presided over the graduation ceremony. Wang Xiaochu emphasized,

• On the one hand, we must continue to adhere to the incubation model of "professional incubation + entrepreneurial mentor + angel investment";
• On the other hand, it is necessary to focus on capital operation, actively explore the introduction of private capital and look for opportunities for foreign investment, timely introduce the investment management mechanism and talent incentive mechanism of private enterprises, and create an innovation system of "unity of responsibilities and rights, encouragement of success, and tolerance of failure".

Achievements of China Telecom's Incubation Base:

• The first batch of 14 entrepreneurial teams have completed a 6-month incubation period, all of which have completed their goals, and 3 of them are about to enter the stage of corporatization operation.
• The second batch of entrepreneurial projects has collected a total of 330 internal and external projects of China Telecom, of which 98 are social projects, and 31 internal projects and 11 social projects have been selected to enter the final evaluation process.

March 19, 2013: Located on the 13th floor of the main building of China Telecom Guangzhou Research Institute, China Telecom's Innovation Incubation South Base was officially put into operation, with an office space of about 1,100 square meters in the first phase. Wang Xiaochu, Chairman of China Telecom, and Liu Zhigeng, Vice Governor of Guangdong Province, unveiled the plaque. After that, Zhu Xiaodan, governor of Guangdong Province, and Wu Jichuan, former minister of information industry, also came to inspect the province.

Policies of China Telecom's Southern Incubation Base:

• After 6-12 months of nursery cultivation of the entrepreneurial project, if the entrepreneurial team fails to graduate, the entrepreneurial team can return to the original unit to continue working at the same time as the project is completed.
• Successful "graduated" entrepreneurial projects will enter another 6-12 months accelerated incubation stage, and according to the development potential of their respective projects, they will either be included in China Telecom's product development system, or they will be prepared for corporatization and set up a holding company or a non-holding company.
• If the project is still successfully "graduated" at this stage, it will enter the real market-oriented operation, and similarly, if it does not "graduate", the project team members can also enter the project closure process and return to the original unit.

In addition to retaining positions for two years to solve worries, the direct embodiment of the incubation function of the southern base is the various resource support for the entrepreneurial team. Specifically, this support includes infrastructure such as office space, canteens, restaurants, servers, product development and testing platforms, as well as various trainings related to entrepreneurship, such as laws and regulations, team building, product development, user experience, marketing planning, business plan writing, etc. The base will also conduct a phased evaluation of entrepreneurial projects every two months, and invite internal and external experts to provide targeted guidance.

At the end of 2013, China Telecom hopes to break the previous talent incentive mechanism and project operation mechanism through employee stock ownership and corporatization operation. A person in charge of China Telecom said, "The innovation incubation base is China Telecom's 'Xiaogang Village'. ”

End of 2013: Achievements of China Telecom Southern Incubation Base:

• The first batch of 10 entrepreneurial teams has "graduated".
• Due to factors such as the clear product business model, the two teams of Yimu DJ and Zhaoxiaogong have entered the stage of corporatization equity investment evaluation.
• The new phase of 7 teams also settled in October this year, and the projects involve mobile Internet, Internet of Vehicles, tourism, education and other fields.

China Telecom Southern Incubation Base said that as a business incubation platform, it hopes to achieve at least three goals:

• First, discover and incubate good mobile Internet services;
• Second, give full play to the entrepreneurial passion of telecom employees and cultivate Internet elites;
• Third, build a group of successful startups.

2014: Tianyi Venture Capital was rated as the first batch of innovative incubators in Pudong and the "four new" bases of Shanghai Health Internet of Things.

November 2015: China Telecom selected 6 innovation and entrepreneurship projects from the "2nd i-Innovation Dark Horse Competition", which attracted 160 projects, mainly for China Telecom's internal employees.

"The company encourages employees to start their own businesses, and entrepreneurial employees are decoupled from the basic KPI assessment, and the original jobs are still retained after the project is incubated. If you succeed in starting a business, you can resign, and if you fail, you can return to your original position. Deng Chao, the champion of the dark horse competition, told the "IT Times" reporter that he is an employee of Beijing Telecom, and its product "Free Traffic Assistant" began trial operation in October this year.

Up to now, about 5,000 employees of China Telecom no longer rely on the "iron rice bowl", but start their own businesses. As a wholly-owned subsidiary of China Telecom Group, Tianyi Venture Capital has carried out 7 batches of incubation for internal projects, with 550 people and 158 projects incubated, and 17 corporatized projects, with a total investment of nearly 50 million yuan, of which 4 projects have introduced external capital, and the average equity has increased by 15 times.

November 12, 2015: China Telecom released the national incubation action plan in Shanghai and launched the first external incubation base established by e-Venture Capital in Shanghai, Zhangjiang Base.

At the beginning of June 2016, the General Office of the State Council issued the "Implementation Opinions on the Construction of Mass Entrepreneurship and Innovation Demonstration Bases", and China Telecom became one of the 7 enterprise demonstration bases in the first batch of 28 entrepreneurship and innovation demonstration bases.

July 29, 2016: Zhang Jiehua, General Manager of Tianyi Venture Capital, attended the unveiling ceremony of China Telecom Innovation and Entrepreneurship Base (Yangpu) located in Changyanggu Creative Industry Park, Yangpu District, Shanghai. Tianyi Venture Capital, together with the first batch of cooperative institutions such as UCLOUD, Angel Hui, Talent Research Institute, Ostrich Radio, and Zhengshen Information, released and launched the China Telecom Innovation and Entrepreneurship Base Entrepreneurship Service Alliance.

September 2016: Achievements of China Telecom Entrepreneurship Base:

• An innovation incubation system with one platform (Tianyi Venture Capital), three bases (Beijing, Shanghai, Southern), and multiple physical incubators (Shanghai, Nanjing, Chengdu, Hangzhou, etc.) has taken shape in China Telecom
• The innovation and entrepreneurship base has been successfully settled in Zhangjiang in Shanghai, Yangpu in Shanghai, Hangzhou in Zhejiang, Suzhou in Jiangsu, Nanjing in Jiangsu and Chengdu in Sichuan.

• The nursery incubation based on internal employee entrepreneurship has collected more than 1,600 projects in 8 batches. Among them, 175 projects have been successfully incubated, 18 projects have been corporatized, 5 companies have introduced external capital, and more than 100 entrepreneurial mentors and nearly 10,000 innovative talent pools have been cultivated.

September 15, 2017: The 3rd "National Mass Entrepreneurship and Innovation Week" was held in Shanghai.

October 11, 2017: The graduation ceremony of the 10th batch of China Telecom's innovation incubation teams. A total of 16 projects in the tenth batch of nursery incubation have successfully graduated, including a multi-screen interactive precision advertising platform based on home gateway, shop wings, mobile phone door-to-door rapid repair and recycling services, micro touch - help you meet Ta's social circle, wing business (e-commerce platform), network security fine division and Internet intelligent reading pen 7 projects recommended for corporatization project evaluation. The project has been in a leading position in the real-name express delivery industry, and its "Anyi-delivery" receiving and sending version of the APP is the only express real-name mobile client officially recognized by the State Post Bureau, with an annual income of nearly 10 million yuan.

September 14, 2018: China Telecom hosted the 2018 "Create Youth" National College Student Entrepreneurship Competition "Smart Campus" theme competition was officially launched. China Telecom has released the "National College Student Innovation and Entrepreneurship Support Plan", and will invest 1 billion yuan in the next three years to support college students' innovation and entrepreneurship.

November 23, 2018: China Telecom's National Entrepreneurship and Entrepreneurship Capability Open Service Base was officially unveiled in Shenzhen Bay Science and Technology Ecological Science and Technology Park, and China Telecom's Entrepreneurship and Entrepreneurship Base, China Telecom's 5G Entrepreneurship and Entrepreneurship Capability Open Center, and China Telecom's Internet of Things Industry Ecological Innovation Center were opened to the public.

March 2019: The 2019 "Entrepreneurship in Shanghai" International Innovation and Entrepreneurship Competition Tianyi Venture Capital Sub-competition was successfully held. Tianyi Venture Capital undertook the enterprise group competition in the fields of electronic information, Internet and mobile Internet, and received 160 participating companies, an increase of 60% year-on-year.

October 2019: The unveiling ceremony of China Telecom's Innovation and Entrepreneurship Base in Daqiao Street, Yangpu District, Shanghai and the launching ceremony of the "Chuanggu Employment Bay" innovation project were held in Changyang Chuanggu

2020: Tianyi Venture Capital has a total of 7 innovation and innovation demonstration base parks in Shanghai, Hangzhou, Zhejiang, Nanjing, Jiangsu, Guangzhou, Guangdong, Shenzhen, Chuzhou, Anhui, and Chengdu, Sichuan.

2020: China Telecom's "School Enterprise Bank" Tianyi Entrepreneurship Lecture Hall opened.

March 2022: China Telecom's "Wing Star" Innovation and Entrepreneurship Competition kicked off.

October 6, 2023: The WeChat official account of Tianyi Venture Capital (China Telecom Incubation Base) will no longer release new information until June 3, 2022.