On July 5, Belgian entrepreneurs in Shanghai launched Sinnolabs, a platform to accelerate the establishment of Belgium’s innovative businesses in China – a market with many opportunities on offer but hard to navigate without the help of experienced guides.
“There is a significant demand for innovation in China, but many of our companies do not find their way into the market.” This is what made Mr. Philippe Snel, a Shanghai-based business lawyer (De Wolf), decide to set-up a business accelerator to enable Belgian innovative small and medium sized companies to settle in China with the immediate support of a professional network, which should prevent them from making many common mistakes.
These SME’s will be able to rely on the experience of Belgian Sinnolabs co-founders from Moore Stephens, Riverbanks and PaCoVision, all of whom have been active in Shanghai for several years. Funds were raised from the Federal Holding and Investment Company (FHIC) and the Solvay group. Additionally, two Chinese companies (a venture capital fund and a human resources company) have contributed capital.
The selected Belgian companies will be provided a set of mentoring services to help them get their bearings in a complex and often challenging regulatory, judicial and cultural environment.
Starting in September, a selection committee will choose a handful of candidates. Sinnolabs is targeting already established, cutting-edge companies, willing to put China at the very heart of their strategy. While all innovative industries will be considered, Mr. Snel is targeting green technologies, recycling, new materials and the healthcare sector. All of which are covered by the “Made in China 2025” plan, an initiative setting out to turn China into a place of innovation and not just fabrication.
