To some, Shanghai-based startup incubator INNOSPACE+ seems like it’s taking a different path. While there are over 10 startup accelerators in Shanghai, it’s rare to see a startup incubator in the fast-paced city which actually spends money and puts in a great deal of effort to help promising startups to grow.

Taking a lonely path might have been difficult for new players, but now 7-year-old INNOSPACE+ has incubated nearly 400 startups, with a 75% 3-year survival rate. Having incubated and accelerated 10 startups with a valuation exceeding RMB 100 million ($15 million) within 12 months of inception, INNOSPACE+ Ventures’ 1st RMB 40 million ($6 million) Angels Fund recorded a book gain internal rate of return (IRR) of 42%. The Shanghai Tech Bureau has acknowledged them as the #1 ranking accelerator in the region.

“We get over 8,000 of applications a year, and we only pick out the ones that match our investment strategy,” Richard Tan, CEO of INNOSPACE+ told TechNode.

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Eva Yoo

Eva Yoo is Shanghai-based tech writer. Reach her at evayoo@technode.com