NETDA entrepreneur wins provincial innovation, venture contest

Chen Yibo, the president of Jiangsu Kingwills New Material Co Ltd, won the 10th Jiangsu Innovation and Venture Contest, which concluded in Nantong, East China’s Jiangsu province on Dec 16. 

Chen won the competition with his company’s flash spun metamaterial Hypak. 

Before Kingwills created this material, an American Fortune 500 company had monopoly over this technology for more than 50 years. 

Kingwills now has 39 patents and 15 of them are invention patents. 

Kingwills launched a special new material project in the Nantong Economic and Technological Development Area (NETDA) in the beginning of this year largely due to the area’s excellent business environment, said Chen. 

The project is expected to generate a combined annual output of 20 billion yuan ($2.86 billion), and pay taxes of more than one billion yuan, according to authorities. 

NETDA authorities have in recent years been making efforts to create a conducive environment to encourage entrepreneurs to pursue innovation. Efforts include rolling out favorable policies and providing financial support. 

Two talents from NETDA were included in a national program and 14 talents were listed among the provincial program this year.