TWO foundations were launched yesterday in Yangpu District to promote innovation and entrepreneurship around the city, while three top universities in Shanghai also signed related strategic cooperation contracts with the district government.

One foundation with two billion yuan (US$297.7 million) from the city and district governments, as well as social enterprises, will be used to invest in investment funds that support innovative and startup programs in Shanghai.

"The foundation will serve as a fund of funds to attract and guide more social investments into new business and innovative programs that Shanghai needs in building itself into a global center for scientific and technological innovation," Ding Huanhuan, deputy governor of Yangpu District, said at the opening ceremony of the Shanghai session of the national weeklong activity promoting public startup and innovation.