SHANGHAI Pudong Software Park plans to invest at least 300 million yuan (US$47 million) within five years to establish itself as the local base of “O2O (online-to-offline) entrepreneurship paradise” to lure innovative startup firms, Shanghai Daily learned yesterday.

The investment is expected to include an incubation fund, office rent discounts and improved conditions to attract more talent, Zhang Sulong, general manager of the park, said at an innovation forum — the MHS Conference.

“We will offer best services and conditions to establish the park as a world-class software export and an O2O entrepreneurship paradise.”

MHS (MIT, Harvard and Stanford) will cooperate with the park on innovation and investment embracing Internet Plus, smart devices, the Internet of Things and medical sectors.

MHS was founded by alumni from these top US universities who returned to China.

The investment is set to boost Shanghai’s goal to turn itself into a global tech and innovation center.

More than 600 high-tech companies have set up facilities in the park — also the national software export base — located in the Zhangjiang High-Tech Park of the Pudong New Area.