Recently, the "Six Little Dragons" of Hangzhou's science and technology innovation (game science, deep search, Yushu Technology, Yunshen Technology, QiangBrain Technology, and Qunhe Technology) have attracted widespread attention from society due to their outstanding performance in the fields of "black technology" and cutting-edge technology. This phenomenon prompts people to explore why the "Six Little Dragons" of science and technology innovation have risen in Hangzhou? In February of this year, The Economist compared Hangzhou to "China's Silicon Valley" in its report on DeepSeek, which may provide us with clues to find answers. Annali Saxening was one of the earliest scholars to study Silicon Valley. In his book "Regional Advantage: Culture and Competition between Silicon Valley and Route 128," he delved into the rise of Silicon Valley, emphasizing the influence of an open and competitive regional atmosphere, abundant talent supply, emerging technological trends, and particularly the importance of regional innovation systems. The "Six Little Dragons" of Hangzhou each have their own characteristics and benefit from the regional advantages of the city's innovation system. From the perspective of economic and innovation strength, Hangzhou has significant comprehensive advantages. In 2024, Hangzhou will rank 4th in GDP among 15 sub provincial cities; Among the top 30 cities with the highest number of companies in the Innovation Index 500, Hangzhou ranks fourth; Hangzhou ranks 5th in the distribution of cities where specialized and innovative "Little Giant" companies are listed and listed. Although Hangzhou does not lead in all individual rankings, its balanced development characteristics provide strong support for its urban innovation system. In addition, the industries or technological fields in which Hangzhou's "Six Little Dragons" are located are closely related to the emerging technology wave, which not only provides them with opportunities for explosive growth, but also further reflects the support and amplification effect of the urban innovation system. In the urban innovation system, the knowledge spillover effects brought about by industrial linkages and talent mobility enable enterprises to not only rely on their own capabilities and efforts, but also greatly benefit from the innovation ecosystem in their respective regions. In addition to benefiting from the development potential brought by the technology track, in recent years, domestic substitution and cultural confidence have brought historic development opportunities for local enterprises such as the "Six Little Dragons" in Hangzhou. With the intensification of the trend of anti globalization, Chinese enterprises are increasingly emphasizing business continuity and supply chain stability management, while facing difficulties and rising costs in obtaining technology from Western multinational corporations. In addition, with the increase of local purchasing power, the potential demand for local products in the Chinese market is gradually being released. Before anti globalization, local science and technology innovation enterprises had to directly face competition from top global companies when entering certain fields. However, due to their small scale and limited opportunities for technological trial and error, there were some initial disadvantages in terms of cost and performance, making it difficult to enter markets controlled by mature leading companies. Even if the technical performance is comparable to the product quality, it is difficult to gain sufficient market share due to the lack of sufficient early market performance proof. However, the trend of domestic substitution generated by anti globalization has provided these enterprises with more market opportunities and development space, enabling them to better leverage their flexibility advantages. At the same time, the enhancement of cultural confidence has also made the domestic market more inclined to choose and support products, technologies, and solutions from local scientific and technological innovation enterprises, such as the popularity of the game "Black Myth: Wukong" and the high box office of the animated movie "Nezha 2". This series of changes has jointly promoted the development of Chinese science and technology innovation enterprises. The construction of urban innovation ecosystem cannot be separated from the attraction and influx of talents. Young people are the source of urban vitality, especially in the fields of technological innovation and entrepreneurship, where their vitality and creativity are indispensable soil. If emerging cities want to create a magnetic attraction effect on young talents, they need to seek a balance between cost of living competitiveness and career opportunity supply. The youth friendly urban atmosphere in Hangzhou plays an important role in this regard. As a quasi first tier city, Hangzhou has a relative advantage in living costs, covering implicit costs such as clothing, food, housing, transportation, and commuting time, which is quite attractive to young people. Of course, the cost of living is not the only determining factor in attracting talent, and the career development opportunities and spaces provided by cities are equally crucial. Currently, many cities, including Hangzhou, are guiding the cluster development of new technologies, new formats, and new models through policies that encourage innovation and entrepreneurship. This not only cultivates a technology intensive and high growth potential industrial soil, but also provides good development returns for young talents. The formation of this technology intensive industrial ecosystem not only creates innovative opportunities for cross industry penetration, but also fosters the formation of a culture of tolerance towards failure and trial and error. When cities can simultaneously meet the diversity of career growth and risk tolerance, innovation vitality will break through physical spatial limitations and form a sustainable influx of talent. Building a complete and efficient industrial chain and innovation chain is also an important foundation for building an urban innovation ecosystem. There have always been two difficult problems that need to be solved in technological innovation in marketization and industrialization: the integration of technology and market, and the paradox of efficiency and flexibility. This requires technological innovation not only to develop the technology itself, but also to find suitable application scenarios and solve cost and quality stability issues. The solution to these problems relies not only on the enterprise itself, but also on maximizing the use of external resources. Large companies often have abundant resources, rich experience, and sound management systems, resulting in high efficiency in innovation but insufficient flexibility; On the contrary, small businesses have high flexibility but limited resources. In the urban innovation ecosystem, small and large enterprises coexist, complementing each other to form a whole that combines efficiency and flexibility. The efficient manufacturing foundation developed in Hangzhou in recent years, the diverse digital industrial ecology formed, the complete financial support system from angel investment, venture capital to industrial capital, and the multi-level diversified industrialization support system from entrepreneurship incubators, public innovation service platforms, science and technology parks, key laboratories to enterprise research institutes, enable science and technology innovation enterprises to focus their relatively limited resources and energy on the value creation links they are better at, and maximize their innovation ability and creativity. This ecological complementary mechanism achieved through industrial chain division of labor and innovation chain collaboration provides important inspiration for other cities to build innovative ecosystems: a sound industrial base, diversified financial support, hierarchical service network, and integration of innovative culture are key elements to stimulate urban innovation vitality. Universities, as the source of knowledge production and the cradle of talent cultivation, are equally crucial in the urban innovation ecosystem. Its role in the urban innovation ecosystem mainly focuses on three aspects: firstly, to provide talent with innovative and entrepreneurial spirit and ability for technology startups; Secondly, by implementing innovation and entrepreneurship education, we can stimulate students' innovative potential and sow the seeds of future entrepreneurship; Finally, leveraging the advantages of interdisciplinary collaboration provides fertile ground for technological innovation and intellectual collision. Hangzhou has abundant university resources, including the renowned Zhejiang University. These universities have made significant achievements in scientific research, technological innovation, and other areas, effectively promoting the development of regional economy and society. Taking the "Six Little Dragons" in Hangzhou as an example, many of their founders have been influenced and supported by the strong innovation and entrepreneurship atmosphere of their alma mater, which fully reflects the importance of universities in cultivating the next generation of innovative entrepreneurs. Therefore, strengthening the construction of universities, improving the quality of education and research level, is crucial for building a vibrant urban innovation ecosystem. The construction of urban innovation systems also relies on sustained and systematic policy guidance and institutional innovation. By implementing long-term innovation and entrepreneurship support plans, urban managers can effectively stimulate the innovation momentum of business entities and form a positive interaction between young talents and industrial demand. For example, Hangzhou has continuously implemented a three-year action plan for college students' innovation and entrepreneurship, stimulating the innovative vitality of the youth group. At the same time, it is explicitly proposed to build a national "double innovation" demonstration city and successfully enter the ranks of national independent innovation demonstration zones. When a city clearly positions innovation driven development as its core strategic positioning, this policy orientation not only conveys the importance of innovation elements, but also accelerates the agglomeration effect of key elements such as technology, capital, and talent through resource integration and policy tilt. Seeking support from national innovation platforms can further break through institutional barriers and provide policy testing space for the industrialization of scientific and technological achievements. The policy combination of this system constitutes the institutional guarantee for the construction of urban innovation ecology, ultimately conducive to the continuous improvement of urban energy level and core competitiveness. There are also some noteworthy issues regarding the emergence of the "Six Little Dragons" in Hangzhou. Whether it's DeepSeek for deep exploration or the humanoid robots launched by Yushu Technology, most of these innovations are secondary innovations or catch-up on the existing international technological trajectory. In the process of China's transition from manufacturing to creativity, exploring unknown technological fields and exploring unexplored technological frontiers is a key focus when building urban and even industrial innovation ecosystems. Currently, an increasing number of industrial level innovations require talents with interdisciplinary and composite professional skills, and there is a certain gap between the traditional training model based on departmental and professional divisions and this demand. Although many universities in China have begun to pay attention to the trend of interdisciplinary integration and have made many beneficial attempts in talent cultivation, meeting the urgent demand for interdisciplinary talents in the field of science and technology innovation still faces challenges. These issues are not only propositions given by the times, but also landmarks guiding the future. Author: Guo Bin (Director and Professor of the Department of Innovation, Entrepreneurship, and Strategy at the School of Management, Zhejiang University)