As the “Golden South Wing” of the Yangtze River Delta，Hangzhou Metropolitan Circle has a realistic foundation for establishing a collaborative innovation-led zone. At the same time，there are still problems such as weak overall integration，weak core cities’ radiation power，and strong development bottleneck constraints. The future development of cities within the Hangzhou Metropolitan Circle is accelerating the same-city development，in-depth coordination with the construction of Zhejiang Greater Bay Area，and joint development with the integrated development of the Yangtze River Delta urban agglomeration. To this end，This report proposes the establishment of a collaborative innovation leading zone，which includes the path of fostering a collaborative innovation chain，co-constructing an entrepreneurial innovation system，and building a major support platform；proposes some countermeasures and suggestions about the principle of complementarity and win-win，technical innovation as the target，and institutional mechanisms as the fundamental.