Shenzhen, touted as the innovative city of China, is experiencing more and more incubator bubble. Shenzhen has the population of 11 million, and there are nearly 450 business incubators, with more than 8500 entrepreneurial teams. It is expected that the total amount of incubators will reach 1000 by 2020. Shenzhen incubator bubble is worthy of attention, both to maintain the "innovation and redundancy" reasons, and there are also government over-promotion, excessive investment and direct intervention factors. Maintaining a modest "innovation redundancy" is good for innovation, but if the degree of bubble is too high there would be problems. In the future, the government should pay attention to what is wrong; adjusting the scale and space of the government to provide business space and also the services needed for innovation.