Shenzhen offers cash prizes, access to venture capital, for smart entrepreneurs

SHENZHEN – The launch of Shenzhen’s first Innovation and Entrepreneurship International Competition is being seen as a bold move by Shenzhen authorities to attract more leading edge ideas and high-tech skills to a city that is already at the heart of China’s global success in new fields of technology.

 The competition, offering cash prizes of up to RMB1 million and access to a pool of venture capital estimated at US$700 million,  is being run through eight global divisions in Australia, Silicon Valley USA, the UK, Canada, Japan, Germany, India and Israel.
 In Australia, the division target is for 100 participants, and 60 had registered by end-January. Closing date for the competition is March 8, with national finalists to be announced on March 30 and international winners presented with their prizes in Shenzhen mid-April. There is no entry fee.
 Five technology sectors have been prioritised. These are: Internet and Mobile Internet (information technology); Electronics Technology; Biology and Life Sciences; Advanced Manufacture; and Materials and Energy (including energy conservation and environmental protection).
 Organisers say 60 venture capital institutions will build a venture capital pool of RMB7 billion for portfolio investment in the winning projects.
For further details, visit http://competition.seto.org.au/ , email competition@seto.org.au , or call Charles Zhong at the Sydney office of the Shenzhen Economic and Trade Office on (61 2) 9411-2388.  (ATI)