To meet the demand for the rapid economic development in Hangzhou and attract global high-tech innovative talents and entrepreneurial projects to the city, Hangzhou will host an Innovation & Entrepreneurship Competition for International Talents.
You are cordially invited to participate in this competition. If you are interested in starting up or expending your business into China, this is a great opportunity to get to know about Hangzhou as well as China in general.
The competition event has been held every year since 2015. In 2019, there were more than 300 international teams attended the startup competition. This year, the number of applications is expected to be even bigger. The event attracts international entrepreneurs to start high tech companies in Hangzhou, one of the most beautiful and entrepreneurship-friendly booming city in China. People are calling it “Hangzhou, a Paradise for Entrepreneurs”. Hangzhou is located near Shanghai, where the 2016 G20 Global Summit was held, and the headquarter of e-commerce giants like Alibaba.
The first round selection will be held in September, and there will be around 150 teams entering the semi-finals, 30 teams entering the finals, and 12 teams entering the Grand Final for the whole competition. Please make sure to submit your application here until July 6.
If COVID-19 is under control in early November, then the teams entering semi-final will be invited to Hangzhou for the competition, and spend several days in Hangzhou for tours and matchmaking meetings. This would be an excellent opportunity to explore and experience the business and living environments in Hangzhou and China. However, if COVID-19 is still an issue at early November, the competition will be held through online.
The targeted audience of this international innovation and entrepreneurship competition are international talents and entrepreneurs. The applicant should have the intention to start or expand their company (or a joint venture) in Hangzhou. Please note that those who already have their registered business entities running in Hangzhou are no longer eligible for the competition.
Prizes: There will be a 1 first-place prize, 4 second-place prizes, 7 third-place prizes, and 88-156 honorable mentions, and each will have ￥200,000 RMB (around $28K), ￥100,000 RMB (around $14K), ￥50,000 RMB (around $7K), and ￥20,000(around $2.8K) monetary awards respectively with no commitments needed.
Grants: Prize-winning startups will be granted with various amount of funds to subsidize research and development expenses, such as R&D related employee compensations, equipment purchase, etc., under the condition that the company is required to register and start to operate in Hangzhou within one year after the Final.
The First-Place Prize RMB￥ 5,000,000
The Second-Place Prize RMB￥ 3,000,000
The Third-Place Prize RMB￥ 2,000,000
Entering the Final RMB￥ 1,000,000
Entering the semi-Final RMB￥ 200,000
Also, there will be a venture capital fund established specifically for the competition to fund the projects in the competition. Various matchmaking meetings will be organized for the invited applicants with industry zones or parks, local venture capital agencies, well-known enterprises, product localization teams, marketing teams, (etc.).
Please make sure to submit your application here until July 6.