Start-ups compete for a prize of $ 155,000 in technological innovation competition
Who will be the next unicorn? Hundreds of tech startups competed for a share of 1 million yuan ($ 155,000) in innovation prizes at the Zhongguancun International Frontline Technology Innovation Competition held last week.
The start-ups came from a variety of industries including biomedicine, artificial intelligence, big data, and cloud services.
Beijing Intelligent Nanomedicine Biotechnology markets intelligent nanodigms for medical use. They won the first prize in the biomedical branch. They will compete in December for the final competition with winners from 11 other branches.
“We have joined this competition in the hope of obtaining good quality funding and political support. We also hope to be able to obtain guidance from industry experts,” said Shi Quanwei, general manager of Beijing Intelligent Nanomedicine. Biotech.
The Beijing municipal government has been hosting the competition since July, which will select winners from 12 branches to enter the final competition in December. Two branch winners in biomedicine and integrated circuits were announced at the Zhongguancun forum on September 28. The top three winners will be announced in December and will share a cash prize of 1 million yuan. In addition, the top three start-ups in each of the 12 branches will be reviewed by the experts, and if they pass the exam, they will also receive funding of 5 million yuan (about $ 770,000) during the three next years for development.
For most start-ups, the problem is raising funds for their development. To solve this problem, the host has also created a financial services platform to help participating companies obtain financing. It will also help start-ups connect with investors and industry experts.
“We want to attract good start-ups to move into our frontline technology innovation center. We will provide funding, goods, staff training and political support. In doing so, we want to make Beijing an innovation center, ”said Liu Hang, secondary inspector of the Zhongguancun Administrative Committee.
Zhongguancun International Frontline Technology Innovation Competition was established in 2017 and is open to global start-ups. Some 4,000 companies have participated since its inception, of which 39 have become unicorns and seven have successfully floated overseas.