Startup contest draws more entrants

The 2018 "Startup in Shanghai" International Innovation and Entrepreneurship Competition is now ongoing with more participants.

The 2018 “Startup in Shanghai” International Innovation and Entrepreneurship Competition is being held in the city with 6,520 small and micro businesses taking part, a rise of 4.3 percent, the local scientific and technological commission said.

This year’s competition opened a section for Hong Kong firms for the first time, while its Taiwan section has been running for years. 

Last year it set up an international section for foreign companies and individuals to join in.

The competition covers some new areas like science and technology service industry, artificial intelligence, military and civilian integration technology and intelligent automobile. A long-term tracking mechanism will also be set up to discover and foster the development of firms with growth potential.

More than half of the businesses are first-time competitors and over 60 percent of them have been operating for under five years. The winners of the competition will share 600 million yuan (US$95 million) for their innovation.

Chen Hongkai, a commission official, told Shanghai Daily that as an international metropolis and “global dock,” more expats are flocking to Shanghai. “During recent years, a large group of foreign entrepreneurs are gathering in local areas featuring scientific and technological innovation like Zhangjiang,” said Chen. “We noticed this trend and opened the competition’s international section last year, which serves as a nursery for them to seek chances in Chinese market.”

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