HKUST pools 1mln yuan to fuel up mass entrepreneurship in Foshan
Foshan China 2021-06-21 17:31
HKUST has kicked off its 2021 One Million Dollar International Entrepreneurship Competition in Foshan. Entrepreneurial groups from over the general public are welcomed to apply and the deadline is July 31st. It is worth mentioning that candidates to be ranked at the first, second and third place will be awarded 250,000 yuan, 150,000 yuan and 100,000 yuan respectively.

The 2020 One Million Dollar International Entrepreneurship Competition (Photo from the offical website of One Million Dollar International Entrepreneurship Competition)
The top three will enter into the national final
The competition, with HKUST LED-FPD Technology R&D Center at Foshan, HKUST Foshan Center for Technology Transfer and Commercialization as well as HKUST Foshan Research Institute for Smart Manufacturing (FRISM) as its organizer and Jihua Technology Co., Ltd as its co-organizer, attaches great importance to such areas as most advanced information technology, photoelectric semiconductor, new materials, environment and energy, and biological medicine. Moreover, Intelligent manufacturing zone has particularly set up for application.
Candidates are required to be start-up companies established after January 1st, 2016, business start-ups planning to found companies in Foshan within 6 months after the competition or the ones composed of students with innovative ideas and products.

Participation Process (Photo from the offical website of One Million Dollar International Entrepreneurship Competition)

Importantly, the top three will have the chance to win one million yuan in the national final. However, if the top three and the winners of “Intelligent manufacturing New Star Award” (“智造超新星奖”) are not from Foshan, they should apply for landing at local commercialization center and resgister companies in within 6 months after the competition.

Supporting policies in place to back up the contest

To decrease the risk and cost of start-ups, Center for Technology Transfer and Commercialization will provide policies to support the top ten projects in the final.

The entrepreneurship competition, held for 11 times in a row, is a self-own brand built on the foundation of entrepreneurial system of HKUST. Since 2020, the event has been held in 8 regions. Among them, Foshan has hosted for 3 consecutive times, attracting 347 participators, 38 match partners and 31 investment institutions/investors, with a total bonus of nearly 3 million yuan. In 2020, 3 projects were commercialized in Foshan. The winner in Foshan’s competition came first in the national final, taking home 1 million yuan.

Author | Ivy
Revisor | Jersey