Profile of Competition
In order to enhance the innovation and development ability, Hengqin New Area has decided to hold the global innovation and entrepreneurship competition once every year since 2018, with the focus on supporting the innovation and entrepreneurship teams that have got advanced innovation products, achieved breakthrough in key technologies, and had good industrialization prospect. The subsidization in research and development expenses in an amount up to RMB 300 million will be provided to 10 winning teams. Among others, 1 special-grade winning team will be subsidized with RMB 100 million; 2 first-grade winning teams will be subsidized with RMB 50 million respectively; 3 second-grade winning teams will be subsidized with RMB 20 million respectively; and 4 third-grade winning teams will be subsidized with RMB 10 million respectively.
The application for the first competition was started in June 2018, attracting 955 projects from the United States, UK, Germany, Japan, Singapore, Chinese provinces and cities, as well as Hong Kong, Macao, and Taiwan. Those projects cover the strategic emerging industries such as new-generation information technology, biomedicine, digital economy, new materials, and marine economy. After a series of selections, a total of 60 projects were qualified for the final. On December 17, 2018, the final of the first competition was held in Hengqin. Ten projects were selected through on-site roadshow, oral defense, expert evaluation, and on-site scoring, including 5 projects of new generation information technology, 4 projects of biomedicine, and 1 project of new materials.
The second competition is organized jointly by Hengqin New Area Administrative Committee and the Science and Technology Development Fund(FDCT) of Macao, with the focus on four major industries including Integrated Circuit(IC) and chip design, Big data and Artificial Intelligence(AI), Bio-medicine and medical equipment, and new materials, in order to attract the winning teams that conform to industrial development orientation in Hengqin and have original technology breakthrough to settle in Hengqin.
The registration for the second competition will be initiated on December 10, 2019; in the process of evaluation, there will be such links as qualification examination, preliminary competition, field investigation, final, and grand final, among which the Macao channel will be set up specially in the preliminary competition, field investigation, and final of the competition, and the eligible teams from Macao may participate in the competition by registration through Macao channel.
should be used for the direct expenses of R & D activities
The panel of judges of this competition will consist of national technical experts, noted venture capitalists, and experts in industrial economy. Through due diligence, primary selection and online evaluation, 70 excellent teams will be selected to participate the on-site defence in Hengqin.
Only a maximum of ten winning teams will be selected in the final and the Organizing Committee of the Competition will provide 300 million yuan in total for these teams as research and development funds at no charge. The winning teams will receive 10 million yuan at least and 100 million yuan at most respectively according to their rankings.
Meanwhile, the Organizing Committee will also provide a series of preferential policies to support their continuous research and development of new technologies and the establishment of industrialization. Hengqin will also invite some top venture capital institutions in China to attend the final and select among those projects. Thus, in the future, the entrepreneurship and venture capital ecological circle of preferential industries in Hengqin will be formed and this competition will certainly achieve a profound influence in the development of emerging industries in this area.