Zhuhai Hengqin New Area to Launch Innovation and Entrepreneurship Competition in June, Highest Prize up to ¥100,000,000
Recently,the Management Committee of the Hengqin New Area released the Provisional Measures of the Hengqin New Area for Hosting Global Innovation and Entrepreneurship Competition and Granting Winning Teams R&D Funds (hereinafter referred to as the Measures) on the occasion of the All-China Journalists Association’s activity “‘Visiting Communities, Transforming Work Style and Changing Writing Style’in Guangdong”, and decided to hold a global innovation and entrepreneurship competition annually starting from this year. The most outstanding team will be selected each year and be granted 100 million yuan for R&D.
According to the Measures,the competition will give priorities to strategic emerging industries,including new-generation information technology, biomedicine, digital economy,advanced materials and marine economy. It will also focus on supporting innovation and entrepreneurship teams that have achieved advanced innovations and core technology breakthroughs and that are promising in industrialization. The competition will be sponsored by the Management Committee of the Hengqin New Area and organized by professional organizations. The panel of judges will consist of national technical experts, noted venture capitalists, and experts in industrial economy. The agenda of the competition will consist of four parts, including online registration, formal examination, professional evaluation and final on-site defense.
Only a maximum of ten teams will be eligible for a share of the R&D funds up to 300 million yuan each year. The most outstanding team will be granted 100 million yuan. The rest will comprise two first-grade, three second-grade, and four third-grade teams, each of which will receive 50 million yuan, 20 million yuan, and 10 million yuan respectively. According to relevant officials from the Hengqin Bureau of Commerce, the online registration of the first competition will start in June and the final on-site defense will be held in Hengqin in November. It is hoped that through this competition and the governmental funds, the winning teams can settle themselves in the integrated region of the Hengqin New Area, Zhuhai Free Trade Zone and Hongwan Area to shape themselves into unicorn companies, gazelle companies and industrial leaders.
It is said that the Management Committee of the Hengqin New Area will provide R&D funds for the winning teams at no charge. Different from funds under the post-reward policies such as the R&D fees super-deduction, the R&D funds of this competition belong to pre- and during-event support, and can effectively meet the actual capital needs and achieve development goals of industrialization in a faster pace. For this reason, the Measures puts a limit on the business activities of the teams, the composition of personnel and the use of subsidies.
Winning teams must establish and register as an independent legal entity in Hengqin. They shall conduct R&D and office activities, among other activities, in the integrated region of the Hengqin New Area, the Zhuhai Free Trade Zone, and Hongwan Area for at least eight years, with their tax liability unchanged.Winning teams shall comprise of at least one leader and two core members. They shall promise to declare intellectual property in the Hengqin New Area and major members of the team shall undertake full-time work for at least three months in the Hengqin New Area annually. The subsidies must go towards attracting talents, purchasing equipment, testing products, applying for patents, inspection and testing, and R&D. They shall not be used for personal consumption, home purchases or other irrelevant expenditures.
In addition, the Hengqin New Area encourages winning teams to apply for innovation and entrepreneurship projects and S&T supporting projects of municipal,provincial and national levels. The Hengqin New Area will provide matching support for these teams in accordance with relevant policies,and subsidize them under the principle of “offering the highest level of subsidies, no stacking of multiple subsidies” in terms of R&D funds.