The inaugural Hengqin Scientific & Technological Entrepreneurship Competition opened online registration on June 22, without nationality restrictions for applicants.

The 300 million-yuan ($47 million) prize pool consists of R&D subsidies, including 100 million yuan ($15.6 million) for the most outstanding team. Two runners-up rated first grade, three second-grade, and four third-grade will receive 50 million yuan ($7.9 million), 20 million yuan ($3.1 million), and 10 million yuan ($1.6 million) respectively. First-class venture capitalists will also be introduced as support, according to the organizing committee.

Projects should involve strategic emerging industries such as new-generation information technology, biomedicine, digital economy, new materials, and marine economy.

Teams that have already made some achievements and breakthroughs in core or key technologies will be given major support, as will participants with a strong ability to commercialize their business ideas.

A screening process in October will select 150 candidates, and be followed by a preliminary contest to reduce the number to 60. Twenty shortlisted projects that make it through the semi-finals will be eligible for the final competition in November. Their projects will be scored by a judges' panel composed of national technical experts, noted venture capitalists, and experts in industrial economy.

Macao-Hengqin Youth Entrepreneurship Valley (Inno Valley HQ) [Photo by Li Jianshu / Zhuhai Daily]

To be eligible for the subsidies, winning teams must establish and register as an independent legal entity in Hengqin. They must conduct R&D and office work, among other things, in Hengqin New Area, the Zhuhai Free Trade Zone, and Hongwan and Wanzai integrated area for at least eight years, and will have unchanged tax liability.

Registration forms are available. Please note that applications close on Sept 30. Keep up to date with the latest news by following the WeChat account (ID:gh_7167d71dc8ba).