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Innovate to Elevate: Jinhua’s International Entrepreneurship and Innovation Contest Calls for Global Talent

LifestyleInnovate to Elevate: Jinhua's International Entrepreneurship and Innovation Contest Calls for Global Talent

Jinhua City, located in China, is introducing a competition called the “Shuanglong Cup” Entrepreneurship and Innovation Competition at the beginning of 2023. This competition aims to accelerate the formation of a high-level talent agglomeration effect, introduce more high-quality projects enabling industrial transformation and upgrading, and cultivate urban talent in scientific and technological support. The competition will be an excellent platform for entrepreneurs and innovators to showcase their skills and ideas.

The competition is hosted by the Office of Talent Work Leading Group of Jinhua Municipal Committee of the Communist Party of China and undertaken by the People’s Government of Jindong District, Dongyang City, and Yiwu City. It focuses on the development of Jinhua’s “2+4+X” key leading industries, soliciting talent projects in strategic emerging industries such as new generation information technology, life and health, and new energy. The competition is open to high-level talents from home and abroad, providing a unique opportunity for global collaboration and exchange.

The “Shuanglong Cup” Entrepreneurship and Innovation Competition will be instrumental in promoting the growth of emerging industries and enhancing China’s economic development. The new generation of information technologies is one of the strategic emerging industries the competition will focus on. This industry sector encompasses emerging electronic information materials, integrated circuit design and closed test, intelligent terminal manufacturing, 5G and network communication, new display, optical communication, and information technology-related new materials. The competition aims to provide a platform for innovators in this field to showcase their skills and receive support to transform their ideas into practical applications.

Shuanglong Cup” Entrepreneurship and Innovation Competition will be a platform for innovation, collaboration, and economic growth. It is open to talented entrepreneurs and innovators from China and abroad, with a particular focus on emerging industries such as new generation information technology. With the support of the Jinhua Municipal Committee of the Communist Party of China and the People’s Government of Jindong District, Dongyang City, and Yiwu City, the competition is expected to be a significant driver of China’s economic development in the years to come.

The field of life and health in Jinhua city focuses on a range of products and services such as chemical drugs, biotechnology drugs, medical instruments and consumables, modern Chinese medicine, health cosmeceuticals, medical robots, and new materials of biomedicine. This sector comprises 94 enterprises that collectively generate an annual output value of more than 20 billion yuan. With the increasing emphasis on health and wellness, the life and health industry is expected to see significant growth in the coming years.

Another sector that has gained significant importance in recent years is the new energy industry, which centers around photovoltaic materials, photovoltaic modules, power batteries, photoelectric components, inverters, new energy vehicle parts, graphene, superconducting materials, and new energy-related new materials. The Jinhua core photoelectric industry has 195 enterprises that contribute to an annual output value of over 130 billion yuan. The new energy sector is rapidly growing due to increasing demand for cleaner energy and the transition towards renewable energy sources.

The automobile and parts industry is also a significant contributor to Jinhua’s economy. This sector comprises 347 enterprises that generate an annual output value of over 60 billion yuan. The industry is engaged in the production of various automobile parts, including engines, gearboxes, brakes, and other components. The sector has experienced steady growth in recent years, and with the increasing demand for electric and hybrid vehicles, it is expected to continue to expand in the coming years.

To promote entrepreneurship and innovation, Jinhua city will hold a competition that will be divided into two forms of contests – the Entrepreneurship Competition and the Innovation Competition. These competitions are designed to encourage and support the development of new ideas and businesses that can contribute to the city’s economic growth. The competitions are expected to attract a range of entrepreneurs and innovators from different sectors and backgrounds, helping to create a vibrant ecosystem of innovation and business development in Jinhua.

The Entrepreneurship Competition has specific registration requirements that potential applicants must meet. Generally, applicants must hold a bachelor’s degree or higher, be under the age of 55, and establish a business in Jinhua with a registered capital of no less than 2 million yuan. Additionally, the participating talent should be the largest shareholder or largest natural person shareholder, with a shareholding ratio of not less than 30%. These requirements ensure that only highly qualified individuals and teams with relevant experience and expertise participate in the competition.

The competition requires that the enterprise has been established in Jinhua, and the registered establishment time must be less than 5 years (till March 31, 2023). Applicants should have entrepreneurial experience at home and abroad or must have engaged in research and development or management in key positions in large and medium-sized enterprises, well-known universities, research institutions, and familiar with relevant fields and international rules. They should also possess strong management abilities, independent intellectual property rights, and technological achievements that have reached international and domestic advanced levels.

It is essential to note that individuals, teams, or enterprises can only apply for one project. The same project should not be applied simultaneously by the same individuals, teams, or enterprises. If any such cases are found, the organizing committee has the right to cancel the qualification of the project. Additionally, leading talents who have established more than five enterprises will generally not be qualified to participate in the competition, following the principle of providing equal opportunities to all participants.

The Innovation Competition has separate registration requirements that applicants must meet. The innovation leader should hold a doctorate degree, be generally under the age of 55, and have worked as an associate professor or above in an overseas university or research institute or as an executive in a well-known enterprise for more than 2 years before the introduction. Young innovative talents, on the other hand, should have obtained an overseas doctoral degree, be generally under the age of 40, have a formal working position in overseas universities, research institutes, or well-known enterprises, and have leading innovation achievements and great potential for professional technology development.

These requirements ensure that the Innovation Competition attracts highly qualified individuals with substantial expertise and experience. With such a rigorous selection process in place, the competition is bound to attract a diverse and talented pool of applicants, ensuring the highest level of innovation, creativity, and entrepreneurship.

The Entrepreneurship Competition and Innovation Competition both follow a structured format consisting of several rounds, namely project registration, preliminaries, industry competitions, and finals. The finals of the entrepreneurship competition will award 1-2 first prizes, 3-5 second prizes, and 5-8 third prizes. Meanwhile, the finals of the innovation competition will give out 1-2 first prizes, 3-5 second prizes, 5-8 third prizes, and 10-15 winning prizes, as deemed appropriate.

Only projects that meet the qualifying standards can make it to the finals, and these projects can be directly identified as high-level talent introductions that are part of the “Shuanglong Plan” of Jinhua City. The winning projects of the Entrepreneurship Competition finals are identified as Class A, Class B, and Class C entrepreneurial leading talents, while those of the Innovation Competition are identified as Category A, Category B, Category C, and Category D leading innovation talents. Winning projects will receive a monetary award of RMB 5-1 million, with disbursements made in batches based on the project’s progress.

In addition to the monetary award, leading talents can also avail of other supporting policies such as household registration, house purchase, and children’s education. This added incentive can attract more talent to participate in the competition, and hopefully, boost the overall quality of the entries.

The registration periods for both the Entrepreneurship and Innovation Competitions are scheduled from January 1 to March 5, 2023, and January 1 to March 20, 2023, respectively. Interested participants must register within these periods to be eligible for the competition. The competition’s detailed guidelines and entry requirements will be made available to the public prior to the opening of the registration period.

Overall, the Entrepreneurship and Innovation Competitions aim to identify and reward outstanding talents in the fields of entrepreneurship and innovation, and to support the implementation of their projects. With its comprehensive framework, rigorous selection process, and attractive incentives, these competitions can become a valuable platform to inspire innovation, foster entrepreneurship, and contribute to the development of the economy.

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