Innovation, entrepreneurship competitions help boost innovation by SMEs in China – Xinhua Silk Road

Posted on July 10, 2021 by Design in Design Innovation | 0 Comments

Photo taken on March 19, 2019 shows the view of the Central Business District (CBD) in Shenzhen, south China’s Guangdong Province. (Xinhua/Mao Siqian)

BEIJING, July 5 (Xinhua) — Multiple regions in China have recently called for small- and medium-sized enterprises (SMEs) to participate in innovation and entrepreneurship competitions, with generous rewards offered to encourage and support innovative development of these enterprises, reported Shanghai Securities News Monday.

For instance, the organizing committee of the “Maker in China” innovation and entrepreneurship competition for SMEs featuring specialization, refinement, specificity and novelty in Shenzhen of south China’s Guangdong Province held an online briefing on July 2 to encourage SMEs and makers to jointly discover and cultivate a group of excellent projects and teams, and incubate and develop a number of new products, technologies, models and businesses through the competition.

It’s learned that 50 award-winning projects will be selected in the competition, with a maximum award of 150,000 yuan.

The registration for the SME innovation and entrepreneurship competition in central China’s Henan Province has already been finished from June 14 to 25, and projects winning the first, second and third prizes and excellence awards in the provincial final will be respectively awarded 50,000 yuan, 30,000 yuan, 20,000 yuan, and 10,000 yuan.

Outstanding SMEs emerged in these competitions will be recommended to participate in “Maker in China”, an SME innovation and entrepreneurship competition jointly launched by the Ministry of Industry and Information Technology (MIIT) and the Ministry of Finance (MOF) in 2016.

After approval, these recommended enterprises can be candidates for the top 500 Chinese enterprises, and take part in the national final of the “Maker in China” competition.

The “Maker in China” competition will recommend outstanding projects to investment funds, venture capital institutions, and banks, and organize online and offline business-matching activities to gather and drive various investment and financing institutions to provide diversified services for the participating enterprises.

Related authorities will also provide technical services such as inspection and detection, technology transfer, digital transformation and industrial design, as well as legal, human resources, financial and intellectual property services on the national SME public service demonstration platforms for outstanding projects, and arrange tutors for entrepreneurship and experts in technology, investment and management to provide related guidance.

(Edited by Gu Shanshan with Xinhua Silk Road, [email protected])