The first Sino-Korean Youth Innovation and Entrepreneurship contest over the weekend (24 and 25 June 2016) saw the participation of 16 Chinese and South Korean startups teams.
Held in Chengdu Hi-tech Zone of China, the contest is co-hosted by China's MOST, Central Committee of the Communist Youth League, Sichuan Provincial Government, and South Korea's Ministry of Science, ICT and Future Planning (MSIP).
It aims to deepen the understanding of each country's advantageous industries and market situation for young Chinese and South Korean entrepreneurs, and encourage exchanges and collaborations between entrepreneurs of the two countries.
More than 500 venture capital firms, incubators, maker spaces and corporate representatives, attended the event to learn about the participating startups, which operated in the areas of electronic information, biomedicine, intelligent hardware and artificial intelligence.
Two teams from both countries emerged as the first prize winners.
According to the Chengdu High-tech Industrial Development Zone, this competition supports the series of cooperation agreements between the governments of China and South Korea. The agreements mainly focused on building a more extensive partnership in areas of innovation, intelligent manufacturing and R&D of high-level technology, as well as the establishment of youth innovation and entrepreneurship platform.
In addition, the agreements also included the creation of a third party market joint development platform to provide guidance and securities to collaborating parties, as well as the development of a Sino-Korean Innovation and Entrepreneurship Park in the Chinese city of Chengdu.
Often referred to as 'Silicon Valley of western China', the Chengdu Hi-tech zone is currently housing more than 7,500 science and technology companies. According to the Report on Global Startup Cities released by the Martin Prosperity Institute in January this year, the total amount of venture capital received in Chengdu is in the range of many top European and American cities.
The second Sino-Korean Youth Innovation and Entrepreneurship contest will be held in South Korea next year.
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