Tina Chen
THE city government set aside 30 million yuan (US$4.5 million) to support winners of this year s innovation and startup competition, the Shenzhen Science, Technology and Information Commission told a news conference yesterday.
The second annual China (Shenzhen) Innovation and Entrepreneurship Competition, launched in May, selected the 50 winners last Friday.
The corporate winner would be given 300,000 yuan and winners yet to set up a venture would be given 200,000 yuan to start a business.
A government-subsidized venue up to 200 square meters would be offered to each of the winners rent-free for the first two years and for half the commercial rate in the third year.
Another 30 million yuan would be provided by venture capital to the three best innovations as well as potential companies.
The competition attracted more than 1,000 applicants from home and abroad this year.
The applicants were from industries such as electronics, information technology, chemicals and medicine.
Lihan Technologies Co., last year s winner which specializes in sustainable energy technology development, was given venture capital of more than 10 million yuan.
The competition was organized by the science and technology commission and the China Association of Technological Entrepreneurs to promote innovation, encourage researchers to start a business and encourage high-tech pioneering.
