China loves technology startups, and the country is constantly on the look out to find incredible entrepreneurs that are looking for a chance to shine.
For this year, the country will be hosting a massive global startup competition, where the best ventures could receive up to $300,000 in cash for qualifying.
Also known as the the Global Entrepreneurship Competition (GEC), the contest is co-hosted by the Beijing government, HICOOL, and GITP Asia with the goal of uncovering incredible startups from all over the world, and to support them with their expansion into China.
Total of $15 million prize money for 140 startups
GEC 2022 will allocate over $15 million in cash rewards to a total of 140 winning startups.
Startups will go through a 4-stage qualifying process, where they will be evaluated for their ideas, business model, product, and team.
Cash prizes for qualifying startups are as follows:
- 1st Prize: $300,000 USD (7 startups)
- 2nd Prize: $150,000 USD (21 startups)
- 3rd Prize: $75,000 USD (42 startups)
- 4th Prize: $30,000 USD (70 startups)
Qualifying startups will also receive lots of help to enter the market, alongside massive exposure that will drive lots of partners and customers. Some of them include:
- Incorporation and company establishment in Beijing city
- Visas and Immigration support
- Support for Children’s education
- Medical and Healthcare
- Social security / insurance
- Entry for Scientific Research / IP protection
- Valuable connections to investors, government representatives, and local clients.
Startup Eligibility Requirements for GEC 2022
GEC 2022 welcomes startups / SMEs from all backgrounds, and will prioritize companies in the following areas:
- AI / Virtual Reality / Fintech
- Medical Health
- Information Technology
- High-end Equipment
- New Energy / Energy Conservation & Environmental Protection
- Cultural Creativity
- Agricultural & Food Technology
Applicants must meet the following eligibility criteria to participate:
- Companies must be established OUTSIDE of China, Hong Kong, and Taiwan for at least 1 year.
- Applicants must have obtained their education outside of China, Hong Kong, and Taiwan.
- Applicants must be the founder(s) or the founding team, with a minimum shareholding of 30% or greater.
- Each participant can only apply to join the competition once.
- Participants need to fill up a simple online form to apply.
Apply to participate in GEC 2022
With countries across the world reopening their borders, GEC presents a phenomenal opportunity for startups to enter the lucrative Chinese market and tap on incentives provided by the local government for tech-related projects.
While participating is completely free-of-charge, startups should take note that the closing date for applications is 29th April 2022.
The first stage of the competition will take place from May 2022 (online qualifiers), followed by the semi finals taking place from July – August (also online), and the finals taking place from August – September (in-person, depending on the situation of the global pandemic).
Interested startups can apply to participate in GEC 2022 by filling up the following online application form, a representative from the organizing committee will be in touch within a couple of days on the next steps.