Startups looking to expand into China can now qualify to receive as much as $300,000 USD by participating in the upcoming Global Entrepreneurship Competition (GEC).
The competition, hosted by the Beijing government, HICOOL, and GITP Asia, aims to discover startups from all over the world and support them with their expansion plans into China.
Over $15 million to be allocated to 140 startups
For 2022, GEC will allocate over $15 million in cash rewards to a total of 140 startups.
Startups will go through a 4-stage qualification process where the top performers will receive cash prizes, as well as unparalleled exposure and market entry support.
Cash prizes to 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 exposure and market expansion support in the following areas:
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.
GEC Eligibility Requirements
GEC welcomes startups / SMEs from all backgrounds, but with a focus on the following key categories:
AI / Virtual Reality / Fintech
New Energy / Energy Conservation & Environmental Protection
Agricultural & Food Technology
Applicants must meet the following eligibility criteria to participate:
Companies must be established outside of China for at least 1 year.
Applicants must have obtained their education outside of China.
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.
Applications Closing 3rd May
With the global economy gradually reopening, 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, the closing date for applications is 3rd May 2022.
Preliminary qualifications will take place from May 2022 (online), followed by the semi finals taking place from July - August (online), and the finals taking place from August - September (in-person, depending on the pandemic situation).