Taiyuan woos young startups

The organizing committee of the Taiyuan Youth Entrepreneurship and Innovation Competition has invited young people across China to demonstrate and challenge their business skills.

Since 2015, the annual competition has engaged young entrepreneurs' passion and drive as they prepare their first businesses. The competition attracts the attention of many established companies and venture capitalist firms who watch with interest the more than 2,000 competitors and their 400 projects.

This year's competition, with its theme of "hard work and entrepreneurship in youth", will feature two categories: formal venture and entrepreneurship intention. Venture programs will be divided again into industrial and trade, modern agriculture, and Internet divisions.

Expert judges will assess the feasibility, operational planning and performance, management, interpersonal communication, organizational abilities and emergency management capabilities of each project. One first prize, two second prizes and three third prizes will be awarded in each of the three formal venture groups and in the entrepreneurship intention category.

Co-organized by Alibaba Cloud Startup Contest, a global competition launched by Chinese e-commerce giant and a major attraction to attendees and competitors, the event aims to explore quality venture programs and cultivate professionals in innovation and entrepreneurship.

The Taiyuan division of the 2018 Alibaba Cloud Startup Contest will coincide with the fourth Taiyuan Youth Entrepreneurship and Innovation Competition. All formal venture programs in the final of the Taiyuan competition will compete for a top-six placement in the Taiyuan division of the Alibaba contest, traveling to Mumbai, India, for international study and networking.

The Taiyuan Youth Entrepreneurship and Innovation Competition will be held at the Taiyuan Alibaba Innovation Center in Xiaodian district. The district has offered to support the competition with 1 million yuan ($154,535) in funds and 1 million yuan in Alibaba Cloud vouchers.

Any startup member or directors under 40 are welcome to apply for the competition by completing the form at tyyouth.gov.cn and mailing it to the relevant address.

One of the first national demonstration cities for small and micro-sized company entrepreneurship, and innovation bases, Taiyuan has housed 262 makerspaces, 39,000 small and micro-sized companies in incubation, and provided reduced space rental fees worth 210 million yuan for small and micro-sized companies by the end of 2017.