Sino-Korean Youth Innovation and Entrepreneurship Contest Takes Place in Chengdu Hi-tech Zone

CHENGDU, China, June 27, 2016 /PRNewswire/ -- Between June 24-25, the First Sino-Korean Youth Innovation and Entrepreneurship Contest and Sino-Korean Cultural Festival took place in Chengdu Hi-tech Zone of China.

The District is western China's first National Innovation Demonstration Zone, and also the location selected for the Sino-Korean Innovation and Entrepreneurship Park. The theme of this contest is 'Sino-Korean cooperation, innovation and entrepreneurship', designed with the aim of promoting the strategic connection between China's 'innovation-driven development' and 'mass innovation and entrepreneurship' initiatives and South Korea's 'creative economy' endeavor.

This contest will also promote the construction of the Sino-Korean Innovation and Entrepreneurship Park, deepen the understanding of each side's advantageous industries and market situation for young Chinese and South Korean entrepreneurs, and encourage exchanges and collaborations between entrepreneurs of the two countries.

October 31 last year, the governments of China and South Korea reached a consensus regarding more extensive partnership in areas such as innovation, intelligent manufacturing and R&D of high-level technology, the establishment of youth innovation and entrepreneurship platform and third party market joint development platform, providing guidance and securities to collaborating parties, and the creation of a Sino-Korean Innovation and Entrepreneurship Park in the Chinese city of Chengdu.

A series of cooperation agreements such as Memorandum of Understanding about Innovation and Entrepreneurship Cooperation were signed between China's Ministry of Science and Technology (MOST) and South Korea's Ministry of Science, ICT and Future Planning (MSIP).

As one of the measures in stimulating innovation and entrepreneurship cooperation between China and South Korea, this contest is co-hosted by China's MOST, Central Committee of the Communist Youth League, Sichuan Provincial Government and South Korea's MSIP. Under the witnesses of over 500 venture capital firms, incubators, maker spaces and corporate representatives, 16 Chinese and South Korean startup teams from areas such as electronic information, biomedicine, intelligent hardware and artificial intelligence participated in the contest. TestBird of Chengdu and RAONICS of South Korea emerged as the First Prize winners.

Chengdu Hi-tech Zone in is inland China's premier hi-tech park, often referred to as "Silicon Valley" of western China. On the average day, 114 companies are registered here, and at present, over 7,500 science and technology companies, more than 800 financial institutions and some 150 Fortune Global 500 and renowned international corporations have already set up operations here.

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.

It has been reported that since the inception of the Sino-Korean Innovation and Entrepreneurship Park cooperation, a myriad of projects such as South Korea's DK Group and Korea Investment Partners have already settled in the complex, mostly within the Chengdu Hi-tech Zone Jingrong Start-up Hub, a building with 256,000 square meters of total floor space.

In an effort to bolster innovation and entrepreneurial collaborations between China and South Korea, the Chengdu Hi-tech Zone has signed Memorandums of Cooperation with numerous South Korean entities such as North Jeolla Province, K-ICT Born2Global and SBA. During the duration of this contest, three Korea-funded organizations including Sino-Korean Internet+ New Technology Incubator and Chengdu-Korea Startup Incubator announced the establishment of their operations in the Sino-Korean Innovation and Entrepreneurship Park.

Fan Yi, the Party Working Committee Secretary of Chengdu Hi-tech Zone, explained: "the Sino-Korean Youth Innovation and Entrepreneurship Contest will further enhance practical collaborations between the two sides. It will also promote the partnership between the two country's leading innovation and entrepreneurship platforms, the Chengdu National Innovation Demonstration Zone and Creative Economy Centers of South Korea, and their teamwork in areas such as hosting innovation and startup activities, constructing makerspaces together, accelerating joint R&D projects, promoting cross-industry cooperation and facilitating the flow of key elements. This contest will usher innovation and entrepreneurial partnership between China and South Korea into a new phase."

It has been reported that as an important and high-frequency program in the innovation and entrepreneurial undertaking between governments of the two nations, the Second Sino-Korean Youth Innovation and Entrepreneurship Contest will be held in South Korea next year.

SOURCE Chengdu High-tech Industrial Development Zone