Bizstartup.ie -

This is part of the wider China UK Entrepreneurship Competition, led by local government organisations in Chongging and Tianjin.

Open to students and local companies, the competition replicates the process of entrepreneurs securing start-up funds from early stage investors and venture capital firms.

The competition, now in its third year, is divided into two strands — Innovative Business track for existing businesses in the UK or China, and Tomorrow’s Leaders track — for students at any UK or Chinese University. Both strands promote business ideas that use international resources or markets. Thirty two teams will be selected to take part in the competition in order to win up to £10,000 in prizes, with an investment opportunity of £250,000 in the finals.

“The competition has been developed by partners in the UK and China to bring together existing business and new student-led start-ups hoping to develop commercial relationships and exploit market opportunities through business collaborations between China and the UK,” explains Yu Xiong, a lecturer at Queen’s University Management School and director of the organising committee of the China UK Entrepreneurship Competition.

“China is becoming a more and more important country economically. It has not been affected by the recession in the same ways as others. Business opportunities there are huge and it has a rising scientific and technological base that is increasingly attracting worldwide attention.

“Doing business overseas can be daunting for many entrepreneurs but the programme aims to promote the opportunities that exist and to highlight potential stars to watch in the future. Those taking part learn a lot through the process and their ideas can translate to real business opportunities.”

All sectors are eligible to apply, but the business idea proposal must link China and the UK. This may be through selection of the target market for the product or service, through key supplier relationships or through joint development of the technologies or services involved.

Judges will assess each business plan on criteria including market and competitor analysis, project development plan, financial plan, risks and proposed mitigating factors, management of intellectual property and promotion of UK-China business links. Assessment will be through written elements and oral presentations at each stage of the competition.

The overall winner will be announced at the national finals at University College London in June and events are also taking place at other participating universities.

To enter, teams need to submit an executive summary of their idea by 26 February. For more information on the competition, click here.

Caption: Yu Xiong, a lecturer at Queen’s University Management School and director of the organising committee of the China UK Entrepreneurship Competition