Chinese, British Governments Launch Enterprise Competition

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Last updated at: (Beijing Time) Friday, March 14, 2003

Chinese, British Governments Launch Enterprise Competition

The British and the Chinese governments announced the launch of an competition to encourage business innovation, in Beijing Thursday.

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The British and the Chinese governments announced the launch of an competition to encourage business innovation, in Beijing Thursday.

Entrepreneurs seeking financing for their innovative business ideas can enter the Enterprise Competition, jointly run by the British Department of Trade and Industry and the Chinese Ministry of Science and Technology.

The Chinese and British governments have agreed to each contribute 50,000 pounds (78,600 US dollars) towards the prize. A panel drawn from the Chinese and British venture capital community would oversee the competition, with around six representatives from each country, the sources said.

The administration and sifting of projects will be carried out by the Center for Innovation Funds for Small Technology-Based Firms under the Ministry of Science and Technology. The center will identify a list of 15 projects.

A spokesman for the Ministry of Science and Technology said at a news conference, the Enterprise Competition aimed to encourage the technological innovation of Chinese scientific and technical personnel and lay a sound foundation for technology-based firms to secure investment in the future.

British Ambassador to China Christopher Hum said the Enterprise Competition was an example of the British and Chinese governments working together to stimulate new ideas and reward innovative thinkers.

Innovation was a major theme of Think UK, he said.

Think UK is a series of exciting science and technology, commercial and cultural events highlighting modern British creativity and its partnership with China. The Enterprise Competition is part of Think UK, which is a high profile series of events and media activities designed to bring the best of British innovation and creativity to China.

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