China's startups are vying against big companies for the best minds as the country pushes for entrepreneurship and innovation-driven growth. Startups offer the prospect of realizing one's dreams, leading many to give up high-paying jobs at established firms, according to investors and entrepreneurs last week at a meeting of the World Economic Forum in Tianjin in North China.

A growing number of talented people are starting their own companies instead of working for big firms. China's startup boom comes as the internet plays a growing role in retail and other services and following endorsements of entrepreneurship by authorities.

"Back then there was a lack of talent in young companies, because there were a lot of risks and fear in not taking the traditional path," said Calvin Chin, founder of Transist, a startup incubator. "But now as startups become increasingly more popular, and more and more companies grow into success from nothing, what you see is that smart people are opening their own companies in China."