The Shengjing Global Innovation Awards 2015, which aim to discover and encourage promising innovation projects and start-up teams, launched on Jan 8, in Beijing.

The competition is being hosted by Chinese company Shengjing360.com and intends to become a global service platform for innovators and cooperation.

The event is supported by Shengjing Jiacheng, a funding organization associated with Shengjing360.com, the Silicon Valley Startup founder and investor platform F50, the office of the chief scientist in Israel, Israeli venture capital organization JVP, the Hebrew University of Jerusalem and Telefonica in Spain.

Peng Zhiqiang, chairman of the company, shared his opinions on the trends and opportunities of global innovation in his speech at the launch ceremony.

The competition is themed "Innovation, Capital and Internationalization" and is divided into regions including China, the United States, Israel, Europe and Latin America. The China division includes North China, East China and South China sub-divisions. The primary and semifinal rounds will be carried out in each division respectively in the first half of the year. The final will be held in Beijing in August as part of a large start-up festival.

Shengjing 360 will provide $1.5 million as cash prizes for the winners, with no equity return required from the receivers. Shengjing Jiacheng promised to invest $15 million in the winning companies.

Incubators and venture capitalists participating in the event are predicted to invest another $150 million jointly in promising competitors, according to the event's organizer.