More than 1,000 domestic and international startups and venture capitalists gathered in Beijing this week to attend the inaugural ceremony of Zhongguancun International Startup Festival and the final of Shengjing Global Innovation Awards 2016.

Hosted by Shengjing Group, one of the leading innovation and startup service platforms in China, the event was directed by Zhongguancun Science Park Administrative Committee and the government of Beijing’s Haidian district.

Officials from national and regional departments of the government also participated in the event, which attracted more than 3,500 innovative startup ventures from global participants this year. Of the total entries, 20 outstanding projects entered the final competition.

Shengjing alone will provide $1.5 million in cash prizes to top 10 winners of the competition, with no equity return required from them. Likewise, the company has established a special foundation with investors that will invest $25 million in promising competitors.

Incubators and venture capitalists involved in the competition are expected to invest $150 million, the organizer said.

The event was initiated by Shengjing Group in 2015 with a motive to discover and encourage innovative projects and startup teams globally. The company aims to turn the event into an international brand and platform for innovation and investment.

Shengjing so far has joined hands with over 100 top global innovative incubators, accelerators and venture capital institutions to explore cultivate and invest in innovative startups worldwide.

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