A press conference and launching ceremony for the first Zhongguancun-Silicon Valley Innovation & Entrepreneurship Competition took place simultaneously in Beijing and Silicon Valley in the United States on May 14, Beijing Time.

The competition was designated to promoting exchange between Zhongguancun Science Park and Silicon Valley, both representatives of their two countries' innovation centers, said Xuan Hong, deputy director of Zhongguancun's administrative committee.

As a cradle for entrepreneurs, Silicon Valley has witnessed the birth of many great venture companies, including Apple, Google and Facebook, thanks to its open environment and rich resources.

In the meantime, Zhongguancun Science Park, after 20 years of growth, has also attracted many quality entrepreneurs. There are hundreds of start-up service organizations here in various sectors, such as incubation, education and exchange.

The contest will wrap up in November 2013 and select first, second and third prizes in the two regions.

Contestants are start-ups in industries such as next-generation Internet, mobile Internet, new-generation mobile communication, biotechnology and health, energy conservation and environmental protection, integrated circuits, new material and energy, and new-energy vehicles. Winners will receive attractive awards.

The event is sponsored by the Zhongguancun administrative committee and hosted by Entrepreneur (China) Magazine and Beijing Hanhai Zhiye Investment Management Group. Co-organizers involve renowned VCs and incubators, including Zhongguancun's liaison office in Silicon Valley, Zhongguancun Hanhai Science Park in Silicon Valley, Microsoft Cloud Accelerator, and Tsinghua Entrepreneur & Executive Club (TEEC).

Guo Hong, director of the administrative committee, announced the launch of the contest in Beijing, where Zhang Zhihong, executive deputy director of the Torch High Technology Industry Development Center under the Science and Technology Ministry, attended the inauguration ceremony.

Attendees to the Silicon Valley venue included Xia Xiang, economic and commercial counselor of the Chinese embassy in San Francisco; Hugo Shong, founding general partner of IDG Capital Partners; and David Chao, DCM founder and managing partner.

Edited by Chen Zhilin and Michael Thai