Beijing's Economic Technological Development Area, or E-Town, is now looking for people and enterprises to take part in a new technological innovation and entrepreneurial competition.

It will offer awards to the winners, such as capital for settlement in the area, credit granting from financial institutions, 2-million yuan ($322,000) in investment funds, and free training.

The development zone is Beijing's only national economic technological development area and came up with the entrepreneur competition idea,?for the?first time, in response to China's call for greater innovation and entrepreneurships.

It began accepting applications recently for the competition, which involves two groups— team groups and enterprise groups. The former are required to come up with technological innovations or business plans without having registered as a company before the competition, and no fewer than three people. The latter should be small or mid-sized enterprises established no longer than five years (biological and medical companies can go beyond five years) with innovative strengths and good growth potential.

The groups will be categorized in four industrial areas for evaluation -- electronic information and smart manufacturing; biomedicines; cultural innovation; and energy conservation and environmental protection.

The Beijing Economic Technological Development Area was started in 1992 with State Council approval and has developed in an intensive, cluster, innovative, and environmentally friendly way.

It and its affiliated industrial parks and incubators will provide a space of no more than 300 square meters for free for two years, with follow-up services available such as registration, materials preparation, entrepreneurship training, and professional guidance.

The competition's application period lasts till July 20.