A：You will need to submit a business proposal
Q2. Should we upload the file of the project in .ppt format or .pdf format? Are we supposed to both describe the project in the registration form and upload the ppt/pdf file? Where/how to upload?
A：You can upload the ppt or pdf of BP onto the registration system as mentioned above, the size of the document should be within 20Mbs.
You can follow the steps of the online registration system after logging in to fill up and upload information being required on each website page. You are not going to fill up your ppt information in the word version of registration form being provided, however you can upload your business proposal to the online registration system as an attachment. It is not mandatory to use the ppt template, you can use your original ppt.
Q3. What is the difference between “Financing amount” and “Total project expected input”?
A：“Financing amount” means the amount of investment that your proposed project is seeking currently. If there are no fund-raising demands, you can type in: N/A;
“Total project expected input” means the amount of expenditure, including all that you decide to invest in the proposed project which will contest during the competition.
Q4. Can the company be “Achievement holder”?
A：There are 3 options for you to choose regarding “Achievement holder”: “Myself” means the founder of the proposed project has the 100% ownership of its IP. “Partnership” means the founding team members share the ownership of the IP. “Institution” means other organization including universities or R&D centre, labs have the IP, as some projects were spinouts from institutions’ research findings.
Q5. What to fill in the blanket: Patent status？
You can briefly describe the current situation of the proposed project’s patent application for protection in a global context (to what extent it is entitled to be protected, in a region, a country, a continent or worldwide).
Q6. In the registration form: Innovative & entrepreneurial experience and Innovative technology and achievements: how to define these?
You can briefly describe according to your previous experience during an academic and/or professional career. If any, why your proposed project is competitive and has great potential in the market due to your previous experience.
Q7. Is it possible to receive the slides?
A：Please come to the organization who recommended you to today’s webinar and the competition, we will share the slides to them.
Q8. The requirement of the age of the contestant?
A：Under 55 years old, which means that the founder who is entitled to register for this year’s competition should be born in or after 1965.
Q9. Is there any focus related to sports technology, especially around the Beijing 2022 Olympics?
A：Anything that you think is technology-related and has a great potential can apply for the competition this year.
There are several sports’ motion detection companies applying for last and this year’s competition.
Q10. Is Hangzhou fully reopened?
A：Hangzhou now is reopened under certain regulations. If you ask this question regarding the way of participating in the final contest, it won’t be a problem, as we are going to deploy different methods, such as online roadshows as well as contests of different rounds this year.
Q11. Can the team consist of both Chinese student who is studying abroad and foreigners?
A：Yes, of course.
Q12. Given the current restrictions, would finalist need to travel onsite, and the program will run entirely online?
A：We don’t have very solid answers currently, because we still need to see how the pandemic outbreaks go in a couple of months this year. The grand final competition will be held on November, so we still have time. We might hold the competition online if there are still problems and restrictions.
Q13. Is the competition only applies for those technology companies? What about health and wellness related companies?
A：Health and wellness companies also can apply for the competition. This year’s competition has a specific industrial track for contestant projects that is opened to all the health and wellness companies.
Q14. Can any IP companies have, remain registered outside of China?
A：Yes, it is irrelevant where the IP is registered. It is relevant who in the contestant team or what institution own the IP. Please refer to Q4 and Q5 for more information.
Q15. Perhaps IP could be licensed to the created Chinese Entity?
A：Yes, the IP could be licensed to the created Chinese Entity.
Q16. Should we prepare BP in both Chinese and English?
A：If you are in the sector of “foreigners’ session”, English version would be okay, but Chinese version could be a plus.
Q17. Is this investment (equity) or competition with “prize” funding?
A：The competition won’t provide investment other than prize funding, landing support. Projects that will land and implement transformations in Hangzhou can also enjoy preferential policies such as tax relief, rent subsidies, financing guarantees, and loan discounts in the park.
However, the equity investment is another thing from the group of VCs in Hangzhou who are attracted by the competition every year, and VC partners of the organizing committee. The competition has launched an investors’ alliances since 2020, introducing more than 50 major investors or VC firms to this competition to have a look at all the proposed projects during the competition.
Q18. Is there a standard amount for the prize funding, and then there may be additional funding from investors if that is agreed by the team and the investors?
A：The question about the investment further after the competition: On November, 48 will be selected for the final, and we’re giving out one first-place prize, 4 second-place prizes and 7 third-place prizes for the top 12 projects that will enter the grand final. They will also have the opportunities to receive 5 million, 3 million or 2 million financial funding support. Projects that have entered the semi-final, after landed in Hangzhou, will have access to minimum 200000 financial subsidies, some entitled to 1000000 according to your rankings during the competition.
For more information, I have shared the website of the competition this year with both Chinese and English versions online. （http://www.hzzjlx.com/icehz/Index/nindex）
Q19. As part of the submission process, there are questions relating to submitting passport number details. Could you please shed some light on why this is required at this stage before beginning finalist?
A：At this stage, the passport number is not necessary to submit, and you can provide the passport number when you need to come to China to attend on-site contest. A passport number is required only when you need us to provide the invitation letter for you to come to China for applying for visa.
Q20. Is the competition prize equity-free? Does the Hangzhou government ask for any kind of equity from the company or any sort of shares?
A：No, the prize is just a policy or subsidy.You can see it as allowances giving out to those awarded contestants after the competition. Investment equity and share’s problem is another thing with the investment firms.
Q21. One question about the Financial Support for Entrepreneur，what does that mean? Is it a loan for startups or government will give money to these teams gaining prizes for free and help them to develop their business?
A：It is not a loan. It’s a subsidy or an allowance, it’s a compensation given to the startups. However, they have certain regulations for how much expenditure you will spend in Hangzhou including R&D or labour cost determined by annual audits to the actual expenditure from a startup or company who actually registered in Hangzhou after the competition. Relevant department will grant the subsidies accordingly.
Q22. Would it be possible to share examples of the VC firms involved in the competition just in case they don’t focus on our areas of business?
A：About VC firms, for more information, you can find a list of VC firms the competition cooperates with on the official website of the competition.
Q23. How we evaluate different startups and who will meet the standards to different levels of prizes? Can you please explain in detail?
A：Different startups will be divided into different review groups according to their professional fields, such as, health, digital economy, intelligent manufacturing, etc. According to the opinion of the review experts, the top 136-168 will enter the semi-finals. The first 48 startups of the semi-finals will enter the finals, and the top 12 of the finals will enter the grand finals.
Q24. How would you evaluate projects, if the participants’ progress is at different stage? For example, one at MV stage and another one at the idea stage ?
A：According to the results of previous competitions, if projects with the similar technical, the mature one are more likely to achieve good rankings compare to project at the idea stage.
Q25. Are there limitations for what competition prizes can be spent on? e.g. Does it have to be spent in china, is it only for R&D or can it be used for marketing etc.
A：The prize is to individuals, so there’s no limitation on where and what the money has to be spent on.
Q26. I understand the competition prize money is a set amount, but the form asks how much money you are seeking for. So not sure whether the “amount” relates to investment?
A：Yes, it is related to the money you determined to raise for your company, it is separate from the prize.
Q27. Is a full business plan required for the competition or is it just if you also want to seek equity investment?
A：Yes, BP is required.
Q28. Is there a full terms and conditions document (the website seems fairly general)?
A：Please click “Read more (阅读原文)” button under all the content of this article to receive the elaborated document.
Q29. Is there a requirement to go to China for the finals? I know there are many unknowns still restrict global travels, and I have two young children and am not sure I can commit to attending the final in person particularly if we are still in a pandemic/semi pandemic situation
A：It used to be required for entitled contestants to go to China for the last three rounds of contests, however, we are planning to move the competition online due to the pandemic.
Q30：Please give a rough description of the minimum requirements.
A：Contestants must prove their experience, scalability, and a broad market prospect. People who have already started their business in HZ are not able to enter. Projects should have no more than 4 team members, should submit their detailed business plan, including funding plan, technological insights. Detailed competition requirements can be re-read on this website.
Q31：What is the deadline/schedule？
A：It is end of June, however, the earlier you apply you more attention you get since the number of competition applicants yearly exceeds 1000.
Q32：What kind of financial plan should be provided？
A：To put it simply, you must be aware of how much funding you are seeking and you will already be asked about this in the application for the competition. A financial plan should include a forecast, financing need, the basic financial parameters of your business.
Q33：Which technology to promote & which industries are the competition aimed at？
A：There is a slight focus of this competition, such as health tech, digital economy, smart manufacturing. There is also a group called “general industries”. However, at the end of the day, you must have somewhat market fit technologies, focus on the local market, getting to know the government, enjoy the incubation process also during the competition. There has to be a market fit which is also evaluated in the pre-selection of the competition to evaluate the offering to the market. Keep realistic of how to approach China landing.
Q34：How to pick an industry during the application process if your company is active in various sectors？
A：Apply for your main technology.
Q35：Who could or should apply？
A：A competitive company, with a technological advantage. Student startups focusing on foreign trade, are less likely to be able to enter the competition. Innovative & disruptive solutions in the sectors mentioned before have a higher chance. Certain level of maturity is definitely a great advantage, for instance expanding companies from their home markets intending to scale in China.
Q36：How can we reach out or collaborate with Chinese companies？
A：During the competition, you have many chances and exposure to connect to local VCs, companies, government and other partners.
Q37：What will the subsidies and allowances consist of?
A：Projects that will land and implement transformations in Hangzhou can also enjoy preferential policies such as tax relief, rent subsidies, financing guarantees, and loan discounts in their tech parks. For example, R&D expenses, office space, subsidies, etc., all have chance to be compensated. It is based on the actual situation of the annual audit and the registration status. Even if you can’t access all subsidies, you get the chance to use free apartments, free office space and excess subsidies for office space.
Q38：The worry about (not) having a prototype
A：If you have a technological solution that is for instance cloud-based, then it is suggested presently that and try to visualize it.