Innovation competition kicks off in New York

China has been looking for ways to stem the tide of its brain drain, where too many of their brightest talents go overseas for top-notch education and stay there, rather than go back home.

The Chunhui Cup, now in its ninth year, is one such effort. Sponsored by China's Ministry of Education and the Ministry of Science and Technology, the 2014 Chunhui Cup Innovation and Entrepreneurship Competition for Chinese overseas students started receiving applications on Monday.

Xu Yongji, education counsel at the Chinese Consulate General in New York, said the main purpose of the Chunhui Cup is to attract talented and passionate overseas students and employees back to China to start businesses and careers.

Contestants submit business plans that are judged by a panel of experts and winners attend an awards ceremony Oct 24 where they will have the opportunity to meet with investors interested in helping get them set up in China.

Over the past nine years, the competition has selected nearly 1,376 innovative and entrepreneurial programs created by overseas Chinese students and professionals and more than 300 of them are up and running businesses in China.

Cheng Lei, vice-consul general, said this year's Chuihun Cup was set up in two regions, one on the West Coast and one on the East Coast. Eligible applicants in the East region include Chinese students and employees in New York, New Jersey, Pennsylvania, Ohio and New England.

Xu said successful applicants should be studying or working abroad, have attained at least a master's degree, and should aim to pursue innovation and entrepreneurship upon their return to China.

Xu also announced they plan to organize training sections in late May and June.

Xu said training sessions would focus on creating a business plan in which applicants will learn Chinese business models, market positioning, public relations and how to write business proposal. Also, professions in Chinese entrepreneurship policy and environment will be available to answer questions.

Each applicant may enter only one program. Former participants are not allowed to participate in this year's contest, but interested alumni can contact the committee for promotion of new programs through the application website. Cheng said all applications should be submitted no later than July 31.

Xu said investors and professionals from the Chinese Science and Technology Park will be invited to the award ceremony on Oct 24. "Winners will be able to discuss their business plans with those who care and see the potential," said Xu.

The Chinese Business and Cultural Development Center in North America (CBCDC) is one of the local co-organizers of the Chunhui Cup. Su Zuqi, president of CBCDC, said the New York sub-contest system would provide more opportunities to North America applicants.

haidanhu12@chinadailyusa.com

(China Daily USA 04/23/2014 page2)