The 6th Suzhou Entrepreneurship Week opens on July 10. The Suzhou Young Entrepreneurship Competition was held recently as a prelude. Winners this year will be awarded business funds of 8,000 to 300,000 yuan ($1,280 to $48,030).

This year, the final competition was held at the Suzhou Youth Center. The competition attracted college and institute teams from both home and abroad. The number of projects reached 566, which was more than ever before. Many competitors showed their research products, which raised interest from the judges.

Colleges and enterprises in Suzhou showed great enthusiasm for the competition. Suzhou University, Suzhou University of Science and Technology, entrepreneurial teams from vocational schools and many start-up enterprises took active part in the competition.

The competitors were divided into two groups this year: entrepreneurial teams and start-up enterprise teams. The projects covered a wide range: software and service outsourcing, new materials, modern equipment manufacturing, pharmaceuticals and biotechnology, cultural creativity, financial service, nanotechnology, new energy and smart grid. The projects, with high technology content and great development potential, are in line with Suzhou’s industrial development.

The competition, which began in 2009, is co-hosted by Suzhou’s talent office and the science and technology bureau. So far, the competition has attracted 1,391 projects from colleges, research institutes and social groups at home and abroad.

More important, the committee invited venture capital firms and business parks, who can provide financial support for the projects. Potential teams and talent will be introduced to Suzhou to turn their projects into reality. The competition is becoming increasingly influential and will attract more participants in the future.