A great way for startups in Korea to enter the China market is to join the China TAIHU International Innovation & Entrepreneurship Competition. The competition is looking to invite Korean tech startups to participate in an online pitch in Wuxi, Jiangsu Province. It will be held on June 29th, and 30th, and the best part is that startups will not have to travel to China to participate in the competition. They can do their pitch online in Korean as the event will have translators available. This is a great opportunity for startups in Korea to gain valuable exposure in the Chinese market. In addition, there will be cash prizes (up to 100KCNY ($15,000) and access to subsidy programs (up to $1.5 million) from the Chinese government.
Why Entering China is Crucial for Startups in Korea
As the world economy deals with COVID-19 and its recession, investment in startups is more difficult than ever. However, there is one market that is worth investing time for startups in Korea, and that is China. While many feel it is too difficult to enter the Chinese market, the Chinese government has opened to foreign companies. China offers a great opportunity for not only partnerships but also investments. China’s interest in investing in foreign companies has companies worldwide eager to break into the market. The China Tai Hu International Innovation & Entrepreneurship Competition is one of those programs designed to bring foreign startups into China. It is taking place in Jiangsu Province. Furthermore, it is the top investment province for Korean companies, including LG, Hyundai Group (especially Kia), and Samsung.
China TAIHU International Innovation & Entrepreneurship Competition
The city of Wuxi, Jiangsu Province, invites international entrepreneurs and startups to participate in the 2022 “TAIHU” Cup International Innovation and Entrepreneurship Competition. The competition is very easy to join. Startups and entrepreneurs can submit their business proposals online. If accepted, they will get a chance to present their business to local Chinese companies, investors, and public decision-makers. In addition, startups will be able to win cash rewards, find Chinese business partners, and engage directly with the Wuxi Municipal Government.
The first round will take place on June 29h and 30th, while the second round will take place in July and August 2022.
The deadline to apply will be the 30th of May.
Why Wuxi?
Wuxi is known as one of the strongest economic powerhouses in China. The TAIHU Cup Innovation provides Korean startups and other international companies a stage to share their business ideas and innovation with key decision-makers in China.
So what is the competition looking for?
The TAIHU International Competition is looking for startups working on technology that aligns with the provincial and municipal industrial and scientific development policies. Overall, they are looking for innovative startups with excellent development potential and market prospects. This includes future industries such as information technology, life, health, advanced manufacturing, new materials, new energy, and the Metaverse.
Great Opportunity for 2 Startups in Korea
The TAIHU International & Entrepreneurship Competition will invite 2 Korean startups. They will be a part of the international team group semi-finals, which will be conducted in the “cloud” roadshow mode. The semi-finals will be held in the areas where the overseas registration projects are concentrated. After the semi-finals, the number of places that will advance to the finals will be 20. There will be due diligence by the evaluation experts. Prizes will be given to each group’s first, second, and third place. The award-winning startups in each group that meet the basic application conditions will be directly included in the 2023 annual support program. In addition, they will also receive financial support from 1 million to 10 million yuan.
How to Apply
Startups will need to submit a brief description of their business solution. The submission needs to underline their solution, why it is innovative, and how it contributes to people’s lives. All submissions can be submitted directly to the content organizers: alice.zhang@messenanjing.cn or the link below.
APPLY HERE
Startups can also get support from Nanjing Overseas Innovation Center. They help foreign companies enter the Chinese market. Reach out to them to evaluate your China strategy. They work with all entities that wish to establish or deepen cooperation with China. Moreover, they have vast corporate, government, educational, technological, and scientific networks. They can arrange relevant connections and advise on an optimal course of action based on their onsite experience in China and our Chinese and European sensibility and knowledge. Therefore, they are great at supporting foreign companies in China in regard to partner selection and business development.
