The launch ceremony for the sixth Global New Material Startups Contest of Ningbo is held on April 3 at the Ningbo High-Tech Zone. [Photo/zj.zjol.com] 

The sixth Global New Material Startups Contest of Ningbo started on April 3 at the Ningbo High-Tech Zone. The event will introduce outstanding startup projects in the fields of new materials and intelligent economy. 

To select the most exemplary projects, the contest will have three qualifiers in China – in Suzhou, Harbin and Changsha – a qualifier in Australia, and a remote video call with entrepreneurs in Europe, North America and other Asian countries. 

The final will be held in September in Ningbo, when 40 startups will compete for the top 15 prizes. 

Winners may be deemed "high-quality startup projects" by the local government and will receive various subsidies if they decide to settle in the zone.

Initiated in 2014, the contest has gained considerable influence in 28 cities across the world, such as Boston, Los Angeles, Tokyo and Munich. It has witnessed the participation of more than 1,500 projects and attracted the attention of over 230 investment institutions and 4,000 industry professionals. 

A total of 27 projects have settled in the zone, bringing in an investment of around 2 billion yuan ($297 million). 

"By making the new materials industry a top priority, Ningbo has developed a sound industry-training-research integrated system, with many professionals having been introduced and many startups having been incubated. Ningbo now occupies an important position in the national new materials field and is perfectly equipped to meet the needs of startups thanks to its talent policies and industrial funds," said an official from the innovation and entrepreneurship management service center in Ningbo.