2022 InnoBay International Innovation, Venture Competition launched

The 2022 InnoBay International Innovation and Venture Competition was recently launched in Ningbo, East China's Zhejiang province.

The event aims to solicit semiconductor, life health and new energy materials projects from around the world.

Winners will receive an investment of up to 20 million yuan ($3.08 million), as well as support such as preferential policies and professional incubation services, according to the organizers.

Winners are also likely to be included in the city's talent introduction initiative, meaning they will be eligible to receive various subsidies offered by the local government.

The winners included in the "Yongjiang Talent Introduction Project" are entitled to a subsidy of 44 million yuan, while those included in the "Qianwan Pilotage" plan will be offered a maximum of 10 million yuan in subsidies.

Due to the COVID-19 epidemic, the competition will feature an "online + offline" mode.

The preliminaries are scheduled to be held in cities including Shanghai, Hangzhou, Chengdu, Qingdao, Hefei and Xi'an. The final will be staged in Ningbo in November.

Since its inception in 2015, the event has attracted more than 2,000 innovation and venture projects from across the world. Over 60 of these projects have been implemented in Ningbo, with some being groomed to become world-leading enterprises.