INNOVATE HUBEI – INTERNATIONAL TECH AND INNOVATION COMPETITION (SINGAPORE ROUND)
About the Competition
The Competition is jointly organised by Enterprise Singapore and the Science and Technology Department of Hubei Province, supported by Hubei International Science and Technology Exchange Centre, in collaboration with Techbridge Ventures Pte Ltd.
The Competition is open to Start-ups, SMEs, and researchers working in universities or research institutes based in Singapore, with relevant technology innovations for commercialization.
Through this Competition, about 10 participating projects will be selected to attend the Innovate Hubei – International Tech and Innovation Competition Final Round (“the Grand Finals”) in Wuhan, Hubei, on 5 November 2019 (date tentative). Selected participants will be awarded trophies by ESG as a recognition of excellence, and will represent Singapore to compete against participants from other countries, including Japan, Korea, Germany and the US.
The following prizes will be awarded to winners in the Grand Finals:
- First Prize (one winner): US$20,000
- Second Prize (two winners): US$10,000 each
- Third Prize (three winners): US$5,000 each
- Merit Award (number to be confirmed): US$2,000 each
Applicants’ projects for this competition should be from the following sectors: Green Technology and Solutions, Artificial Intelligence, Info Communications, and Smart City and Internet of Things.
The Competition is an ideal platform for Singapore innovators to identify suitable collaboration and funding opportunities in Hubei Province. This Competition also provides innovators a chance to pitch their technologies to a group of established local Singapore investors.
Date: 31st July 2019, Wednesday 0900-1400
Venue: Enterprise Singapore, the Little Red Dot, 230 Victoria Street, Level 10 Bugis Junction Office Tower, Singapore 188024
2018 Key Statistics (Source: Hubei Bureau of Statistics)
GDP Ranking in China
Permanent Population (mil)
GDP (RMB bil)
GDP Growth (Year-on-Year)
GDP per Capita (RMB)
Hubei is a province in China, located in the Central China region. The provincial capital Wuhan is a major transportation thoroughfare and the political, cultural, and economic hub of Central China.
Wuhan is amongst the Top 100 Cities with Good Business Environment 2019 (Source: A.T.Kearney). The relatively low costs for business and living are appealing traits for industries and talents:
- Land costs: Wuhan has a relatively rational land market. Its premium rate in land auctions is lower than the national average.
- Housing costs: Accommodation pricing are lower in Wuhan as compared to traditional ‘tier 1’ cities.
- Logistics costs: With “One Port, Six Parks, and Eight Centers” and seamlessly connected railways, waterways, highways and airways, Wuhan is a pivot point for multimodal transport in Central China. Wuhan strives to become the national logistics center by 2020.
- Office rental costs: The average monthly rent for Class A office buildings in the CBD is 123 RMB per square meter, which is lower than its counterpart cities.
- Availability of skilled hires: Wuhan boasts a large number of universities and research institutes that graduates many STEM talents a year. Salary costs are comparatively lower than traditional ‘tier 1’ cities.
Wuhan is one of the three education and science bases of China, and the second largest talent base of China. The Huazhong University of Science and Technology (HUST), Wuhan University and many other institutions in Wuhan make it a hub of higher education and research in China. Wuhan has the largest college student population in the world (1.3 million).
With its 91 universities, 23 state enterprise technology centers, 27 state key laboratories, 109 key scientific research institutions, 27 state engineering research centers, and 71 academicians from the Chinese Academy of Sciences and the Chinese Academy of Engineering, Wuhan ranks 12th on Forbes China’s 30 Most Innovative Cities. It is considered one of the most important birthplaces of modern innovation in China, where the very first incubator of China was born.
Wuhan hosts a few national-level research bases, including the National Optoelectronic Information Industry Base, National Memorizer Base, Wuhan National Aerospace Industry Base, National Cyber Security Talent and Innovation Base, National New Energy and Intelligent Connection Vehicle Base, and Massive Health Industry Base. Its four main industry clusters, namely the Optics Valley, Airport Economic Zone, China Car Capital, and Chemical Industry Zone, have made it a city with solid industrial foundation.
Hubei’s Strategic Industries
There are six key industries in Wuhan with an output value of more than 100 billion RMB each:
- Auto & parts
- Information technology
- Equipment manufacturing
- Food & tobacco
- Steel and deep processing
- Energy & environmental protection
There are six high-tech industries under development in Wuhan:
- Bio-energy resources
- Satellite navigation
- Optical communication
- 3D printing
The presence of these industries and other emerging technology businesses will be able to provide new start-ups, SMEs and innovators many opportunities for collaboration.
Hubei Government Support for Innovation
Hubei government has established various policies to support enterprises in technology innovation through:
- Subsidizing high-tech research and development investment
- Providing financial incentives and subsidies for enterprises to develop innovation platforms
- Providing financial incentives for enterprises that have patents granted
- Setting up venture capital funds to support technology innovation
- Setting up special funds to support technology transfer and technology trading
- Setting up “Angel Fund” and “Qingtong Fund” to support innovation and entrepreneurship
Some examples of Government’s concrete policy include:
- Enterprises that are recognized by authoritative institutions as “Unicorn” enterprises and have a total project investment of 100 million USD and registered capital of more than 10 million USD will be given a one-time award of 5 million RMB.
- Subsidies will be given to key laboratories and technology innovation centers initiated by foreign-invested enterprises in a 1:1 ratio by the local and provincial government should the government deem these institutions to be of key strategic value. The subsides given is of a one-time nature, not amounting to more than 2.5 million RMB for a single platform.
- Cash incentives are available for selected individuals under Hubei's many talent recruitment programs. Grants of 1 million RMB can be awarded to successful applicants of Hubei's Hundred Talents Program – Entrepreneurs Track and grants of 500 thousand RMB can be awarded to successful applicants of Hubei's Hundred Talents Program – Innovators Track, or the Hundred Foreign Experts Introduction Program.
- Companies who can demonstrate capabilities to develop technologies strategic to China can be certified as High-Tech Enterprises. High-Tech Enterprises will receive grants of 200 thousand RMB from the local government.
Progress of the Current Hubei Tech Development
Some recent achievements of Hubei’s Technology Developments include:
- Quadrupling the value of technology development contracts in Hubei Province from 23.5 billion RMB in 2013 to 106.6 billion RMB in 2017
- Implementing a systematic process for the government to evaluate and support at least 1,000 technology transfer projects annually
Through their policy incentives, the Hubei government aims to achieve an increase of 650 billion RMB in the output of high-tech industries, a total of 11 national-level high-tech zones, more than 5,000 technology incubatees, and 5,500 high-tech enterprises.
Application has closed on 5th July 2019.
However, we welcome all tech enthusiasts to join us at the event to watch local innovators present their latest tech solutions, discover Hubei’s innovation ecosystem with its many incentives for entrepreneurs, and network with Singapore’s investors and tech experts for their inspirational insights!
To register your participation as an audience, please visit: https://gems.gevme.com/innovatehubei