China-led start-up competition launched in the UK

A China-led start-up competition held its inaugural session in London on Friday, marking the beginning of a partnership that helps Chinese capital to invest in the commercializing of cutting edge technology and innovation globally.

Known as the International University Innovation Alliance - UK WEIDONG and Blue Silicon Valley Start-up Competition, the competition witnessed presentations by around ten teams based in the UK across various sectors.

The competition is led by IUIA, an organization set up with the support of Chinese government agencies including China Investment and Promotion Agency of the Ministry of Commerce, China's Torch High Technology Industry Development Center of the Ministry of Science and Technology and Foreign Expert Bureau.

In three years, IUIA will realize its financing plan of $1 billion to fund more than 500 start-ups and support 100 universities for their incubators.

Chen BoBiao, chief financial officer of IUIA Investment Management Co said that the alliance is established with the goal of helping Chinese investors to invest in the best technology and ideas globally through partnerships with Western universities.

IUIA Investment Management Co is the commercial organization associated with IUIA. Chen said that the alliance was established last year, and founding university members of IUIA are leading Chinese and US universities.

He said that IUIA Investment Management Co. will be investing in the best projects presented at the competitions, and it will assist private equity funds, venture capital funds and other Chinese investors to participate in these projects.

Chen said that the competition will take place in various markets, including China, the UK and US. He said many of the best ideas to enter the competition would be led by Western universities and many of them are already in advanced stages of R&D and commercialization in university accelerators.

Sun Wansong, deputy director of the Investment Promotion Agency of China's Ministry of Commerce, said that IUIA is now actively creating partnerships with Western universities' incubators, so to channel funds into technology in these incubators.

Sun said IUIA will help also to take to China some technology suitable for commercializing in the Chinese market.

Sir David Brewer, former Lord Mayor of London, said that he is very proud that the UK has a large number of Chinese students who can contribute to the future of commercial partnerships between the two couontries.

Jin Xu, minister counselor at the economic and commercial counselor's office at the Chinese Embassy in London, also voiced his support for the projects. "The demand for innovation in China is closely linked to the needs of the Chinese economy," he said.