The Pudong New Area launched the "Pearl Cup" Entrepreneurship Competition on Oct 30. The event will focus on three key industries – integrated circuits, biomedicines, and artificial intelligence.

A first-place winner can receive a one-time personal grant of 1 million yuan (about $140,000) after their project is successfully implemented in Pudong New Area, along with a team reward of 1.5 million yuan.

What's more, the winner may benefit from up to 10 million yuan in equity investment support, as well as assistance with the settlement in Pudong and with housing.

The competition spotlights attracting international talent. It encourages participation through overseas recruitment stations, overseas alumni associations, and the Global Talent Partnership Program or GTP – introduced in December 2023 to expand talent recruitment channels.

A special award, the "Most Promising Overseas Returnee Entrepreneurship Team Award", has been created for this purpose.

Winners will benefit from Pudong New Area's funding policies for overseas returnees, which include a one-time startup grant of 400,000 yuan.

Furthermore, the competition will reward high-level talent and professional organizations that have recommended award-winning teams. Recommenders will receive rewards ranging from 100,000 to 1 million yuan and will be invited to join the GTP.

The competition will announce its winners in January 2025.

Source: Shanghai Observer