2020 Jiangxi International Virtual Reality Industry Innovation and Entrepreneurship Competition kicks off

NANCHANG, China, Aug. 19, 2020 /PRNewswire/ -- The 2020 China-Jiangxi International Virtual Reality Industry Innovation and Entrepreneurship Competition formally kicked off in Nanchang on August 17. The contestants will be assigned to the hardware group or the content and application group based on their product categories. Zhejiang Saichuang Weilai Venture Capital Investment Management organized the competition.

Through the event organizer's contacts with scientific research institutions, incubators and other professional channels, within a two month period, the competition will attract a wide range of innovative and entrepreneurial projects from around the world, from which the top 10 projects in each group will be selected for the final competition, followed by two remote video trials, an in-depth review of the selected projects, and the the semi-final. One first prize, two second prizes, three third prizes and four "consolation" winners will be decided in the final competition according to five criteria: teamwork ability, technology innovation, project feasibility, commercial development potential of the project, and the feasibility of finding a suitable location for developing the project.

The Organizing Committee will grant the first prize winner a cash reward of 200,000 yuan (approx. US$28,900), while the two second prize winners will each receive 100,000 yuan (approx. US$14,500) and the three third prize winners will each be provided with 50,000 yuan (approx. US$7,220). Furthermore, if the award-winning project is implemented within one year following the conclusion of the competition and meets the requirements for talent recruitment, it may enter the high-level talent recruitment process in Nanchang with the possibility of obtaining project funding of up to six million yuan (approx. US$870,000), in accordance with the city's "Hongcheng Plan" policy supporting the recruitment of individuals with top-notch technology skills who, as a result of the policy, settle in Nanchang.

Jin Hui, chairperson of the competition's organizer Zhejiang Saichuang Weilai Venture Capital Investment Management, said: "we attract talents and projects from around the world following an effort to fully understand the needs of companies here in Nanchang. We help talented individuals, projects and local firms engage in collaborative efforts and exchanges with the mission of forming a complete industrial chain via accurate identification of good matches and connecting of the identified parties. The ultimate goal is to provide a home in Nanchang for the most worthwhile projects and for the talented individuals that will be make the projects a success."