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Cradle of Entrepreneurs - High-Powered Adjudication Panel Helps Entrepreneurs Forge Ahead

On 2 July 2017, the Beijing Region Final of the HKUST One Million Dollar Entrepreneurship Competition - 170 Cup was successfully completed. The HKUST Business School Mainland Office played host to the Competition co-organized by the HKUST EMBA North China Alumni Association and “170 Startup”. The Competition has co-opted a high-powered adjudication panel, comprising 50 professors from academia, a 20-member “One Million Dollar Voting Panel”, and a 100-member “Business Panel”, with strong support from 109 enterprises and partners. In the Beijing Region Final, the officiating guests included Professor Wu Enboa, Associate Vice-President for Research and Graduate Studies; Professor Charles Ng Wang Wai, Associate Vice-President for Research and Graduate Studies; Professor Tam Kar Yan, Dean of Business School; Professor Cheng Kwang Ting, Dean of Engineering School; Professor Wang Yang, Dean of HKUST Science School; Professor Li Shi Wei, Director of HKUST Shenzhen Research Institute; Professor Xu Yan, Associate Dean of Business School; and the well-known Professor Li Zexiang of the Engineering School (Founder of DJI and GOOGOL TECH). Hosted by Ms Yuan Ye, the Joint Executive Secretary of Beijing Region Organizing Committee and Head of China Office, the Competition also saw VIP guests, among others, including Dr Xu Jian Sheng, President of Joiest Group and Founder of 170 Startup; and Ms Gao Jing, the Joint Executive Secretary of Beijing Region Organizing Committee, the Vice Chairman of HKUST EMBA Alumni Association cum President of HKUST EMBA North China Alumni Association, Director of 170 Startup.

The HKUST One Million Dollar Entrepreneurship Competition first started in 2011. Since then, the annual event has captured the attention and received support of startups, entrepreneurs, venture capitalists and others. It has attracted hundreds of entrepreneurial projects every year, both locally from Hong Kong and internationally. The DJI entrant was one of the projects in the first year.

It is worth mentioning about the fabulous prize of the Beijing Region for this year! Every team in the round of 24 was entitled to a prize of RMB10,000, while the 12 finalist teams are entitled to another prize of RMB20,000 (funded by the 170 Startup). What’s more, there was a special “Million Dollar Cash Prize” sponsored by the 20-member “One Million Dollar Voting Panel”. The 20 members are all HKUST EMBA alumni or EMBA alumni from other peer institutions. All of them are experienced investors. Each sponsored RMB50,000, making up a total of 10 votes which decided on the apportionment of the prize according to the number of votes the top three teams received.

This year, the contestants covered a wide spectrum of arenas comprising future technologies in medical and healthcare, new energy sources and fuels, education, etc. Their presentations exhibited remarkable talent, and the audience was highly impressed. The 60-Second Elevator Pitch also captured the hearts of the professional adjudication panelists for what the contestants could articulate succinctly within a single minute of time.

Meanwhile, there was also a nice surprise with the presence of Professor Li Zexiang of Engineering School in Beijing, where he shared with the audience his venture experience on DJI, Li Qun Automation and Yi Dong Technology. “I hope that our innovative projects can focus on what the market really needs and find out a business model that will fit into our own way, with an ultimate aim to building a Chinese brand name that comes from China a with global impact,” said Professor Li.

After a series of screening and intense competition, the winning projects were ultimately selected with the decision of the 20-member “One Million Dollar Voting Panel”. The first prize went to Flance NanoTechnology, the second prize to Beijing Sesame World Technology, and the third prize shared by Beijing Mainashi Surgical Robot Technology Limited by Share Ltd and Hangzhou Enter Electronic Technology Co., Ltd. They will march onto the Grand Final. Meanwhile, Mr Yi Haoxiang of Hangzhou Enter Electronic Technology won the accolade of “Best Performance” in the “60-Second Elevator Pitch”. Apart from prize monies, the four winning teams are eligible to enroll for free for the Second Innovation Course organized by the 170 Startup which is worth RMB150,000.

The Competition this year has seen numerous innovative projects of immense potential. The event has provided a platform for creative and committed entrepreneurs to realize their business ambitions and dreams. Their active participation will make a positive impact on the society and further encourage a culture of entrepreneurship and innovation.