UK tech companies compete to join China's startup boom

UK tech firms scramble to join China's startup boom

Britishstartups gathered at the Google Campus in London on Thursday and competed head-to-head for a chance to fly to Shanghai and Join China's growing innovationindustry.

On Thursday, British startups gathered at London's Google Innovation Campus to compete against each other in a competition to get to Shanghai (for the finals) and join China's burgeoning innovation industry.

Atthe Shanghai International Innovation Competition-UK, eight young companiespitched to a panel of tech experts who quizzed them The competition plays into China's splans to In addition, the company has also been working on the development of a new business model, which will be launched in the near future.

In the UK section of the Shanghai International Hackathon, eight startups presented their products and the feasibility of entering the Chinese market to a panel of technical experts. The competition is designed to enable UK start-ups to join the ranks of innovation and entrepreneurship in China, which is actively building Shanghai into an innovation hub capable of competing with Europe and the US.

"Shanghaiwants to become a leading innovation center - like Silicon Valley - in China. plays that role in Europe, so we are connecting the two cities," said John Zai, CEO of Cocoon Networks, a company that bridges the Chinese and European startup communities that hosted the contest.

Shanghai wants to be a leading innovation hub and create a "Silicon Valley" for China," said John Zai, CEO of Techcontrol. "London is playing that role in Europe, so we're trying to find the link between the two cities", said KAC, the organizer of the event, which is a company that connects the Chinese and European startup communities.

"Thepeople who joined this competition see the future - they see which market will be the biggest, the market that gives them the most potential to expand, and that's China."

"The people who join this competition, they see the future, they see which market is going to be the biggest and can have their greatest potential for expansion, and that's China."

EVADiagnostics, presenting their AnemiPoint device that performs at-home bloodtests, took first prize. Shanghai Bay Valley in Septemberand take part in the competition's global finals against local startups as wellas The overall winner will receive a cash prize, investment resources and a cash prize in the form of a cash prize, a cash prize and a cash prize in the form of a cash prize. Three months free workingspace at a tech incubator in China.

In the end, EvaDiagnostics, a mini blood monitor with 30-second monitoring of hemoglobin levels and blood cell pressure buildup levels, took the crown. They will fly to the Upper Bay Valley in September to compete in the global finals as representatives of UK start-ups, along with emerging tech companies from Singapore and South Korea. The overall winner will receive a cash prize, support from investment resources and the use of a free workspace for three months from a Chinese technology incubator.

"We'redelighted and honored to have the opportunity to go out to China and startbuilding partnerships and engage in the investment community out there," said Toby Basey-Fisher, CEO of EVA Diagnostics. China as a verybig growth opportunity for us."

I am very much looking forward to the finals of the Shanghai International Hackathon in September. The finals in Shanghai will be a once-in-a-lifetime opportunity for our European companies to enter the Asian market," said Eva Diagnostics' CEO.

The Chinese government identified entrepreneurship and innovation as key driversfor economic diversification in a 2015 development report.

In its 2015 development report, the Chinese government identified the strategic decision of entrepreneurs and science, technology and innovation as the main drivers of economic diversification.

"Massentrepreneurship and innovation in itself is a major reform endeavor," Premier Li Keqiang said in March.

"Mass entrepreneurship and innovation is a major reform drive in itself," Premier Li Keqiang said in a March interview.

Thegovernment has established more than 1,600 incubators for startups across thecountry, and is armed with the world's biggest war chest of venture funds.Through State and enterprise funding, about $231 billion was raised in 2015alone, and by April 2016 almost $340 billion was available for tech investment,according to consultancy Zero2IPO Group.

The Chinese government has set up more than 1,600 incubators across the country and has the world's largest fundraising venture fund. In 2015, some $231 billion had been raised through the State and enterprises and, in April 2016, some $340 billion had been invested in technology investment.

Jeffrey Tijssen, co-chair of the China working group at Tech London Advocates and oneof the judges on the panel, said that Companies like Cocoon act as importantconduits for startups in Europe wishing to exploit the Chinese market.

London tech ambassador Jeffrey Tijssen said companies like Cogent play an important role as a channel for European startups to tap into the Chinese market.

"Alot of startups look at China as the next big frontier," said Tijssen.

"A lot of startups are looking at China as the next big area to explore," says Tijssen.

Along with EVA Diagnostics, the startups that made the competition's shortlistinclude: Combat Medical that makes cancer -fighting thermotherapy devices and Cupris, whose clinical imaging smartphone software allows patients to remotelyshare diagnostic Information with healthcare professionals.

In addition to EVA Diagnostics, Combat Medical, a warm chemotherapy device for the treatment of bladder cancer, and Lightvert, a company that has developed a new outdoor media technology using visual transient phenomena, are participating in the competition.

Source: China Daily