The finals of the 3rd Southern University of Science and Technology (SUSTech) Phoenix Tree Innovation & Entrepreneurship International Competition was recently held at the SUSTech Convention Center.
This competition was hosted by the National Demonstration Base for Mass Entrepreneurship and Innovation of the SUSTech Science Park and organized by the SUSTech Incubator Management Co., Ltd.
The finals attracted 14 teams domestically and internationally, with their projects based on Shenzhen’s “20+8” industrial cluster, helping the Greater Bay Area (GBA) to stimulate scientific and technological innovation momentum, cutting-edge scientific and technological fields such as new generation electronic information technology, high-end manufacturing equipment, new materials and green low-carbon, and biomedicine and health.
After an intense competition, the “Retired power battery recycling” project of the Power Battery Recycling Team of SUSTech won the first prize.
In his remarks at the event, Susheng WANG, Chief Financial Officer and General Counsel at SUSTech, said that assisting high-tech talents from around the world in innovating and launching businesses in Shenzhen is the purpose of the SUSTech Phoenix Tree Innovation & Entrepreneurship International Competition.
He noted that SUSTech has made great contributions to promoting the economic development of Shenzhen and the Guangdong-Hong Kong-Macao GBA, creating new opportunities and providing higher-quality entrepreneurship and employment.
The judging panel for the finals comprised of state-owned venture capital institutions, industrial capital, university venture capital institutions, successful individual angel investors, and leading experts in science and technology.
The judges reviewed and discussed the final projects from five aspects, including team composition, technology and products, industry and market, business model and implementation plan, and growth potential based on the on-site roadshow, technological innovation of the project, team management, etc.
The competition concluded with one first prize, three second prizes, and ten third prizes being awarded to the participating teams.
Since its launch in June, a total of 200 applications were accepted, including 88 overseas projects, accounting for 44%.
Many of the participating teams come from world-renowned universities such as Harvard University, Yale University, the University of Oxford, and the University of Cambridge, as well as domestic “Double First-Class” universities such as Tsinghua University and Peking University.
A total of 1.1 million yuan was awarded in prizes to the 14 teams, which included 300,000 yuan for the first prize, and the SUSTech Phoenix Tree Angel Investment Fund will focus on follow-up investments in the winning and participating teams after the competition.
The Phoenix Tree Innovation & Entrepreneurship International Competition is an independent brand competition established by SUSTech, which is focused on Shenzhen and the GBA.
It brings together high-end innovative achievements and entrepreneurial teams domestically and internationally to promote the industrialization of high-tech achievements of the University, and is committed to building a unique “university-industry-research fund” empowerment platform in the pilot demonstration zone.
Since its inception, the competition has received a total of 559 applications. Among the 39 teams that participated in the first two editions of the competition, 18 teams have successfully obtained financing after the competition, accounting for 46%, with a total funding exceeding 1.2 billion yuan. Among them, start-up companies affiliated to SUSTech accounted for 39%, receiving a total of 451 million in funding.
The Phoenix Tree Innovation & Entrepreneurship International Competition provides participating teams with a platform to connect with venture capital institutions to achieve financial and industrial empowerment. The organizing committee revealed that many teams participating in the finals have reached an investment agreement with investment institutions.
