The Mingyue Lake International Innovation & Entrepreneurship Competition final is held in the Liangjiang New Area. [Photo/liangjiang.gov.cn]

The Mingyue Lake International Innovation & Entrepreneurship Competition final was held in the Collaborative Innovation Zone, Liangjiang New Area on Thursday.

A project team specializing in micro-precision 3D printers claimed the top award and won the support of a total worth of 100 million yuan ($15.7 million).

A total of 18 teams made it to the finals and competed in the online roadshow, with some of the teams led by senior management, prominent scholars and academicians of the Chinese Academy of Science.

Cutting-edge technologies were displayed during the roadshow. One prize winner was a semi-conductor hi-tech enterprise which has developed the new generation of the artificial intelligence and smart manufacturer system (AISMS) – based on what is known as a Resource-Oriented Petri Net, or ROPN – and it reportedly achieved a domestic technological breakthrough.

The competition kicked off in this June with a 500-million-yuan funding pool jointly set up by Liangjiang New Area and Green Pine Capital Partners, to encourage technological innovation, and to identify and support potential projects and teams.

The competition set up four categories in areas – smart manufacturing, bio-pharmacy, semiconductors and artificial intelligence information technology, as well as new energy and materials – that are top emerging industries in the Liangjiang New Area.

Li Jie, a member of the Chongqing Liangjiang New Area Party Work Committee and vice-director of the Chongqing Liangjiang New Area Administrative Committee, said the final saw a number of projects with advanced scientific achievements, breakthroughs in key areas and great potential.

The new area is said to be dedicated to providing a favorable environment for entrepreneurs. Li said Liangjiang welcomed all the teams to start up new businesses there and share opportunities.

Nearly 2,000 teams signed up to the competition, with over 70 percent having an overseas background.

An award winner delivers an acceptance speech. [Photo/liangjiang.gov.cn]

One entrepreneur present was Yu Chongsheng, who runs a start-up which produced the first hand-held 3D laser scanner in China. He came to Chongqing eight years ago after graduating from the Cambridge University in the United Kingdom.

"I started my own business to turn technology into productivity and I stayed here because the city attaches great importance to talent," Yu said.

Li Wei, founder and partner of Green Pine Capital Partners, said that Liangjiang was rich in innovative resources and played an active role in innovative activities.

He said an increasing number of enterprises had settled there because of the optimized services provided to scientists, entrepreneurs, start-ups and investors.