QWhat are the requirements to participate in the HICOOL Global Entrepreneurship Competition?
AIndividuals or teams participating in the project must meet the following conditions:
1)Each individual or team in the competition must have obtained a degree overseas, or have studied/worked/started a business overseas for one or more years, with the total time having been in China (either returning or arriving to China) not exceeding 10 years as of January 1st 2020;
2)If you register as an individual, you need to be a founder of an enterprise of which the initial shareholding ratio you have held since the start of the business shall be no less than 30%. If you register as a team, each contestant should be members of the founding team—the total number of which cannot exceed 5 people, with each person holding shares and the cumulative shareholding ratio of the team shall be no less than 50%;
3)Each contestant can only register one project;
4)According to different categories, the following conditions must also be met:
The Maker Group project winner should be willing to start their business in Beijing and promise to land the project in Beijing in the form of a registered company within one year of being awarded.
The Growth Group project winner’s company shall have been established no longer than 10 years (that is, it must have been founded after January 1st 2010).
QWhat are the applicable situations for individual declaration and team declaration?
AIndividual declaration is applicable when the contestant is the main founder and the first natural person shareholder of the project, and the shareholding ratio is no less than 30% at the time the project is initiated. In addition to this, you must also meet other conditions to participate in the HICOOL Global Entrepreneurship Competition.
The team declaration is applicable when everyone of the declaring team meets the participating requirements, that is, have obtained a degree overseas, or have studied/worked/started a business overseas for one or more years, with the total time having been in China (either returning or arriving to China) not exceeding 10 years as of January 1st 2020, and each holding company shares, the cumulative shareholding ratio of the team consisting of no less than 50%. In addition, other conditions （stated on the official website） must be met to participate in the HICOOL Global Entrepreneurship Competition.
QCan contestants who declare as individuals and have overseas study/work experience, yet their shareholding ratio is less than 30% still participate?
AIf a contestant holds a share of more than 30% when the company was founded, and subsequent equity dilution caused by financing resulted in a shareholding ratio of less than 30%, he/she would still be considered a first natural person shareholder, therefore would be allowed sign up for the competition. He/she would need to make notes regarding the change of equity agreement when registering. A contestant cannot register who holds less than 30% of shares when the company was founded.
QDo all team members need to register online when applying as a team?
ATo declare participation as a team, only one account needs to be registered, with each team member’s personal information filled out in that account. There is no need for each team member to register and fill in information. The total number of people must not exceed five when applying to participate as a team.
QIf declaring as a team and some team members have studied/worked/started a business overseas for less than 1 year, or returned to China for more than 10 years, can they be included in the team?
ANo. Each member in the team must have obtained a degree overseas, or have studied/worked/started a business overseas for one or more years, with the total time having been in China (either returning or arriving to China) not exceeding 10 years as of January 1st 2020 (including that day). The return (or arrival) date is subject to entry and exit records.
QMust everyone in the team participate in roadshows at all stages?
ATo register as a team, each contestant is required to participate in roadshows at all the various stages of the event.
QWhat if a contestant cannot attend the roadshows?
AAll contestants must be on site to participate in the roadshows at the various stages of the competition. If they cannot participate, they must apply to the organizing committee for special permission to do a remote video roadshow.
QAfter winning as a team, will the bonus be paid to the personal account of the contestant or to a corporate account?
AThe winning team members share the bonus, which will be allocated to a corporate account.
QCan people with no overseas education or work experience participate?
QHow are the time and scope of overseas study/work/business start-up experience defined?
AContestants are required to have studied, worked, or started a business overseas for more than one year, evidenced by entry and exit records as well as study and work experience materials.
QCan I participate if I have more than one year of study/work/entrepreneurship experience in Hong Kong, Macau or Taiwan?
QHow many tracks are there in this competition?
AThere are 6 tracks in this competition:There are 6 tracks in this competition: 1) Artificial Intelligence/Big Data/Fintech, 2) Biomedicine, 3) Next-Generation Information Technology, 4) New Energy/New Materials/Intelligent Equipment, 5) Cultural Creativity, and 6) Sophisticated Industrial Projects in Beijing.
QWhat are the requirements for submitted materials?
AFill in the relevant information according to the registration requirements on the official website. Ensure that the submitted project information is true and valid. If any plagiarism, misappropriation, fraud, or other illicit behaviors are discovered, the project will be disqualified, and any series of policy awards, honors, and/or money obtained shall be revoked. If the competition involves intellectual property disputes, all responsibility shall be borne by the contestants.
QCan one project register multiple tracks at the same time?
ANo. Each project can only select one track.
QIs there a limit to the number of participating projects for each contestant?
AYes, each contestant can only register for one project whether registered as an individual or as part of a team.
QAre there any requirements for establishing intellectual property rights?
AParticipating projects must ensure that intellectual property rights are clear. When registering, you must download and fill out the "Intellectual Property Declaration" form from the competition registration system and sign your name. The “Entities Intellectual Property Declaration” form must be scanned and embedded on the front page of the text of the project’s business plan and submitted to the online registration system together with the business plan. There are usually two types of intellectual property attribution: one belongs to the project without any service invention; and the second includes a service invention or only contains partial intellectual property rights. Such projects must obtain the agreement of the incumbent unit or the entire team before participating and also clearly state the intellectual property rights of the project in the application materials.
QCan I register a project that has a patent pending?
AYes. As long as the project meets the requirements of the competition, you can register with or without patents.
QCan I register a project with a VIE equity structure?
AYes, but the applicant must meet the participating requirements and state the equity in the remarks.
QCan unicorn companies register?
AYes. As long as it is an unlisted company and meets the basic requirements for entry.