Companies in Canada joined the “Global Olympics of Innovation” in Toronto last weekend for a chance to expand their business operations in Shenzhen, CBC News Toronto reported.
The competition was part of the China (Shenzhen) Innovation and Entrepreneurial International Competition, which took place on March 18, Saturday, at the Toronto City Hall.
Over 20 companies joined and competed in five categories: electronic technology, Internet and mobile Internet, materials and energy, biological and life sciences, and advanced manufacturing.
The winner will receive a package of prizes, which will include a prize money of up to $240,000, access to venture capital, Chinese government grants, and office space in Shenzhen, as stated in the news release.
“Toronto is excited to be part of this competition and to help provide this opportunity for our talented companies to grow in China,” said John Tory, mayor of Toronto, in the press release.
“I want Toronto to be seen internationally as a place where big things are happening and where companies can grow and expand their markets internationally,” Tory added.
Considered as one of the wealthiest cities in China, expanding business in Shenzhen is a great opportunity for entrepreneurial companies. The city’s opened doors will give access to a population of about 11 million people with considerable purchasing power.
Experts also believe that the Global Olympics of Innovation can prove to be beneficial for both Canada and China by creating opportunities in Shenzhen and Toronto.
“I understand what cities face in rapid development and population influx,” said Luisa Ji, co-founder and designer of Milieu Technologies Ltd. Her company, based in Ottawa, provides consultation services in regards to land use planning and development.
“We hope to leverage this opportunity to work with Toronto and Shenzhen,” Ji said in the news release.
Other regional rounds of the Global Olympics of Innovation were held in Munich, Tel Aviv, Sydney, Tokyo, Santa Clara in California, and London. The final round will be held in Shenzhen.