Competition offering cash prizes for the best new business ideas that exploit the links between China and the UK.
£14,000 of cash prizes will be available to entrants in the UK tracks of the competition. Prizes in each category as follows:
- 1st Prize = £6,000
- 2nd Prize = £4,000
- 3rd Prize = £2,000
- 4th Prize = £2,000
- To be confirmed
The entrants judged to be the overall International Winner may be given an opportunity to secure up to £500,000 equity investment.
All prizes are awarded at the discretion of the judging panel and all judging decisions are final and not subject to appeal.
The China-UK Challenge is a business competition provided by the China Innovation and Development Association in the UK (CIDA-UK) in partnership with a number of UK and China-based universities, including Lancaster University, UCL, and the University of York.
The competition is part of the PMI2 (Prime Minister Initiative II) Connect project, supported by British Council and the Confucius Institute programme funded by Hanban.
The competition aims to encourage new business ventures that capitalise on the market opportunities offered by collaborations between China and the UK.
The competition will explore the different business cultures in the two countries and look to promote the opportunities offered by international business collaborations.
The China-UK Challenge consists of two strands:
- Tomorrow's Leaders: for teams of students to devise and develop new business ideas.
- Innovative Business: for non-university-based existing businesses to come up with new ideas that capitalise on UK-China links.
The winning entries in each category will proceed to an overall final against the winning Chinese entries. The International Grand Winners may be given an investment opportunity worth up to £250,000.
Ideas should be feasible and include realistic assessments of the potential market and financial projections.
Entries will be assessed against:
- Market and competition analysis.
- The project development plan.
- The financial plan.
- Risks and proposed mitigating factors.
- Management of intellectual property.
- Promotion of UK-China business links.
Although there are no specific exclusions cited within the scheme guidelines, those wishing to apply are advised to liaise with the funding provider in the first instance to discuss eligibility.
Tomorrow's Leaders strand
- Open to individuals or teams of up to four members who are either registered students or have graduated within the previous six months.
Innovative Business strand
- Open to new ideas from existing businesses that have been operating for less than five years and have an annual turnover less than £3 million.
The contest is open to entries from all sectors, but ideas must demonstrate a link between China and the UK.
This is an annual programme.
This programme is currently closed.
The 2017 registration deadline was 5pm on 15 May 2017.
Applications for the next round open in February 2018.
China-UK Challenge format
- Idea Assessment Phase - applicants should submit an entry form along with an executive summary of their idea.
- Semi-Finals - shortlisted entrants will be invited to make a short presentation at an event to be held at Lancaster University. The best entrants will proceed.
- National Finals - shortlisted entrants will be required to produce a more in-depth business plan and make a longer oral presentation to a panel of judges. A winner plus two runners-up will be announced for each category.
- International Grand Final - the three prize winners from the UK categories will go head-to-head against the winners from China to determine the overall International Grand Winner.
Contact CIDA-UK for further information.