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China's Virtual Reality Innovation and Entrepreneurship Competition officially opened today
On September 26th, under the guidance of the Organizing Committee of the China Innovation and Entrepreneurship Contest, the first China Virtual Reality Innovation and Entrepreneurship Competition was held in Beijing. The event was jointly organized by the China Electronic Information Industry Development Research Institute, the Virtual Reality Industry Alliance, and Guoke Innovation & Venture Capital Co., Ltd. Known as the "Contest," the competition had the theme of “Technology Innovation, Success in the Future.†Its goal was to create the largest platform for integrating production and finance in the virtual reality field in China, while supporting innovation and entrepreneurship among small and medium-sized enterprises (SMEs) and teams in the VR industry.
According to forecasts from the CCID think tank, global VR revenue reached $10 billion in 2017. By 2020, China's VR device shipments were expected to hit 8.2 million units, with over 25 million users. The VR hardware market would account for 34.6% of the global scale, and the overall VR market was projected to exceed 55 billion yuan. In the VR/AR space, Chinese startups were very active, with some leading in technical parameters and design concepts. Breakthroughs were made in interactive technologies, light field technologies, and industrial applications. However, many startups faced challenges in talent acquisition, capital accumulation, and management. They needed government support and investment guidance.
To address these issues, the competition adopted a model of "government guidance, charity support, and market mechanisms." It aimed to gather social capital to support SMEs and teams in the VR sector, promoting the application of VR technology across various industries. Winners of the contest could be recommended to national funds such as the National SME Development Fund, the National Science and Technology Achievement Conversion Guidance Fund, and others. They also received priority access to local VR industry bases and policy support.
The competition was divided into two phases: regional rounds and the national finals. Four regional competitions were planned in Beijing, Shanghai, Fuzhou, and Nanchang, each led by local authorities. Companies and teams that won at the regional level qualified for the national finals. Both stages featured live presentations, where participants showcased their projects through PPTs and videos, followed by on-the-spot Q&A sessions with judges.
A review committee composed of mentor judges and general judges evaluated the entries. Mentor judges represented over 100 top investment institutions globally and had extensive experience in venture capital. Their scores carried more weight than those of general judges. The scoring criteria included technological innovation, business model innovation, market potential, financial risk analysis, and team strength.
The competition was open to all eligible SMEs and entrepreneurial teams working in the VR, AR, and MR industries. Participants were required to meet certain criteria, including being registered companies or teams with at least three members. Registration was free and conducted through the official website of the competition and the Virtual Reality Industry Alliance. No entry fees were charged, ensuring accessibility for all interested parties.
In addition to the competition itself, the event emphasized the integration of VR with other industries, such as manufacturing, education, culture, commerce, and healthcare. Special VR experience zones were set up to engage the public and encourage broader participation. This initiative aimed to foster cross-industry collaboration and promote new models of development in the VR space.
Overall, the competition served as a powerful platform for innovation, offering valuable opportunities for startups and SMEs to gain exposure, funding, and support. It highlighted the growing importance of VR in China’s tech landscape and its potential to drive future economic growth.