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China's Virtual Reality Innovation and Entrepreneurship Competition officially opened today
On September 26, 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. Hosted by the China Electronic Information Industry Development Research Institute, the Virtual Reality Industry Alliance, and Guoke Innovation & Venture Capital Co., Ltd., the event aimed to create a platform that bridges production and finance in the virtual reality (VR) sector. With the theme "Technology Innovation, Success in the Future," the competition sought to support innovation and entrepreneurship among small and medium-sized enterprises (SMEs) and teams in the VR field.
According to predictions from the CCID think tank, global VR revenue reached $10 billion in 2017, and by 2020, China's VR device shipments were expected to hit 8.2 million units, with over 25 million users. The VR hardware market was projected to account for 34.6% of the global scale, and the overall VR market was expected to exceed 55 billion yuan. Despite significant progress in technical parameters and design concepts, many Chinese VR startups faced challenges in talent acquisition, capital accumulation, and management. To address these issues, the competition adopted a model of government guidance, charity support, and market mechanisms, aiming to mobilize social capital and provide essential support to SMEs and entrepreneurial teams.
Winning companies and teams had the opportunity to be recommended to state-level investment funds such as the National SME Development Fund, the National Science and Technology Achievement Conversion Guidance Fund, and the SME Venture Capital Guidance Fund. They could also access financing guarantees, financial leasing services, and preferential policies for entering local VR industry bases. In addition, the competition aimed to establish a dedicated VR industry investment fund, bringing together social capital to drive innovation and promote the application of VR technology across various industries.
The competition was structured 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 and organized according to unified guidelines. Participating companies and teams were selected based on their performance in the regional stages, with the top performers advancing to the national level. The national finals featured live presentations, where participants showcased their projects through PPTs and videos, followed by Q&A sessions with judges.
A judging committee was formed, consisting of mentor judges from over 100 renowned investment institutions and general judges from various venture capital firms. Mentor judges accounted for 60% of the final scores, while general judges contributed 40%. The scoring criteria included technological innovation, business model development, 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 sectors. Companies needed to demonstrate high growth potential, meet national SME standards, and have no record of misconduct. Teams were required to have at least three members, possess innovative ideas, and plan to register a company within six months of the competition.
Registration was free and conducted exclusively through the official websites of the China Virtual Reality Innovation and Entrepreneurship Competition and the Virtual Reality Industry Alliance. The competition emphasized transparency and public welfare, ensuring that no fees were charged to participants. In addition, the event integrated immersive VR experiences, interactive displays, and cross-industry collaborations to enhance audience engagement and promote the integration of VR with manufacturing, education, culture, and healthcare.
This initiative not only provided a platform for innovation but also helped shape the future of the VR industry in China, fostering growth, collaboration, and long-term development.