The third Shanghai Global Talents Innovation and Entrepreneurship Competition has begun inviting innovators, entrepreneurs and projects this month. The deadline for registration is Sept 15.

With the guidance of the city’s talent office, the competition is held in an effort to help attract more high-level talents and new projects from across the world to Shanghai.

It aims to further facilitate a group of emerging industries, such as artificial intelligence, financial technology, new generation information technology, bio-medicine, new energy, new materials, energy conservation and environmental protection, high-end equipment manufacturing, culture and creativity, and agricultural science and technology.

Holding such an event is a move to respond to the Central Committee of the Communist Party of China’s strategic plan of building the country into a key talent hub and innovation-driven highland, and developing Shanghai into a highland of top-notch professionals.

The competition is expected to further integrate the chains for talent attraction, technological innovation, industrial development, and financial support, as well as gather a group of high-end innovators and entrepreneurs to lead independent technological innovation, and industrial transformation and upgrading.

According to the competition’s organizer, the event has developed a government-led operation mechanism with the sponsorship of social institutions and the wide participation of enterprises, public entities, and talents from home and abroad.

The event will give full play to the leading role of fiscal funds, actively absorb market capital, and establish a sustainable development mechanism driven by high-end talents and promising projects.

It will offer two arenas for participants, one for innovators and the other for entrepreneurs. As for the former, participants can attend either the session for commercializing technological achievements or the post-doctoral research group, and the latter is welcoming entrepreneurial and growth teams.

The official contests will begin with a qualifying draw and a roadshow in October and the participants will join in the Q&A sessions for their roadshow and be evaluated by experts in November.

Three first-place prizes, six second-place prizes, and 12 third-place prizes will be handed to the innovation contest finalists in December, while two first-place prizes and five second-place prizes will be given to the 17 finalists in the entrepreneurship contest.

Among the total 38 winners, those who are qualified to be included in Shanghai’s talent plan will be awarded a maximum prize of 1 million yuan ($14,780) and receive a bonus ranging from 30,000 yuan to 100,000 yuan and honorable mentions.

The non-Shanghai native members are also able to get easier access to a permanent household registration, but the quota will be no more than five, three and two people based on the order of their team’s ranking in the finals.

All the award winning projects will be prioritized to settle in the Shanghai Global Talents Innovation and Entrepreneurship Demonstration Base, and obtain policy support from the local government.

The remaining winners who meet the requirements of the national talent plans will be up for recommendations by the competition’s organizer.

Priority will be given to their projects for obtaining funding and applying for credit loans of up to 10 million yuan for talents and 30 million yuan for enterprises, respectively.