Six startups rewarded for enterprise
SIX groups won a startup competition in Shanghai yesterday, each of them receiving 50,000 yuan (US$7,420).
They also received benefits, such as being prioritized for getting loans and entering entrepreneurial parks.
One of the new companies offers personalized jewelry with traditional Chinese cultural characteristics, another designs distinctive boxes and tissues for restaurants, and a third provides a year's supply of men's underpants.
"All the winners have chosen potentially successful directions, such as upgraded consumption services, like the restaurant boxes and underpants service," said Ma Tengjiao, a judge of the competition and deputy general manager of the investment company Suhehui.
Ma said the winning startups had clear business models and team members with a wealth of experience in related industries, which enhanced their prospects of success.
The competition, the third of its kind in Shanghai, attracted more than 300 startup enterprises, with most of the competitors aged from 25 to 35, including many recent graduates.
A survey report conducted by the bureau showed young people in the city active in startups account for 11.8 percent of the population aged between 16 and 35.
Another survey by China International Intellectech Corporation showed that nationwide 15 percent of graduates born after 1995 would like to start up their own businesses.
Ma though warned young people to be cautious. "I really suggest they work for several years to accumulate both experiences and resources, then find a good opportunity and develop it."