Two institutes dedicated to fostering innovation and entrepreneurship, namely the Qianhai Institute of China-Britain International Innovation Space and the Innovation Engine Lab, were inaugurated during the finals of the 2023 PHBS-CJBS Global Pitch Competition that took place Wednesday at Peking University HSBC Business School (PHBS) in the University Town, Nanshan District.
Initiated and sponsored by PHBS, the Qianhai Institute of China-Britain International Innovation Space is located at the Qianhai International Talent Hub, aiming to offer comprehensive support to startups, while the Innovation Engine Lab is run by PHBS’ Center for Innovation & Entrepreneurship and will provide entrepreneurship education, coaching, and incubation to engineering and science students, as well as scholars in the University Town who are interested in entrepreneurship.
During the competition’s finals, 10 startups from home and abroad, in various fields such as new materials, biomedicine, and environmental protection, pitched their most innovative technologies to a panel of judges, including scholars, investors, and entrepreneurs.
Each team was allotted five minutes to present their business ideas and three minutes for questions from the judging panel. Ultimately, the competition recognized one first-prize winner, three second-prize winners, and six third-prize winners.
E3A Healthcare, a startup established in 2019 on the campus of the National University of Singapore with offices in Shenzhen, Hong Kong, and Silicon Valley in California, emerged as the first-prize winner. Renowned for their expertise in bioptronics and information technology, a mature product line, high-caliber teams, and robust financial backing, E3A Healthcare stands out as a leading innovator in first-in-class medical devices and health management solutions tailored for newborns and women’s health care.
The competition was co-hosted by PHBS and the Cambridge Judge Business School (CJBS). According to PHBS, the 2023 session of the competition was launched in April this year, and had received a positive response from a wide range of participants. With over 200 entrepreneurial projects registering for participation, the organizing committee meticulously selected 90 high-quality projects through seven roadshows. Finally, 32 entrepreneurial teams successfully advanced to the semifinals.
Hai Wen, founding dean of PHBS, underscored the importance of innovation in his opening remarks, stating that “China has transformed tremendously since reform and opening up with new technologies popping up and new changes in industries. The Chinese economy is facing many challenges; therefore, innovation and entrepreneurship are all the more instrumental to give birth to more industries and create more jobs.”
In his speech, Christoph H. Loch, former dean of CJBS and a professor of Management Studies at PHBS, acknowledged the pivotal role startups play in driving innovations. “Fifty percent of the very large industry-changing innovations come from startups. Because startups come with really new ideas without any dallying, without anything current to defend, they are daring to do something crazy. So, startups are very important in creating big innovations and real employment growth,” he noted.
According to Hai, in November 2018, PHBS established the Center for Innovation and Entrepreneurship, which has undertaken a series of competitions, lectures, and research under the theme of entrepreneurship and innovation.