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"Centek Venture 2000" Business Plan Competition
"Centek Venture 2000" Business Plan Competition

“CentekVenture2000”Business Plan Competition was jointly sponsored by Beijing Centergate Technologies (Holding) Co. Ltd - Centek, Mckinsey & Company (China), Administrative Committee of Zhongguancun Science Park, Torch High-Tech Industry Development Center of Ministry of Science & Technology, P.R.China. The contest was held between June and November 2000 in Beijing. The purpose of the contest, which was focused on IT, Internet and e-commerce, Telecom and Electrical Engineering, biotech and other high-tech industries, is to bring together creative ideas, talent and capital, and to help entrepreneurs start up new business.

Experience in other countries suggests that business plan competitions like “CentekVenture2000” often serve as catalysts in encouraging entrepreneurs to bring their ideas to market. Indeed, over 100 new businesses have been created in the 15 Business Plan Competitions McKinsey has held worldwide. For example, Business Plan Competitions held in Munich and Berlin in 1996 gave birth to over 30 new companies that collectively raised more than DM65million in venture capital, while a competition being held in Switzerland is expected to yield 20-30 start-ups.

The objective of “CentekVenture2000” is to stimulate entrepreneurial activities in Zhongguancun area, to build strong business networks, and to educate entrepreneurs about the process of developing and growing a successful business. It aims to increase access to capital and act as a catalyst for sustainable tech-tech growth in Zhongguancun area by encouraging investment in high growth businesses.

As a core member of the Organization Committee and Management Team, Beijing Centek Venture Capital Co. Ltd planed an important role in planning, management and implement of the contest. Over 10 professional staffs involved in the whole process of the contest, including the series training courses, coaching and judging activities. As a result, it has got best knowledge about the entrepreneurs in Beijing and Zhongguancun area, built wide business networks and strong relationships with entrepreneurs, investment companies and other professional organizations.

The main achievements obtained in this competition are

1. More than 7000 participants registered for the competition and 908 business plans received. It was so far the biggest and the most popular business plan competition held in China.

2. 25 entrepreneur teams successfully got entrance into the last phase of the contest, and had a great opportunity to present their business plans to investors at a funding event, in which 38 well-known leading industry companies and 54 venture capital firms participated, such as Goldman Sachs, Softbank, H&Q Asia Pacific and VCChina.

3. 10 teams were given the Final Awards - “The Best Business Plan”, “The Best Business Concept”. “The Best Management Team”, “The Best Market Analysis”, “The Best Finance Analysis” and “The Best Improvement” respectively.

4. 7 teams successfully obtained fund injections by the end of the competition, and started up their new business.

This competition was highly praised by the Beijing municipal government, which had decided to include the competition in the Beijing High-tech International Week Festival and that the contest should be held annually and become the best of its kind in China.