Shanghai holds the 2024 X·Time International Entrepreneurship Competition on March 26. [Photo/Shanghai Observer]

The 2024 X·Time International Entrepreneurship Competition, featuring the automotive electronics, key software, artificial intelligence, and integrated circuits sectors, was launched at the Lin-gang Sci-Tech Innovation Conference on March 26.

The competition aims to select and attract global high-quality projects to the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone in Pudong, Shanghai.

With 48 winners and a prize pool of 2.8 million yuan ($387,538), the competition offers policy support for winning projects, including household registration assistance, research and development subsidies, permanent residency facilitation, free office space, financing support, and customized financial services, according to the event organizer.

The conference also witnessed the signing of seven technological innovation project contracts, including the RISC-V Ecosystem Innovation Center, Tongji Excellent Engineer College, and the Industrial Research Institute of Intelligent Robots, to settle in the Lin-gang Special Area, bolstering the area's innovation ecosystem.

The Lin-gang Special Area has so far attracted 16 new sci-tech platforms and research institutions to settle in the area, fostering deep cooperation with innovative enterprises in the fields of integrated circuits, new materials, artificial intelligence, and spatial information.

This collaboration has led to the establishment and incubation of nearly 100 technology companies, over 280 industry-academic-research collaborations, and the acquisition of more than 720 intellectual property rights, according to the administration of the Lin-gang Special Area.