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Oxford wins 6th China UK Entrepreneurship Competition

By Lai Longwei (People's Daily Online)

10:28, July 12, 2013

China UK Entrepreneurship Competition takes place in London, July. 9, 2013.(Photo/People's Daily Online)

Hosted by the University of East Anglia, Lancaster University, UCL and Bank of China, the final of China UK Entrepreneurship Competition took place in the afternoon of 9th of July in London. Four UK's business teams competed to produce the best idea for a venture that promotes business ties between the two nations. Boxbio from Oxford University won the competition, they created multi-functional vegetable tablet with their own patented formula and compound process. This tablet can trigger the recovery of human immune system.

The competition aims to encourage new commercial relationships between China and the UK and is intended to simulate the real-world process of entrepreneurs soliciting start-up funds from early-stage investors and venture capital firms. It is open to university teams in the UK, China and existing businesses as well.

The finalists were selected from more than 100 entries, they presented their ideas and business plans to a panel of five judges, using a Dragon's Den style presentation and discussion format.

The judging panel includes five influential UK figures, they are Mr. James Stewart, Managing Partner of Menlo Partners LLP and private equity expert, Prof Raphael Markellos, director of research for Norwich Business School, Dame Ruth Silver DBE, Chair of the Learning and Skills Improvement Service, and Mr. Ashley Goodall, Marketing Director of Propeller TV, a Sky TV Channel.

Dr Yu Xiong, a senior lecturer of University of East Anglia and member of the organizing committee, said: "China is becoming a more and more important country economically. It has not been affected by the recession in the same ways as others. Business opportunities there are huge and it has a rising scientific and technological base that is increasingly attracting worldwide attention.

Doing business overseas can be daunting for many entrepreneurs but this programme aims to promote the opportunities that exist and to highlight potential stars to watch in the future. Those taking part learn a lot through the process and their ideas can translate into real business opportunities."

Mr. James Stewart added: "The Chinese teams are of extremely high quality, both in the perspective of the product, and the markets. The competition provide excellent opportunity for the UK and China to work together to support new business ideas that link the two countries".

This year's China UK Entrepreneurship Competition, which took place at the Bank of China in London, is a joint venture between UEA, Lancaster University, University College London and the China Innovation and Development Association in the UK. The competition is also supported by the British Council, Chinese Embassy, and the Chinese government.

Before the competition took place, the China UK Forum: Invest in Innovation was held, which explored the opportunities for innovation, investment and collaboration between the UK and China. Speakers include: Dame Ruth Silver DBE, Prof ZhengxiaoGuo, Pro Provost at University College London; Ms. Xi Wang, Secretary for Science and Technology at the Chinese Embassy in London; Dr Nick Rousseau, Head of International Innovation Policy at the Department of Business, Innovation and Skills; James Steward, Ms. Lily Shen, Partner of the Bloomsbury Immigration Solicitors and Liang Xiao, the Chief Retailing Office of Bank of China. The Forum was Chaired by Dr Xiong.

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