Startups vie for cash at festival

The first Zhongguancun International Startups Festival kicked off in Beijing's Haidian district, in the hope of developing a Davos-like forum for innovators and startups in the capital's Internet hub.

"This is the first time that Beijing is hosting a global innovation affair like this, which will benefit the city in terms of gathering global resources for innovation and extending our level of opening-up," said Guo Guangsheng, deputy secretary-general of the Beijing municipal government.

The festival features a competition involving around 1,000 startups from China, the United States, Israel, Europe and Latin America. After more than seven months, 21 startups entered the finals on Tuesday. Prizes include $1.5 million in cash awards and $25 million in investment funding sponsored by Shengjing, one of China's largest management consulting and private equity investment advisory firms.