UK tech companies compete to join China's startup boom

British startups gathered at the Google Campus in London on Thursday and competed head to head for a chance to fly to Shanghai and join China's growing innovation industry.

At the Shanghai International Innovation Competition-UK, eight young companies pitched to a panel of tech experts who quizzed them on their products and their viability for entry into the Chinese market. The competition plays into China's plans to transform Shanghai into a startup hub to rival those in Europe and the United States.

"Shanghai wants to become a leading innovation center - like Silicon Valley - in China. London plays that role in Europe, so we are connecting the two cities," said John Zai, CEO of Cocoon Networks, a company that bridges the Chinese and European startup communities that hosted the contest.