The first-ever Zhongguancun-Silicon Valley Technology Innovation and Entrepreneurship Competition was launched simultaneously in Beijing, capital of China, and Silicon Valley, the high-tech hub of the United States, on May 14, 2013. [people.com.cn]

The first-ever Zhongguancun-Silicon Valley Technology Innovation and Entrepreneurship Competition was launched simultaneously in Beijing, capital of China, and Silicon Valley, the high-tech hub of the United States, on May 14, 2013, aiming to promote the exchanges between the most innovative start-ups in the two countries.

The competition will also help promote the integration of talented personnel, technology and finance across the world in a brand-new way, according to Xuan Hong, vice director of Zhongguancun's administrative committee.

Contestants in the competition should be start-ups and teams from the industries of next-generation Internet, mobile internet and next-generation mobile communication, biotechnology and healthcare, energy-saving and environmental protection, integrated circuiting, new materials, high-end equipment, new energy and new energy vehicles.

Start-up registration will be open between June and September and the top three finalists in Zhongguancun and Silicon Valley regions will be selected, respectively, in October. In November, a communication conference in Beijing will take place for the final candidates from both regions, including 12 finalists from the Silicon Valley region.

It's estimated that at least 400 start-ups from Zhongguancun will participate in the competition.

The competition provides generous awards for the finalists.

The top three finalists from the Silicon Valley region will be awarded a cash prize of US$50,000, US$35,000 and US$ 20,000, respectively. Winners will also have access to the relevant Zhongguancun innovative incubators, opportunities to visit Zhongguancun and tutoring activities to help them gain a better understanding of the Chinese market, according to the competition's statement.

The Beijing Region will roll out one top prize, two second prizes and three third prizes. Winners will be given the opportunity to enjoy one-month of free incubation services in 500 Start-ups or Plug & Play, the statement reads. The finalists will also be recommended to several venture capital institutions.

Zhongguancun Science Park and Silicon Valley are known as the cradles for innovation and entrepreneurship.

The competition is hosted by Zhongguancun Science Park and undertaken by Entrepreneur China Magazine and the Beijing Hanhai Zhiye Investment Management Group.

(CYZONE.cn contributed to this story.)