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Shanghai Buddhist temple supports young entrepreneurs

October 29, 2018 |

Several outstanding startup projects were selected on Friday through an entrepreneurship competition launched by the city’s Jade Buddha Temple in Putuo District.

The competition, named the "Juequn Cup," includes a public evaluation of startup projects, training sessions for young entrepreneurs and exhibitions of outstanding projects.

The top winner received 80,000 yuan (US$11,503) in rewards along with access to preferential policies in office renting, social security, opening assistance and incubation services, according to the human resources and social security bureau of Putuo.

Renowned venture investor Giant Fun will also invest to sponsor winning startup projects of the competition. The company announced they will invest 2 million yuan in a costume startup named Coolalpaca, which won the competition in 2016.

The temple launched the competition in May to find more talented entrepreneurs and contribute to the nationwide mass innovation and entrepreneurship campaign.

Over 300 startup projects relating to the internet, cultural innovation, trade, new media and technology have joined the competition. A panel of judges picked up a dozen projects for the final competition.

The Buddhist temple has become a major sponsor for local young entrepreneurs setting up startups. It had sponsored local university graduates to set up over 130 enterprises via an 11-million yuan sponsorship drive since 2009. Among those sponsored was local online food delivery firm Ele.me, which has since expanded its services to some 1,000 Chinese cities.

The temple, home to two jade Buddhas, donated 10 million yuan to set up the Juequn University Entrepreneurship Foundation in 2009 to support local graduates, especially those from poor families, to set up companies.