The preliminary round of the HICOOL 2023 Global Entrepreneurship Competition officially opened on Wednesday in northeastern Beijing's Shunyi district, marking the beginning of this year's event. 

With a total prize pool of 100 million yuan ($13.95 million), the competition offers a remarkable 140 winning spots, including cash rewards of up to 2 million yuan for the top prize winner.

Marking its fourth edition this year, the HICOOL Global Entrepreneurship Competition has attracted a notable influx of talent. According to the organizing committee, a total of 7,467 participants from around the world and 5,705 startup projects registered for this year's competition.

Shunyi district will host preliminary rounds of the competition for several tracks, including high-end equipment, new energy/new materials/energy saving and environmental protection, artificial intelligence/virtual reality, and cultural creativity. Other districts such as Daxing, the Economic-Technological Development Area, Pinggu, and Xicheng will host the preliminary rounds of other tracks tailored to their respective advantageous industries, further fueling innovation and entrepreneurship across the region.

Yu Haijiao, vice director of the Beijing Talent Work Bureau, said this year's competition has seen a significant increase in the number of participating projects, the overall quality of projects, and the qualifications of participants. 

He added that Beijing is dedicated to becoming a magnet for top-notch talent by fostering a world-class environment for innovation and entrepreneurship and implementing proactive talent policies.

In addition to the competition, this year's HICOOL Global Entrepreneur Summit is scheduled in Beijing from Aug. 25 to 27, which is expected to draw over 30,000 science and technology innovators, more than 1,000 investors, and over 100 representatives of renowned media organizations from around the world, creating a vibrant atmosphere for global entrepreneurs.

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