Lured by the potential award of subsidies and favorable business policies in Taicang, more than 300 entrepreneur teams applied to take part in the 5th Chuangzhi Cup Taicang entrepreneurship contest.

Organizers whittled down the applications to 46 teams that were invited to participate in the contest.

After a day of fierce competition, 13 projects were awarded prizes and honorable mentions by the event's organizers at an awards ceremony on Thursday. The organizers of the event are a working group aimed at fostering entrepreneurship in the city and the Global Talents Exchange Center.

The winners of first to third prizes can skip the technical evaluation to set up business in the city and enjoy subsidies and preferential policies.

Zhang Yang and his team, who won first prize at the competition, plan to develop a new medicine for breast cancer. The team is comprised of international talents and is dedicated to the research of nucleic acid molecular probing and related technologies.

Zhang, a 30-year-old who obtained his doctorate in biomedical sciences at the University of Cambridge, began studying the city’s business environment immediately after the competition.

Participants who did not win a prize, such as Li Peixing, who has a PhD from Canada, are also considering settling their businesses in the city after studying the relevant policies and business environment that the city offers.

One of the things that impressed Li was that the traffic between Taicang and Shanghai Hongqiao Airport was a mere 40 minutes. The convenient location of Taicang is seen as an advantage by companies hoping to expand after getting a head start in Shanghai, according to Ni Kai, director of the Global Talents Exchange Center.

Ni cited more reasons for businesses to be attracted to Taicang, such as the natural environment, government support and industrial foundation.

The working group for fostering entrepreneurships provides the aid and services necessary for start-up companies to grow. Taicang has a strong manufacturing industry that includes a cluster of more than 200 Germen enterprises.

Taicang has constructed a number of industrial parks and business incubators with living amenities built around the facilities to offer convenience to employees.

By Liu Sitong and edited by Jacob Hooson