The first HICOOL Global Entrepreneur Summit and Entrepreneurship Competition concluded in Beijing on Sept. 12. The event, featuring business elites from 82 countries and their 2,026 high-quality projects, drew attention from 11 high-tech cities and 72 major investment companies.

The summit also helped bring together startup owners, billionaires, and investors for potential future cooperation.

The final of the competition highlighted numerous cutting-edge technologies and scientific professionals. The "COVID-19 neutralizing antibody" project won first prize at the event and is currently undergoing phrase I clinical trials at Beijing Youan Hospital, Capital Medical University. It is estimated that the mass production of an antibody vaccine will begin by the end of this year or in early 2021.

Beijing has developed into an ideal hub for entrepreneurs over the years, a sentiment shared by several successful industry leaders at the summit. Those included Wang Xin, CEO of China's e-commerce giant Meituan Dianping, and Li Kaifu, chairman and CEO of Sinovation Ventures. In recollecting their personal experiences starting their businesses, they stated that the city had helped to nurture their dreams. 

Part of reason why Beijing has a strong startup culture is because startups in the capital are better equipped to deal with market risks and challenges, said Sir Danny Alexander, vice president and corporate secretary of Asian Infrastructure Investment Bank (AIIB). Alexander referred specifically to the city's convenient public transport, safe and stable environment, and the huge amount of talent available.

Upon conclusion of the summit, Beijing's government bodies will work to provide a full range of services to the winners of the competition to further improve the city's business ecosystem. These benefits look to include rent reductions, helping to build connections between industries and capitals, introducing talents to companies, and providing medical services, among advantages.

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