[ MacauBusiness ] Startup competition 929 Challenge draws over 300 teams from China, Lusophone countries

The fourth edition of the 929 Challenge in Macau has attracted over 300 teams and startups from China and Portuguese-speaking countries, one of the organisers of the entrepreneurship competition told Lusa.

Marco Duarte Rizzolio, co-founder of the 929 Challenge, highlighted that 45 per cent of the participants came from Portuguese-speaking markets, an increase compared to previous editions, which were dominated by Chinese teams.

He also noted “a much larger participation” from Brazil and Portugal, with 30 teams from these countries. However, he expressed disappointment that there were no projects from Timor-Leste or São Tomé and Príncipe.

The 2023 edition attracted around 1,500 participants from more than 280 teams representing all nine Portuguese-speaking countries and China.

Rizzolio acknowledged that the surge in registrations surprised the organisers, but emphasised that the ultimate goal “is not quantity, but quality projects that can be commercially applied later.”

The more than 300 teams are starting an online bootcamp today, running daily from 7:00 p.m. to 9:00 p.m. in Macau (12:00 p.m. to 2:00 p.m. in Lisbon), “to accommodate all time zones,” the academic explained.

Over the next two weeks, until 11 October, the teams will attend a series of lectures, mentoring sessions, and workshops aimed at creating sustainable business plans.

“We introduce Chinese startups to the realities and business environments of Portuguese-speaking countries, which are quite different,” Rizzolio said.

For the Portuguese-speaking teams, the goal is to develop business plans with a focus on the Guangdong-Hong Kong-Macau Greater Bay Area, Rizzolio added.

The top 16 plans – eight from companies and eight from university teams – will have 10 minutes to pitch to the 929 Challenge jury and potential investors in the final on 9 November.

This year’s edition also saw an increase in monetary prizes for the top three winners: 300,000 patacas (33,600 euros) and 4,000 dollars (3,600 euros) in services and tools from Chinese tech giant Alibaba.

Afterwards, a support programme will be offered to companies looking to establish themselves in Macau and the Greater Bay Area, including two weeks of visits to incubators and meetings with venture capital funds.

For the first time, a ‘soft landing’ programme of up to three months will be available for projects aiming to start a business in Macau.

For startups in need of capital, the competition has agreements with potential investors, including Portugal Ventures, a venture capital firm under the state-owned Banco Português de Fomento.

The contest is co-organised by the Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (Macau) and various institutions in the Chinese special administrative region, including all universities.

Source: https://www.macaubusiness.com/startup-competition-929-challenge-draws-over-300-teams-from-china-lusophone-countries/