The Chinese government announced this week that it is launching a new initiative to boost entrepreneurship in the country.
The program, which has been underway for the past two years, aims to create a “mature” entrepreneurial ecosystem that can provide young Chinese entrepreneurs with mentorship and support.
In a statement to VentureBeat, China’s Ministry of Commerce said it is looking for “a number of talented entrepreneurs who can build on China’s success story of the last two decades.”
The program aims to provide mentorship to young entrepreneurs, as well as support them in building their businesses.
The ministry also plans to provide scholarships for students and entrepreneurs who are unable to attend an institution.
The government hopes to encourage the development of a “more mature” entrepreneurial environment in the future, according to the statement.
“It is our goal to provide a mentorship-based, professional environment where young entrepreneurs can grow and succeed in China, as a whole, and to encourage their growth, which is what is needed to improve the country’s economic performance,” the ministry said.
The program will be open to anyone who is under 25, or who has been involved in an entrepreneurial venture, and is a Chinese citizen or permanent resident.
In addition to helping young entrepreneurs get their feet wet in the world of entrepreneurship, the program will help them build “a strong and successful business that will attract a wide range of international investors.”
The program is the second of its kind launched in China in 2017.
The country launched its first program in March 2017 to help people start small businesses, which attracted an impressive crowd of participants.
The government is also offering a $1 million cash prize to anyone in China who can create the first million-dollar business in China.
The prize will be awarded on June 1, 2020.
“We are committed to the development and success of entrepreneurs and to creating a more mature entrepreneurial ecosystem,” the government said in the statement, according with a reference to the $1 billion prize.
“The new program will provide mentoring and support to young Chinese who are not able to attend university, and it will help to promote their growth and success,” the statement said.
“In addition, we will continue to support companies in the Chinese business ecosystem by providing them with financial support.”