A poster for the 2020 China Optics Valley Global Entrepreneurship Competition, which is set to kick off on Aug 7. [Photo/WeChat account of donghu3551]

The eagerly anticipated 2020 China Optics Valley Global Entrepreneurship Competition is set to kick off on Aug 7 in East Lake High-tech Development Zone -- also known as Optics Valley of China, in Wuhan, capital city of Central China's Hubei province -- according to zone officials.

They said that in the competition, four leading companies from different industries that are resident in Optics Valley will be the main talent scouts of the participating entrepreneurial projects.

The four competition categories in China are: optoelectronic information industry projects, intelligent industry projects, emerging industries projects and life and health industry projects.

There will also be three international competition categories: projects from Europe, those from counties involved in Belt and Road Initiative and from the Asian-Pacific region.

Officials said the competition also provides rich cash rewards and policy support for winning projects.

Zone officials said that there will be one first prize winner, three second prize winners, six third prize winners and all of them will collect cash awards.

At the same time, the winners will be listed in the "3551 Optics Valley talent plan" and have the opportunity to obtain up to 20 million ($2.88 million) in equity investment, as well as enjoying relevant supporting policies.

In addition to those awards, the award-winning projects can also obtain up to 300 square meters of free office space, free training for entrepreneurial CEOs and industrial resources matchmaking with leading enterprises.