On September 27, the final of the 2024 WRSA Overseas Returnees Town Digital Medicine Special Competition, a sub-event under the “Creating the World, Sailing to the Future” Innovation & Entrepreneurship Competition for Overseas Talents Hangzhou, was held at the Youth Innovation Center of HALO BAY, Transfar Innocity. Since the launch of registrations, the WRSA Overseas Returnees Town Digital Medicine Special Competition has seen 161 days of intense competition, engaging 105 global teams with innovative projects in the field of digital medicine. The highest funding for winning projects was RMB 10 million. Ultimately, 10 teams officially reached the final, with two teams gaining direct entry to the grand finals!
Aiming High Yet Staying Grounded
At the final, the 10 teams showcased their projects through live presentations, where founders demonstrated their project concepts and innovations. During the Q&A session, expert judges and representatives of venture capital institutions focused on the presented projects’ key points, engaging in extensive discussions, answering questions, and offering valuable guidance and exchange of ideas. The field of digital medicine demands long-term dedication, and despite the current economic downturn, these projects exhibit unwavering entrepreneurial spirit and commitment.
To enhance the vitality of the competing projects and accelerate their implementation and commercialization, the WRSA Overseas Returnees Town has launched a special fund to support the digital medicine industry. WRSA Overseas Returnees Town focuses on digital medicine and has over RMB 30 billion in funds to support enterprise development. The competition has set aside RMB 100 million from the original RMB 1 billion of the Transfar Innocity Industrial Development Fund for a dedicated digital medicine fund, providing investment support of up to RMB 20 million for qualified projects.
Winning teams in the competition can receive up to RMB 100,000 rewards and RMB 10 million support for project implementation. The top two projects, titled “AI Bionic Intelligent Mechanical Sensors” and “Advanced Medical Hearing Device Manufacturing Project”, scored 86.50 and 85.92, respectively, earning them direct entry into the grand finals, where they will compete with 18 other projects in the 2024 “Creating the World, Sailing to the Future” Innovation & Entrepreneurship Competition for Overseas Talents Hangzhou, vying for top honors.
“The final highlighted that even in these challenging economic times, there are still exceptional founders and teams committed to technological innovation and human health, relentlessly working toward their goals. They aim high for scientific achievements while staying grounded in industrial application, which is exceptional and truly admirable,” commented an expert in the post-competition interview.
(Attached) The AI Bionic Intelligent Mechanical Sensors project focuses on digital medicine. It adopts fiber optic sensing technology, allowing for real-time monitoring of physiological parameters, drug reactions, and force feedback from surgical instruments, aiding precision medicine. By combining high-precision sensing with AI algorithms, it facilitates personalized health monitoring, telemedicine, and smart surgeries, advancing digital biomedicine and improving treatment outcomes and patient experiences.
(Attached) The Advanced Medical Hearing Device Manufacturing Project utilizes the non-invasive wearable method in a revolutionary way for direct bone conduction in its dental bone conduction technology. It delivers better clinical hearing effects than surgical bone anchor implantation. Currently, the product holds 128 global invention patents and over 10 utility model patents, covering 22 major countries and regions such as China, the European Union, the United States, and Japan. The dental bone conduction hearing system was awarded first place in the Cleveland Clinic’s ranking of the Top 10 Medical Innovations for 2010.
The WRSA Overseas Returnees Town, an Ideal Destination for Global Talents to Start a Business and Live
Included in the first batch of overseas returnees towns in China, the WRSA Overseas Returnees Town has quickly become a benchmark for similar towns since its unveiling in September 2022. More than 400 enterprises have settled here and over 20,000 people have been attracted to work and live here. Additionally, a large number of returnee entrepreneurs are pursuing innovation and development here. This special competition has attracted digital medicine innovation projects from the United States, the United Kingdom, Belgium and many other countries through various forms, such as online collections, offline roadshows and overseas special activities.
Up to now, Hangzhou Returnees Town has focused on biotechnology and has gathered more than 400 related science and technology innovation enterprises such as Qihan Biotech, LifeFoundry, Santo Therapeutics, and Biyo Pharma. The regional agglomeration of the biotechnology industry has reached 50%. In the town, 72% of entrepreneurs have an overseas education background. Overseas-returned scientists start businesses and innovate here, while young teams explore cutting-edge technologies.
As the core area of Hangzhou Returnees Town, Transfar Innocity has witnessed the entrepreneurial enthusiasm and feelings of these high-quality projects. As top-tier research forces and resources gather, it has provided entrepreneurs in the digital medicine sector with a launch pad that can support them in an all-round way from concept to product and from laboratory to market. We are convinced that every ounce of passion and dedication towards the development of the digital medicine sector deserves to be cherished and every spark of innovation is bound to shine brightly here. We welcome talents in science and technology innovation from all over the world to Hangzhou Returnees Town to start a business and succeed together with the industry!
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