More than 10,000 up and coming "entrepreneurs" from around the country registered for the "Wise Man Takes All" competition, China's first reality television show promoting young business start-ups.
Around 300 have been chosen to participate in the competition, which began earlier this week in Shanghai. They were selected by a panel of judges on the merits of their business plans.
The first round involved 150 participants being interviewed by judges in Shanghai, after which similar interviews were conducted in Chongqing, Wuhan, Beijing and Shenzhen.
After the first round of competition, only 16 participants will be selected to go through to the televised knockout stages. The winner will be awarded 1 million yuan (US$123,300) to invest in his or her business plan.
The show is sponsored by Shui On Land, a leading Hong Kong property investor in Shanghai, Dragon TV and CBN (China Business Network), a media group.
"We are trying to sharpen the entrepreneurial spirit in young people," said Vincent Lo Hongshui, Shui On's chairman.
In Shanghai, most participants are aged between 20 and 30. About 15 per cent are women.
Among the participants in Shanghai, 70.6 percent have a bachelor's degree while 10 percent have master's degrees. Some of them have three to five years' work experience.
"Contestants from Shanghai and Beijing have been of a higher standard," said Yang Jianyun, deputy general manager of Dragon TV. She is one of the judges in the contest. "Shanghai participants have more originality in their business plans," she added.
Shanghai's first round contest was held in the Shui On Plaza at Huanhai Zhong Lu. There are two contest rooms in the hall, named "the Directors' Room," which is used for evaluating the contestants' on-screen appeal, and "the Experts' Room" for evaluating their business plans.
The majority of the more than 4,000 plans submitted by applicants from Shanghai are connected in some way to the IT industry, according to organizers. Many incorporated charts for company structures and business operations into their plans, which also included details of capital distribution and projected revenue.
Specialists pointed out that all the outstanding plans have captured the key points of business opportunities, with particular emphasis on making life within the firm more colorful and interesting thereby bringing about better inter-personal relationships.
The on-screen appeal aspect involves taking a close look at contestants' verbal ability and manners. "We appreciate out-going people," said Zhang Zhipeng, executive director of the television show. He said participants who already have overseas experience are better equipped to understand the concept of the reality television show.
(China Daily August 17, 2005)
