The first HICOOL Global Entrepreneur Summit and Entrepreneurship Competition was launched in Beijing on Friday, aiming to get high-level startup projects from around the world to open offices in the capital.

The launching ceremony of the event was held on Friday afternoon in Beijing's subcenter, bringing together business leaders such as Baidu CEO Robin Li and Xiaomi CEO Lei Jun.

The name HICOOL was invented to convey a feeling of friendliness and sociability, organizers said.

According to the event's host, the Beijing Overseas Talents Association, prize money will total 80 million yuan ($11.2 million), and preferential policies for the winners will be awarded.

In addition, a total of 1 billion yuan will be offered through a special fund to encourage entrepreneurship and investment. Free office space of up to 300 square meters in Beijing's Zhongguancun International Incubator and other industrial parks will be provided to the winners.

Lei of Xiaomi said at the ceremony that it is a historic moment for the integration of technologies such as 5G and AI, and that will incubate many new products.

"People often say there is no chance, but in fact there are always chances for startups every few years," he said.

"At such a special moment, we should have confidence, which is more precious than gold. And we should remember that entrepreneurship is not a sprint; it requires perseverance."

The projects will cover a number of sectors, including AI, big data, fin-tech, biopharma, a new generation of information technology, new energy and new materials.

A requirement for participants in the contest is that they must be from overseas or must have returned from overseas no more than 10 years ago.

Within the next five months, preliminary contests will be held in eight countries and regions around the world. The final round of competition and the Global Entrepreneurship Summit will be held in Beijing's Shunyi district in September.