Young entrepreneurs from China and Australia are working together in Sydney this week to develop business ideas that could win them a $US200,000 grand prize. Each team has both Australian and Chinese members who met for the first time on Monday after two months of contact online.

They will spend the next four days developing ventures for the China Australia Millennial Project before three finalists are chosen to pitch on Friday night. The winning team will go to Beijing to compete against other countries for the main $200,000 prize.