The new programme is also supported by the Mayor of London [whose office is pictured], the City of London Corporation, and the Technology Strategy Board.

Tencent's move will allow smaller companies to develop their own antivirus software independently.

The AWS challenge, first launched in 2007, offers companies implementing the amazon cloud service a $100,000 prize and exposure to venture capitalists.

In July, Nielsen set up an Israeli incubator in July with Bruce Haymes, senior vice-president of global business development and mergers and acquisitions at Nielsen, a board member.

The co-founders of Michigan ELab are Rick Bolander, who launched Blue Sky Ventures; angel investor Scott Chou; Bob Stefanski, a co-founder of software company Tibco; and Doug Neal, a serial entrepreneur behind UM's Center for Entrepreneurship.

The Australia Challenge will see GE and its venture capital partners, Southern Cross, MH Carnegie, Cleantech Ventures, Starfish Ventures and CVC Sustainable Investments, invest $10m in clean-tech start-ups and mid-stage ventures working on low carbon solutions and energy efficiency.

Innovation Works closed its first dollar-denominated fund at $180m in September last year while Tencent committed to the RMB700m Development Fund.

Vision Knight Capital, a private equity fund co-founded by David Wei (pictured), former chief executive of China-based online retailer Alibaba, is trying to raise $300m.

Chris Coburn, executive director of Cleveland Clinic Innovations, said: "There really can be no more significant alliance than this teaming of our two institutions up and down I-71. We will help to change the face of innovation in the state."