Young people who emerge top in an entrepreneurship competition, called River Hongbao Hackathon, will get the opportunity to run their own stalls at next year's River Hongbao celebration.
The Feb 3 to 10 event to celebrate Chinese New Year has been on Singapore's annual festive calendar since 1987.
Singapore Press Holdings' Chinese Media Group will sponsor one night of fireworks during the event run, which typically attracts more than one million visitors.
As for the hackathon, youth aged 18 to 26 in tertiary institutions can form teams of two to five people and submit their business ideas online. The closing date is Dec 22.
Several teams will be shortlisted for presentations during the hackathon on Jan 3 and 4. These teams will be mentored by a retail expert from Mapletree Investments, which does property development and management.
The top three teams will each receive a cash prize of $2,000 and seed money of $4,800 to implement their ideas and run their stalls.
They will also pledge 70 per cent of their profits to charities appointed by the River Hongbao organising committee, Mapletree and the winners.
Next year's River Hongbao chairman Ang Wei Neng, who also sits on the Government Parliamentary Committee for Education, said: "Mr Ong Ye Kung, adviser to River Hongbao 2019 and Minister for Education, has emphasised the need to incorporate entrepreneurship into the learning experiences of our students.
"The River Hongbao Hackathon is a perfect platform for the students to hone their entrepreneurship skills and put them to the test in an authentic but relatively safe environment."