They are working alongside the HYPE Foundation, a global platform that connects and invests in sports innovation, to host the event.

Entries will focus on "disruptive innovations across all sports sectors".

The event is due to take place on August 27 as part of the 2017 FISU World Conference on Development through Sport, which will be held alongside the Taipei 2017 Summer Universiade.

The competition will feature ten start-ups from around the world with the winner receiving free one year membership to the Global Sports Innovation Center powered by Microsoft in Madrid.

After the conference's Opening Ceremony, a networking and poster session will take place where sports innovation companies can showcase their products.

Attention will then turn to the competition where start-ups will pitch their products on stage to a jury, who will then pick a winner.

"We gladly welcome HYPE Foundation to participate at the 2017 FISU World Conference on Development through Sport," Hsia-Ling Tai, the President of the University of Taipei, said.

"I am personally excited to see how sports technology comes together with academic research.

"I also appreciate that Hype Foundation brings this great opportunity to the conference and it is going to be a once-in-a-lifetime event for all of us."

The HYPE Foundation boasts the largest sports innovation network with more than 26,000 leaders and key decision makers in the field of sports, including sports and technology global brands, academia, investors and start-ups.

HYPE initiates global competitions and has worked with Google, Microsoft and Sky Sports among others in the past.

In 2017 the HYPE Foundation conducted SPIN events alongside the National Football League draft and the UEFA Champions league final.

"It is a great privilege to be working alongside the HYPE Foundation and evaluating the ever-changing world of sport in closer detail," FISU President Oleg Matytsin said.

"In FISU, we are excited and intrigued to see the entries that have made it to the SPIN final.

"As part of FISU's mission to include educational and cultural aspects alongside sporting events, joining the HYPE Foundation in this competition is a natural fit for our organisations.

"We are always looking to our university students, as leaders of tomorrow, for ideas, and innovation in sporting technology and governance."