Alibaba all set to run its Alibaba Hong Kong Young Entrepreneurs Foundation with a hefty funding
Alibaba Group Holding announced in the beginning of this year regarding its two funding programs to support the young entrepreneurs in the regions of Hong Kong and Taiwan. This initiative to support the young entrepreneurs was known as the Alibaba Hong Kong Young Entrepreneurs Foundation and was made official back then. As of now, the Taiwan based fund totals up to $306 million (NT$ 10 billion) whereas the Hong Kong based fund is $130 million (HK$ 1 billion) in cash.
The company stated that it has established this program in order to assist the young entrepreneurs in achieving their goals, visions, and dreams in the industry. It is believed that the Chinese tech giant is determined to invest in startups as well as small sized businesses and wants to see them prosper as the time passes by. Alibaba Group’s program will not only include heavy funding in cash but will also offer its own services, technical assistance, and training so that they are directed towards the right path.
Hence, it will not be only about investing and showing their money power but helping the startups and small businesses to spur with time. Alibaba already runs marketplaces where millions of small vendors, merchants, and businesses sell their items. The company is such a big name not only in China but all over the world however its international market presence is not that strong. But it is still working to make its business in China stronger. The record breaking IPO holder company will be helping the young entrepreneurs that are looking to grow their presence in the mainland and sell their items to the Chinese consumers.
It is believed that the startups and small businesses would also be listed on Alibaba’s online marketplaces such as Tmall.com and Taobao Marketplace to efficiently promote their business as well as use other services such as the huge cloud computing services of Aliyun.
According to the executive Vice Chairman of the company, Joe Tsai, stated “At Alibaba our mission is to make it easy to do business anywhere. We are passionate about fostering entrepreneurial spirit and hope the resources provided by the fund will help unleash potential for innovation and entrepreneurship in Taiwan [and Hong Kong,]”
This is a bold initiative as with the increasing trend of online shopping, Alibaba might be investing in a business or start up that might later give tough competition to the tech giant.