Bright idea: Hong Kong entrepreneurs eligible for Alibaba's HK$1b fund
Alibaba initiative to seed entrepreneurs offers access to capital, e-commerce network
E-commerce giant Alibaba began its search for the next generation of Hong Kong entrepreneurs yesterday with the formal launch of its HK$1 billion fund to support aspiring businesses in the city.
The Hong Kong Entrepreneurs Fund, a not-for-profit initiative that Alibaba chairman Jack Ma Yun flagged in February, will see qualified start-ups gain access to capital and be able to build their businesses on the mainland company's various e-commerce platforms, affiliated companies and other enterprises, such as logistics and financial services.
"This is not a charity," Alibaba vice-chairman Joseph Tsai said at the launch. "[Qualification] is exactly the same process that any other entrepreneur goes through to get funding from a venture capitalist. This is not easy."
The fund has appointed Shanghai-based venture capital firm Gobi Partners as its first investment manager.
"My mandate is very simple: find the best entrepreneurs, help them become successful, make money and put that back to the fund to help more people," said Thomas Tsao, a managing partner at Gobi.
He said that having access to Alibaba's large network of e-commerce businesses was "a huge competitive advantage for entrepreneurs in Hong Kong".