Entrepreneurs should focus on the problem, not the technology, says Alibaba’s Joe Tsai

  • In December, there were 2,625 start-ups operating in Hong Kong, up 18 per cent from the previous year

There were 2,625 start-ups operating in co-working spaces and incubators in Hong Kong last year. Photo: Fung Chang

Entrepreneurs looking to build successful start-ups should strive to solve problems in society, which will in turn create value and result in monetisation, according to Alibaba Group Holding executive vice-chairman Joseph Tsai.

“Most start-up companies start with a technology or an idea … [and then] search for a problem to solve,” said Tsai, who gave welcoming remarks at Jumpstarter on Thursday, a start-up event organised by the Alibaba Entrepreneurs Fund. “It’s actually exactly the opposite of how you build a long-term, long-lasting sustainable company.”

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