After a much hyped IPO and then a rocky road thus far, Alibaba, the Chinese equivalent to Amazon (and then some) has announced that they are expanding their effort to back startups past mainland China, and Hong Kong.
Earlier this year, FinancialBuzz reports that the Chinese Internet giant announced a $12 million dollar fund to help young, hardworking, entrepreneurs in Hong Kong.
Now, Albibaba’s founder Jack Ma has announced a new fund to help Taiwan based young entrepreneurs to the tune of $318 million.
The Alibaba Group is looking past just funding and hoping that the fund, inspired by Ma, will inspire more entrepreneurs to come out of the woodwork in Taiwan.
“Ma said that he was impressed by Taiwan’s young people due to their hard working nature. He also observed that they are well-educated and creative. He added that his encouragement to the entrepreneurial spirit of the young people of Taiwan, may help generate similar efforts by others. Together, such initiatives will help the youngsters of Taiwan to unleash their innate potential and make their dreams come true.” Financial Buzz reported.
Like Amazon, Alibaba is hoping that entrepreneurs will use some of their tools, like AliCloud, to build their startups, however Ma has said on a few occasions that the company’s funds for entrepreneurs aren’t solely for e-commerce platforms. They are looking at the entire tech spectrum.
Alibaba has said that they will take proceeds from these investments and turn around and immediately re-invest them into more startups.