The e-commerce company has set up a $129m non-profit organisation that will fund startups based on its e-commerce ecosystem.
China-based e-commerce company Alibaba has set up a HK$1bn ($129m) non-profit foundation to boost entrepreneurship in Hong Kong, the company’s news site Alizila reported yesterday.
The Alibaba Hong Kong Young Entrepreneurs Foundation will provide capital, assistance and training to young people living in the city who are looking to launch startups based on Alibaba’s e-commerce sites, such as Taobao and Tmall. The terms and sizes of its funding strategy are yet to be disclosed.
All profits generated from Alibaba’s investments will…
