Alibaba Group sets up HK foundation for young entrepreneurs

The Alibaba Group has established a HKD1-billion (USD128.9 million) not-for-profit Alibaba Hong Kong Young Entrepreneurs Foundation to support young entrepreneurs in Hong Kong.

The goal is to help young people start and grow businesses on marketplaces and platforms in the Alibaba ecosystem. Entrepreneurs will have access to financial capital, technical assistance and training.

The selection and funding process will be managed by a team of professional investment managers and operating advisors who will work closely with these young entrepreneurs in their companies’ early stages.

Profits generated from these venture investments will be returned to the foundation for re-investment.

“We hope to create life-changing opportunities so that Hong Kong’s young people have an opportunity to build thriving businesses that will serve as a bridge between Hong Kong and mainland China,” said Jack Ma, Executive Chairman of Alibaba Group.

In addition, the foundation will also select 200 young people each year from Hong Kong universities to intern at Alibaba Group and other businesses within the Alibaba ecosystem. This will give an opportunity to university graduates to gain first-hand experience working in mainland China.