The company has allotted $450 million to go into the fund in a news announcement today. The mission of the Fund is to help entrepreneurs realize their dreams and visions for a Hong Kong that is vibrant and engaged regionally and globally.
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A spokesperson for the company stated that “the fund is a move to help entrepreneurs reach their goals and visions”.
A number of accomplished business and community leaders will join the board of directors of the Fund. They will oversee the governance and provide strategic direction of the Fund. The board of directors of The Taiwan Entrepreneurs Fund includes Mr. Charles Yen, co-founder and principal of the AAMA Taipei cradle program, Mr. Joseph Tsai, senior executive vice president of Cathay Financial, and Mr. Danny Chiu, chairman and CEO, Morrison Express Corp. Alibaba was originally set to execute the fund, along with other professional teams to assess its application. In addition to cash, Alibaba will also offer its technical assistance, training and services to help entrepreneurs.
According to StreetWise Journal, the company wants to help entrepreneurs that are going to sell products in Mainland China. It is expected that the companies invested in will be encouraged to use Alibaba’s e-commerce system to succeed.
Alibaba has made the fund non-profit.
Alibaba Group Holding Ltd (阿里巴巴) yesterday launched a NT$10 billion (US$304.32 million) fund to invest in Taiwanese start-ups, with the objective of supporting companies that plan to utilize the resources offered by Alibaba’s ecosystem.
Taiwan-based China Development Industrial Bank is responsible for managing the fund, including feasibility evaluation of applications for capital investment.
Tsai said chairman Jack Ma (馬雲) has been discussing how to assist Taiwan’s young entrepreneurs since Ma visited Taiwan in the beginning of this year. Yang says, “Alibaba will obey the rule of the Investment Commission”. VC firm Gobi Ventures was named as the first, but the e-commerce giant “expects to make further selections” to add more variety to the line-up.
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Alibaba follows MIT’s move in startup investments in Hong Kong.
