Alibaba to launch $316m non-profit fund for Taiwan start-ups
Chinese e-commerce giant Alibaba Group has earmarked NT$100 billion ($316 million) for a not-for-profit fund that will be used to boost entrepreneurship among young people in Taiwan.
This follows the establishment of the HK$1 billion ($129 million) Alibaba Hong Kong Young Entrepreneurs Foundation last month.
The new fund will provide capital to young Taiwan-based individuals who start businesses by leveraging resources within Alibaba Group's e-commerce ecosystem, including Taobao Marketplace Taiwan and several undisclosed Hong Kong shopping websites.
Alibaba will set up a local investment team to invest in Taiwan start-ups, while profits generated from the investments will be recycled into the investment fund to ensure continued operation.
The new vehicle is likely to launch in the second half of this year, after clearing all related laws and regulations, the Chinese company said.
"I have been impressed by the young people in Taiwan because they are well educated, innovative and hardworking," Jack Ma, Alibaba's executive chairman, said in a statement. "By encouraging the entrepreneurial spirit among Taiwan's young people, we hope to spur similar efforts by others to enable the younger generation to unleash their potential and realize their dreams."
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