Alibaba Group to Provide Fund to Support Young Entrepreneurs in Taiwan
Alibaba Group Holding Limited (NYSE: BABA) announced today its intention to set aside a not-for-profit fund (the Fund) to unleash the innovative potential of entrepreneurs from Taiwan. The New Taiwan Dollar 10 billion (US$316 million) Fund will be used to support the growth of entrepreneur-run businesses in Taiwan.
The core mission of the Fund is to help young entrepreneurs from Taiwan start and grow businesses on marketplaces and platforms in the Alibaba ecosystem, enabling them to offer products and services in the Greater China region.
The Fund, which will be managed by professional investment managers, will invest in businesses started by young entrepreneurs from Taiwan. Profits generated from these investments will be re-invested, ensuring an evergreen funding source for the Fund. Subject to regulatory requirements and the authority’s approval, the program is expected to launch in the second half of this year.
“I have been impressed by the young people in Taiwan because they are well-educated, innovative and hard-working,” said Jack Ma, Executive Chairman of Alibaba Group. “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,” Ma said.