Alibaba Puts $129-Million Into Entrepreneurship Nonprofit
February 3, 2015 | Read Time: 1 minute
Chinese Internet giant Alibaba is investing $129-million to create a new nonprofit aimed at helping Hong Kong entrepreneurs build businesses, according to The Wall Street Journal. The Alibaba Hong Kong Young Entrepreneurs Foundation will offer seed funding, training, and technical assistance to selected start-ups that use Alibaba’s e-commerce, cloud-computing, and platforms to set up shop.
The foundation, slated to begin operations in the second half of 2015, will also offer internships with Alibaba or partner companies to 200 students selected each year from Hong Kong universities. A person familiar with Alibaba’s plans told the Journal that the mainland-based firm is planning a similar nonprofit venture fund for Taiwan.
