CONDITIONAL:Start-up companies that seek funding would have to use products or services provided by the Chinese e-commerce giant, and offer innovative projects
Date: Nov 20, 2015
By: Lauly Li / Staff reporter
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.
The Taiwan Entrepreneurs Fund (台灣創業者基金) is to be under the control of executive director Andrew Lee (李治平), who was formerly the chief financial officer at Entie Commercial Bank Ltd (安泰銀行), Alibaba said.
The fund’s board of directors has picked the China Development Industrial Bank (中國開發工業銀行) as its investment manager to evaluate the business potentials and feasibility of the proposals put forward by local start-ups, Alibaba executive vice chairman Joseph Tsai (蔡崇信) said.
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. [FULL STORY]