Alibaba Launches $129M Foundation For Young Hong Kong Entrepreneurs

TechCrunch

Alibaba announced today that it has created a $129 million non-profit organization to help young people who want to start businesses on the e-commerce giant’s online marketplaces. Called the Alibaba Hong Kong Young Entrepreneurs Foundation, the group may benefit Alibaba in two ways. For one, it can get more sellers onto Taobao Marketplace and Tmall, its main shopping sites.

The foundation could also potentially boost Alibaba’s reputation in Hong Kong, where students and young workers have been frustrated by economic policies that they believe favor tourists and immigrants from mainland China. Concern over soaring real estate prices and job competition fueled last fall’s Occupy Central movement by pro-democracy supporters. Protestors began regrouping this week (though on a much smaller level) for the first time since they were cleared out by police in November.

Alibaba Group said this is its first initiative that will exclusively support Hong Kong entrepreneurs. The Alibaba…

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