Alibaba Entrepreneurs Fund Launches JUMPSTARTER 2023 Global Pitch Competition
Newly added HKD1 million cash prize and a maximum total investment of up to USD5 million
Encourage start-ups to integrate UN Sustainable Goals into businesses
Hong Kong, China, February 15, 2023
– Alibaba Hong Kong Entrepreneurs Fund ("AEF") today announced the JUMPSTARTER 2023 Global Pitch Competition ("JUMPSTARTER 2023") is now open for application. AEF is inviting entries from start-ups worldwide to bring more like-minded organizations together to bolster the growth of innovation and technology globally.
JUMPSTARTER 2023 is now open for applications until May 14, 2023. The top 100 entrants will be selected by the judging panel and enter the pitching phase in late June. The top 30 will be announced in September and participate in the finals in November in Hong Kong. In response to the strong caliber of start-ups that have participated in the competition in past years, the top 30 start-ups of JUMPSTARTER 2023 will all be eligible and considered for investment of up to USD5 million (around HKD39 million). In addition, JUMPSTARTER 2023 will offer an HKD1 million cash prize for the first prize winner and other awardees.
Eight industry focus, with new categories Biotech and Web 3.0 added
Alibaba Hong Kong Entrepreneurs Fund constantly reviews the latest development trend of different industries, and further expanded the mechanism this year. Apart from continuing to cover Sustainability, Healthcare, Fintech, Art-Tech and Deep Tech/AI & Data/Robotics, JUMPSTARTER 2023 has newly added Biotech/Life Science, Industry 4.0 and Web 3.0, totaling eight industry focuses.
To support the growth of start-ups with the potential to deliver social and economic benefits in society, JUMPSTARTER 2023 has widened the participation requirement to include start-ups in the ideation stage or growth stage that have raised less than USD20 million in funding to date. Meanwhile, JUMPSTARTER 2023 welcomes startups that have operated for less than five years with the intention to develop in Hong Kong and/or other cities in the Greater Bay Area.
JUMPSTARTER 2023 also encourages start-ups to include one of the United Nations Sustainable Development Goals (SDGs) into their business direction, for example, sustainable cities and communities, responsible consumption and production, quality education, affordable and clean energy, industry innovation and infrastructure, in the hope of encouraging startups to incorporate social responsibility in their initial stage of business.
"During the height of COVID-19, we were incredibly inspired to see many start-ups unlock innovative ways to address societal pain points,” said Cindy Chow, Executive Director of Alibaba Hong Kong Entrepreneurs Fund
. “We want to encourage start-ups in the sixth JUMPSTARTER to address the Sustainable Development Goals of the United Nations. We have added biotech, industry 4.0 and web 3.0 to capture the emerging market trends. JUMPSTARTER aspires to be a platform that supports individuals with entrepreneurial aspirations to accelerate the innovation and technology industry with our partners."
Due to the easing of COVID-19 restrictions, JUMPSTARTER 2023 will again host a series of in-person information sessions, including cities in the Greater Bay Area and Southeast Asia. To encourage more talents and drive the development of innovation in the region, successful entrepreneurs and industry experts will be invited to share their entrepreneurial journeys and challenges as well as to examine the current business climate and growth prospects in the market.
As of December 31, 2022, AEF had invested over USD80 million into over 60 start-ups
, attracting co-investment funding of more than USD2.5 billion. Its investment portfolio covers many industries, including biotech, fintech, edu-tech, green and sustainability, medical and healthcare, etc.
JUMPSTARTER 2023 is now open for applications. Please visit https://www.jumpstarter.hk/en/
for more details.
Including HKAI Lab and the investment via AEF Greater Bay Area Fund.