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Young entrepreneurs everywhere dream of finding the support and funding to get their big idea off the ground. So the news that the Alibaba Entrepreneurs Fund/ HSBC JUMPSTARTER 2023 Global Pitch Competition is now open for applications will definitely be music to their ears.
Alibaba Hong Kong Entrepreneurs Fund is inviting entries from start-ups around the world for the chance to present their plans and make their case to top investors and leading figures in various industries.
Overall, the aim of the competition is to bring together like-minded entrepreneurs and open doors to business growth by inspiring creativity and supporting it in practical ways.
Simply taking part offers great opportunities to network, gain invaluable experience, and understand what it takes to build and run a successful company in an ever-evolving environment.
In response to the strong calibre 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 US$5 million. In addition, JUMPSTARTER 2023 will offer a HK$1 million cash prize for the first prize winner and other awardees.
The deadline for entries is May 14 and, judging by the initial response at a series of in-person information sessions being held in Hong Kong and other cities in the Greater Bay Area and Southeast Asia, there is a high level of interest.
JUMPSTARTER 2023 also encourages start-ups to include one of the United Nations Sustainable Development Goals into their business direction, in the hope of encouraging start-ups to incorporate social responsibility in their initial stage of business.
Reflecting recent trends, entrants for the contest are expected to fall into a number of categories ranging from sustainability, industry 4.0, biotech, health care and fintech to web 3.0, AI/robotics and art-tech.
To support start-ups with the potential to create both social and economic benefits, those still in the ideation stage, or in the growth stage but with less than US$20 million in funding to date, are actively encouraged to participate. The best five still at the ideation stage will be given three months of mentorship and advisory assistance by Anima Ventures, And any others operating for less than five years, but with firm plans to expand in Hong Kong or the Greater Bay Area, will be similarly welcome to get involved.
The judging panel will select the top 100 overall, all of whom will then proceed to the semi-pitching phase set for late June. Subsequently, the top 30 will be announced in September, with the final round for them scheduled to take place in Hong Kong in November.
“During the height of Covid-19, we were incredibly inspired to see many start-ups unlock innovative ways to address society’s pain points,” said Cindy Chow, executive director of Alibaba Hong Kong Entrepreneurs Fund. “This year, we have added biotech/ life sciences, Industry 4.0 and Web 3.0 as categories to capture emerging market trends, and there is more focus on initiatives which promote the UN’s Sustainable Development Goals. That’s because JUMPSTARTER aims to be a platform that supports individuals with entrepreneurial aspirations and to accelerate the innovation and technology (I&T) industry with our partners.”
In this instance, one notable partner is HSBC, which is teaming up with the Alibaba Hong Kong Entrepreneurs Fund for the fifth consecutive year to help promising start-ups around the Greater Bay Area.
“Innovation has emerged as an engine for high-quality, sustainable growth globally,” said Frank Fang, general manager and head of commercial banking, Hong Kong and Macau, HSBC. “In Hong Kong, our rapid transformation into an international innovation hub and the increasing integration with other cities in the Greater Bay Area offer a fertile breeding ground for start-ups.”
He added that HSBC will continue to leverage its international network and financing expertise to support high-growth companies and play to the bank’s strengths as a “super connector” in the start-up ecosystem.
“JUMPSTARTER has been an incredibly valuable platform for us to learn about cutting-edge ideas and technologies that are crucial for our company’s growth, such as Industry 4.0, Sustainability, A.I., and Robotics,” said Andrew Lo, CEO of Crystal International Group, one of the platinum sponsors of JUMPSTARTER. “Through active participation, we have engaged with start-ups to explore potential collaborations in technology and products, and we have formed meaningful relationships with other corporates and venture capitalists.”
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