Alibaba Group Holding Limited (NYSE: BABA) has launched its Entrepreneurs Fund for Taiwan.
The NT$10 billion Taiwan Entrepreneurs Fund, a not-for-profit initiative of Alibaba Group, aims to support the aspirations of entrepreneurs who wish to take advantage of the resources offered by Alibaba’s ecosystem in e-commerce, logistics, mobile platforms, cloud computing and financial services.
The vehicle will invest in qualifying companies in the startup, growth and expansion phases of the company life cycle. Qualifying businesses will leverage the platforms in the Alibaba ecosystem to offer products and services to Greater China and the world.
Some business and community leaders will join the board of directors of the fund, including Mr. Charles Yen, co-founder and principal of the AAMA Taipei cradle program, Mr. Joseph Tsai, senior executive vice president of Cathay Financial, and Mr. Danny Chiu, chairman and CEO, Morrison Express Corp.
They will oversee the governance and provide strategic direction of the vehicle, which is led by executive director Mr. Andrew Lee, former chief financial officer of EnTie Bank.
The fund will operate by engaging independent professional firms to source and evaluate business proposals and manage the investment program. The first Investment Manager, a subsidiary of China Development Industrial Bank, will manage a portion of the program.
Other selections will be made soon.