Alibaba, HSBC offer startup contest

Asia's Tech News Daily
Alibaba, HSBC offer startup contest

From left are Raymond Wong of HKSTP; Peter Yan of Cyberport; Allan Zeman of Alibaba Hong Kong Entrepreneurs Fund; Ms Ong; and Ms Chow.

Alibaba Hong Kong Entrepreneurs Fund (AEF) and banking giant HSBC have invited startups to participate in an annual competition with prizes worth up to US$4million.

The contest, Alibaba Entrepreneurs Fund/HSBC Jumpstarter 2022 Global Pitch Competition (Jumpstarter 2022), encourages startups worldwide to submit their ideas on how to transform sectors such as fintech, deep tech, healthcare, art tech and sustainability in Hong Kong and other cities in China’s Greater Bay Area (GBA).

Cindy Chow, executive director of AEF, said the organisation aims to foster an environment that can connect entrepreneurs, helping them to learn more about the latest market trends.

“Noticing the rapid development of the startup ecosystem and market, Jumpstarter 2022 focuses on five sectors. AEF believes Jumpstarter 2022 can encourage and support startups to develop, injecting new impetus into Hong Kong and other cities in the GBA,” she said.

The judging panel will pick the top 100 entrants to enter the pitching phase in December. The top 10 participate in the finals early next year, competing for a total of up to $4 million in investment and other awards.

Hong Kong Cyberport Management Co and Hong Kong Science and Technology Parks Corporation, co-organisers of the event, will participate in a joint investment to provide further support to fuel the growth of startups. There are also opportunities to participate in exchange programmes or market research activities managed by AEF in Hong Kong or the GBA.

The aim is to provide these top entrants with a better understanding of the market environment in the GBA, identify opportunities for future growth and expand their business network.

The top 100 entrants of Jumpstarter 2022 also take part in the Alibaba Netpreneur Training programme. The quota increased from 20 last year to provide network and resource support, apart from capital, for the startups.

Christina Ong, HSBC’s head of business and commercial banking in Hong Kong, said the competition offers a platform for entrepreneurs to capture market opportunities in the up-and-coming regional economic powerhouse.

“The Greater Bay Area offers the combined strengths of an international capital market for fundraising, research capabilities, manufacturing facilities and an enormous consumer market for startups to grow and thrive,” Ms Ong said.

Another highlight this year includes four online sessions in early November targeting startups from cities in mainland China, the GBA and Southeast Asia.

Jumpstarter 2022 is open to startups operating less than five years that intend to expand into Hong Kong or other cities in the GBA.

The competition is accepting applications until Nov 28, 2021 at www.jumpstarter.hk/tc.

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