Alibaba To Launch Massive New Funding, Support Program For Startups
According to several Chinese language sources, Alibaba Group Holding Ltd (NYSE: BABA)'s cloud service Aliyun is launching a new funding and support program for startups, aimed at promoting Internet innovation. The project, named Founder+, counts with the backing of 30 venture capital firms (including Zhenfund, IDG, and Innovation Works), 20 incubators and research firms, and 20 marketing, distribution and development companies.
The program will offer not only funding, but also office space -- with management resources and hardware included, tax breaks, constant contact with and guidance from investors, services in soft distribution and marketing.
Chinese startups in the Internet and cloud computing sector can apply, as long as they have a convincing business plan. The aforementioned office space will be made available in cities like Beijing, Shanghai, Hangzhou, Shenzhen, and Wuhan, according to reports. Alibaba will give each founder cloud based services worth RMB 30,000 to RMB 40,000 ($4,800- $6,400), and a free cloud training.
This project is expected to drive demand and adoption of Aliyun's cloud services in the years to come.
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