On November 21st, the “JUMPSTARTER 2017” entrepreneurship competition, held by Alibaba group’s Hong Kong entrepreneur fund, with 24 teams where the top three earning $1 million each.
“If the government can’t fund start-ups, why not give them tax cuts?” Jack Ma again spoke for small and medium-sized enterprises in the JUMPSTARTER 2017 opening ceremony. The audience warmly applauded Ma’s opinion. Hong Kong’s chief executive, Mrs. Lam, underlined that “Hong Kong had measured to implement tax cuts for small and medium-sized enterprises in some technology research and development projects”.
“Hong Kong is a really good place,” Jack Ma said, “Start-ups of Hong Kong can earn more chances and time to develop if implementing duty free for three years and tax in half for five years. We can come and change more young people here, which is also my very optimistic view of Hong Kong’s future.”
The Hong Kong entrepreneur fund, established by Alibaba in November 2015, already invested more than $20 million in fourteen Hong Kong companies. The “Taobao e-commerce training planning” and “internship planning” were introduced to Hong Kong youth. In addition, Alibaba used the entire ecosystem to support Hong Kong entrepreneurs developing to the digital economy.
In August 2017, Mrs. Lam visited Alibaba in Hangzhou, and emphasized that the HKSAR (Hong Kong Special Administrative Region) government is pursuing innovation and technology and wants Alibaba to support it. “Before developing financial industry, we must develop technology and innovation industry first, because Hong Kong now needs to develop technology and innovation very much,” she said.