Economic review

Giving startups a leg-up

2017-08-11 10:24:00 (Beijing Time)         Shanghai Daily

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The Hangzhou leg of the 2017 Create@Alibaba Cloud Start-up Contest kicked off on August 8 in Dream Town, Yuhang District.

Sponsored by the Hangzhou Merchants Council, Daily Business, and the Alibaba Innovation Center, the event has invited experts and executives from Ali Research, Zhejiang University MBA Education Center, and Sinowisdom as judges.

Technology start-ups founded within three years and with an annual income less than 150 million yuan ($22 million) can enter.

Each team must have at least two members, a clear business plan, and has never raised fund before.

Winners will have a chance to receive investment from Alibaba's Ali Cloud service worth 50,000 yuan, free office space of 40-60 square meters in a selected city for three to six months, and a free trip to the world final.

Winners of previous contests have developed successful businesses with funds from investors and their assets exceed $3 billion in total.

First held in 2015, the Create@ Alibaba Cloud Startup Contest has attracted tech startups and investment companies from around the world. It covers 25 fields and will have 500 road shows this year. The final will be on September 22.