Newly added HKD1 million cash prize and a maximum total investment of up to USD5 million

Encourage start-ups to integrate UN Sustainable Goals into businesses

HONG KONG, Feb. 16, 2023 /PRNewswire/ -- Alibaba Hong Kong Entrepreneurs Fund ("AEF") today announced the JUMPSTARTER 2023 Global Pitch Competition ("JUMPSTARTER 2023") is now open for application. AEF is inviting entries from start-ups worldwide to bring more like-minded organizations together to bolster the growth of innovation and technology globally.

JUMPSTARTER 2023 is now open for applications until May 14, 2023. The top 100 entrants will be selected by the judging panel and enter the pitching phase in late June. The top 30 will be announced in September and participate in the finals in November in Hong Kong. In response to the strong caliber of start-ups that have participated in the competition in past years, the top 30 start-ups of JUMPSTARTER 2023 will all be eligible and considered for investment of up to USD5 million (around HKD39 million). In addition, JUMPSTARTER 2023 will offer an HKD1 million cash prize for the first prize winner and other awardees.

Eight industry focus, with new categories Biotech and Web 3.0 added

Alibaba Hong Kong Entrepreneurs Fund constantly reviews the latest development trend of different industries, and further expanded the mechanism this year. Apart from continuing to cover Sustainability, Healthcare, Fintech, Art-Tech and Deep Tech/AI & Data/Robotics, JUMPSTARTER 2023 has newly added Biotech/Life Science, Industry 4.0 and Web 3.0, totaling eight industry focuses.

To support the growth of start-ups with the potential to deliver social and economic benefits in society, JUMPSTARTER 2023 has widened the participation requirement to include start-ups in the ideation stage or growth stage that have raised less than USD20 million in funding to date. Meanwhile, JUMPSTARTER 2023 welcomes start-ups that have operated for less than five years with the intention to develop in Hong Kong and/or other cities in the Greater Bay Area.

JUMPSTARTER 2023 also encourages start-ups to include one of the United Nations Sustainable Development Goals (SDGs) into their business direction, for example, sustainable cities and communities, responsible consumption and production, quality education, affordable and clean energy, industry innovation and infrastructure, in the hope of encouraging start-ups to incorporate social responsibility in their initial stage of business.

"During the height of COVID-19, we were incredibly inspired to see many start-ups unlock innovative ways to address societal pain points," said Cindy Chow, Executive Director of Alibaba Hong Kong Entrepreneurs Fund. "We want to encourage start-ups in the sixth JUMPSTARTER to address the Sustainable Development Goals of the United Nations. We have added biotech, industry 4.0 and web 3.0 to capture the emerging market trends. JUMPSTARTER aspires to be a platform that supports individuals with entrepreneurial aspirations to accelerate the innovation and technology industry with our partners."

Due to the easing of COVID-19 restrictions, JUMPSTARTER 2023 will again host a series of in-person information sessions, including cities in the Greater Bay Area and Southeast Asia. To encourage more talents and drive the development of innovation in the region, successful entrepreneurs and industry experts will be invited to share their entrepreneurial journeys and challenges as well as to examine the current business climate and growth prospects in the market.

As of December 31, 2022, AEF had invested over USD80 million into over 60 start-ups^[1], attracting co-investment funding of more than USD2.5 billion. Its investment portfolio covers many industries, including biotech, fintech, edu-tech, green and sustainability, medical and healthcare, etc.

JUMPSTARTER 2023 is now open for applications. Please visit https://www.jumpstarter.hk/en/  for more details.

Appendix 1: JUMPSTARTER 2023 Judging Criteria

Appendix 2: JUMPSTARTER 2023 Timeline

About Alibaba Hong Kong Entrepreneurs Fund

Alibaba Hong Kong Entrepreneurs Fund ("AEF") is a not-for-profit initiative launched by Alibaba Group in 2015. To vitalize the development of innovation and technology, AEF's mission is to help Hong Kong entrepreneurs and young people realize their dreams and visions for a Hong Kong that is vibrant and engaged regionally and globally. As part of its investment program, AEF provides Hong Kong-based entrepreneurs with investment capital and strategic guidance to help them grow their businesses and penetrate the mainland Chinese and global markets, by utilizing Alibaba's Ecosystem. For more information, please visit the website: https://www.ent-fund.org/en/

About JUMPSTARTER

JUMPSTARTER is a not-for-profit initiative created by Alibaba Hong Kong Entrepreneurs Fund that provides a platform for all entrepreneurs and young people to jump start their dreams in Hong Kong. It is a first-of-its-kind start-up event focused exclusively on showcasing quality start-ups and providing high-impact networking opportunities. Its goal is to build, empower and boost Hong Kong's start-up ecosystem and entrepreneurship by bringing entrepreneurs, corporations, investors and the public together, helping to transform Hong Kong into a leading hub for global innovation and technology. For more information, please visit the website: https://www.jumpstarter.hk/en/