Jack Ma announces $10 Million fund for entrepreneurs in Africa

Image credit: BrandedIQ

Jack Ma, founder of Alibaba – one of the largest online stores in the world, recently made a trip to Africa for the first time. On his trip, he announced that he is creating a USD$10 million fund that young African entrepreneurs can gain access to. The fund aims to help startups with great innovations but lack funding to increase their growth.

“I want that fund supporting African online businesses, the money is set. This is my money, so I don’t have to get anybody’s approval.” – Jack Ma

Jack Ma is reported to have said the above. He also mentioned that he is going to hire staff for the fund management so that operations will begin this year. The details of how the funding will be accessed have not been revealed yet. So for startups in Zimbabwe, it’s something to look out for as our country could end up being part of the list of countries which can get some of the funding.

Apart from funding, he also wants to work with United Nations Conference on Trade and Development (UNCTAD) to help bring 200 business from Africa to China. The trip will help African entrepreneurs learn from Alibaba in an engaging and first-hand experience.

“I want them to go to China, meeting our people, seeing all the things we have been doing, all the great ideas China has. “They know what they want. And when they know what they want, we can support it.” – Jack Ma.

The trip which was a part of his duties as a special adviser on young entrepreneurship to the UN aimed to share some insights and lessons that he has learned over the years. On his trip, he also gave a talk at the University of Nairobi where he shared those lessons that he came across when building Alibaba from the ground up.

Image credit: BrandedIQ