Jack Ma Has Launched The African Young Entrepreneurs Fund To Support And Fund Online Businesses By Africa’s Youth
Jack Ma is backing young African entrepreneurs with a new $10 million fund.
The founder of Chinese e-commerce giant Alibaba announced his African Young Entrepreneurs Fund at the Youth Connekt Africa Summit in Rwanda in July 2017. It was the first visit to the continent for Ma, who is worth more than $35 billion.
“African entrepreneurs should not be asking successful businesses, ‘How can I distribute your products?” said Mukhisa Kituyi, secretary-general of the United Nations Conference on Trade and Development, which is working with Ma.
“Africans should be saying, ‘I have an idea I want to grow — how can you help me to grow it? How can you help me market it?”
Ma also wants to partner with African universities to teach internet technology, artificial intelligence and e-commerce and bring 200 African entrepreneurs to China, to learn hands on from Alibaba.
The Youth Connekt Africa Summit was held in Kigali, Rwanda and it brought together more than 1,500 participants from government, business and investor communities, multinationals, and startups shaping Afrika’s technology ecosystem.
“I think e-commerce, the Internet, Big Data is [are] the future. You can never stop it. You like it or don’t like it. But you will never stop it,”
“Every time you have a technological revolution, it will kill a lot of jobs and it will create a lot of jobs. This is what history tells us.” concluded Ma.