Jack Ma, executive chairman of Alibaba’s Group and Chinese billionaire, has recently launched the Jack Ma Foundation Netpreneur Prize in South Africa – a $10 million initiative that aims to accelerate and promote the work of African entrepreneurs and help foster these entrepreneurial initiatives globally.
The program, currently focuses on grassroots innovation, economic empowerment of women and small businesses, is set to roll out within the next ten years for 100 entrepreneurs. Africa is an emerging hub for entrepreneurship. E-commerce platforms have slowly been popping up all over the continent, and its potential to build digital economics has led the World Bank and the International Finance Corporation (IFC) to begin a strategy that will aid Africa the better utilize billions of online transactions.
Ma’s program hopes to bring sustainability and long-term commitment to the continent. “China was not connected to the internet the day I started my company. This is a challenge that parts of Africa still face today. This prize demonstrates our support for the next generation of young entrepreneurs across Africa who are paving the way for a better future and imparting a positive change in their communities. As a fellow entrepreneur, I understand the importance of getting support during the early days” Ma adds.
A great 52 entrepreneurs have participated in the two-week program at the Alibaba Headquarters in Hangzhou, China, with the number set to grow in coming years.