Chinese multi-billionaire Jack Ma was in Johannesburg earlier last week to talk about tangible investment in technology. Meanwhile, the Alibaba founder urged young African entrepreneurs to promote progress and innovation, especially in the digital economy.
Ma, who is currently the head chairman of the global e-commerce giant, Alibaba, visited South Africa for the first time since 2017.
According to Quartz Africa, the business magnate was in the country to officially launch the newly established African entrepreneurs funding program dubbed as the Netpreneur Prize.
Jack Ma Foundation recently funneled USD$10 million into the program with the aims to create a thriving community of exceptional African entrepreneurs, particularly in the tech industry.
The competition, which will be pitched annually starting next year, will award the entirety of the fund to 100 select African entrepreneurs on the next 10 years.
As accounted over at Business Report, Ma also spoke during the event held in an auditorium at the University of the Witwatersrand to share his story of success in building Alibaba.
With businessmen, legislators, government leaders and members of the academe present during the speaking occasion, Ma revealed how he was able to establish his company at the time when China still has no internet.
Even the concept of selling online sounded strange back then when Ma registered the firm. Engineers find it hard to wrap their heads around the project, as they try to build its architecture.
The banks were not making it easy either. Due in part to the lack of understanding of the business platform, Ma has to draw in several other sources of investment just so his brainchild could take off.
During Alibaba's infancy stage, the e-commerce sphere was dominated by eBay. It would then be so hard for the likes of the Chinese website to compete with such a gigantic global firm.
But all these obstacles didn't hinder the father of three to pursue his dreams of establishing the first Internet-based retailing outlet in China.
Today, Alibaba, under the much larger Alibaba Group Holding Limited, operates in over 200 countries worldwide and is touted as the world's largest online retailer.
Ma likened Alibaba's story to that of Africa's current situation. For the Hangzhou, China-native, Africa's digital business environment right now may be "full of problems," but it is "full of opportunities" at the same time.
The Forbes and Fortune magazines-lister further emphasized the important roles that young South African entrepreneurs have in uplifting the digital conditions in the continent.
