【Bloomberg】Startups That Wowed Jack Ma and Won Alibaba's Backing

【Bloomberg】Startups That Wowed Jack Ma and Won Alibaba's Backing

After hearing 600 pitches spanning fintech and robotics to healthy aging, three startups will share $3 million in backing from an entrepreneurs fund set up by billionaire Jack Ma.

Jumpstarter, a competition for new ideas and products similar to TechCrunch Disrupt, has the backing of Ma’s Alibaba Group Holding Ltd., which unveiled its HK$1 billion ($128 million) fund in 2015 to support startups.

A shortlist of six candidates made the final pitches on Tuesday, getting 8 minutes to talk about their products and then 4 minutes of questioning by the judging panel. Among the criteria used to decide winners were innovation, community impact and market potential.