Alibaba kicks off global startup contest

The 2019 Create@Alibaba Cloud Startup Contest or CACSC – a global entrepreneur contest organized by Alibaba Cloud, the cloud computing arm of the group was officially launched in Hangzhou, in Zhejiang province, on June 15.

The announcement was made during the ongoing 2019 National Mass Innovation and Entrepreneurship Week in Hangzhou.

Focusing on new retail and the artificial intelligence of things, this year's competition will open regional competitions in Russia for the very first time, along with other 20 regional divisions including Kuala Lumpur, Singapore, Tokyo and Hong Kong. Winning entrepreneurs in Moscow and Irkutsk will have the opportunity to exchange their expertise with like minds in China.

Applicants who intend to apply can now log into the official website (https://cacsc.aliyun.com/) for registration.

To further drive entrepreneurial development, an alliance of venture capital was also established which will set up investments of no less than 10 million yuan ($1.44 million) for the most promising projects.

Initiated in 2015, CACSC is Alibaba Group's largest startup contest created for the most innovative and promising entrepreneurs and projects in the field of technology across the world.

Held successfully for four years, it has attracted over 9,000 contestants from 15 countries and regions across the world and cultivated 20 unicorn projects – startup companies valued at $1 billion or more – worth a combined $12.5 billion.