Jack Ma, chairman and co-founder of Alibaba Group Holdings Ltd., urged the youth to become entrepreneurs, saying the business environment is much more favorable now than 15 years ago.
Speaking at an Aliyun activity in Hangzhou on Wednesday, Ma said startup firms with a good business concept and model can easily secure financing while the basic infrastructure and business environment are so much better than before, the Hong Kong Economic Journal reported on Thursday.
He noted that when he was just establishing Alibaba, he was refused more than 30 times by venture capitalists in Silicon Valley.
Alibaba, along with two other Chinese internet giants Baidu Inc. and Tencent Holdings Ltd. (00700.HK), collectively known as BAT, have drawn criticism for their dominant power in the industry.
Reacting to such “anti-BAT sentiments”, Ma quipped: “Peasants cannot become rich by ousting landlords.”
In recent years Alibaba has poured over 30 million yuan (US$4.73 million) in cloud computing businesses.
A subsidiary on Wednesday launched a line of “quantum-encoded” telecommunications products with high security and efficiency features that prevent unwanted surveillance of conversations.
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