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Alibaba to Give $100,000 in Grants to US Entrepreneurs

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Riley:
By Ina Steiner
AuctionBytes.com


As news comes that Alibaba Group plans to spend at least $200 million in acquisitions and other investments in the next few years, its Alibaba.com division is launching a national "Newpreneur of the Year" contest in the U.S. and will award a total of $100,000 to small business owners who see the recession as an opportunity to start a new venture.

According to a survey conducted by Alibaba, 42 percent of Americans have considered starting a business since the economic downturn. Among those Americans, roughly a quarter has acted on the idea. Additionally, three out of four Americans believe new entrepreneurs will do the most to revive the economy, and four of five say that at some point they have considered starting their own business.

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