Alibaba launches competition for UK and European SMEs
Alibaba.com has launched an innovation-based competition for UK and European small and medium enterprises (SMEs), with a prize pot of £750,000.
The Co-Create Pitch awards, which launched last year internationally, will judge competitors’ products based on innovation, feasibility and market potential.
Shortlisted companies will pitch at Alibaba.com’s flagship Co-Create trade events in Las Vegas and London, and will be judged by a panel of industry leaders and investors.
“It’s great to see the entrepreneurial energy and passion SMEs bring to developing their innovative product ideas.
“This year, we’re thrilled to open this opportunity to entrepreneurs in Europe and the US, and look forward to seeing the product dreams of the brightest SMEs and entrepreneurs coming to life on stage,” Kuo Zhang, president of Alibaba.com, said.
Co-Create, which has been hosted in Law Vegas for the past two years, brings together more than 3,000 guests and 2,000 American SMEs.
The Pitch competition, which will last up to four months, invited participants to post 30-second videos on Instagram or TikTok as their entry proposition, although participants are also able to register via an online form.
Alibaba.com said the awards have been driven by “growing demand” amongst business-to-business buyers and sellers for digital sourcing, adding that the number of products sold by European suppliers has increased five-fold year-on-year.
The winner of the Co-Create Pitch awards will receive £750,000, while two runners-up will receive £150,000 and 20 ‘global winners’ will be awarded up to £30,000.
Liz Wang, head of commercial strategy at Alibaba.com, said: “The ‘can-do’ spirit of SMEs has always been the inspiration of Co-Create.
“Alibaba.com’s global supply chain empowers these businesses to turn their product dreams into reality. From ideation to production, financing to mentorship, we’re here to help them ‘make it.'”
Sign up to the competition here