During November, Alibaba held its 13th annual 11.11 Global Shopping Festival. The event, also known as “Singles’ Day,” is the world’s largest shopping event. More than 900 million consumers and over 290,000 brands, small and large, participated. In addition, the Festival highlighted the enormous strides U.S. businesses have made to digitize and grow their sales globally.
Alibaba.com, the company's global B2B e-commerce marketplace, has announced the first-ever Alibaba.com Grants Program to support U.S. small and medium-sized businesses. The program received thousands of applications and will award a total of $500,000 to help U.S. online entrepreneurs bring their innovative product ideas to market.
Over 200,000 new online businesses were launched in 2020 as part of an emerging group of entrepreneurs known as "New Digital Entrepreneurs.” These entrepreneurs are building digital businesses enabled by new online infrastructure that allows them to efficiently set up and operate their own e-commerce company. As a result, they have among the lowest startup capital costs, with 44% saying they needed $5,000 or less in the first six months.
Alibaba.com is partnering with Hello Alice, a resource platform that helps small businesses through every step of the entrepreneurial journey. All businesses who applied for the grants also have access to the Alibaba.com Digitization Sprint for Retailers to learn about key business topics such as e-commerce basics, marketing, and customer engagement, sourcing, supply chain, finance and HR, and well as overall business growth.
Alibaba.com and Hello Alice will announce the grant recipients in December.