Under the collaboration, both companies aim to design an incubation program that could help startups grow their business. Alibaba Cloud, the cloud computing arm of renowned Chinese conglomerate Alibaba Group Holding Ltd, has reportedly signed a partnership agreement with the Chinese unit of New York based WeWork Labs to help early-stage startups grow.
Reports cite, under the partnership agreement, the two companies aim to design an innovative incubation program that could help different startups in growing their business both overseas and across Greater China. According to a report by CX Live, WeWork would not be making any direct investments in the early-stage startups it intends to help. The company hopes to make payouts when the early-stage startups operating out of these office spaces grow bigger in scale.
Li further added that Alibaba already holds considerable experience in such incubation projects and has already incubated over 18,000 projects, which were provided a total of RMB 20 billion to help them grow. According to reports, the two firms have initial plans of bringing over 20 foreign startups to China while also simultaneously helping 30 Chinese firms expand overseas.