Allegrow Biotech in Biotech and Life Science Industry crowned champion of JUMPSTARTER 2023 Global Pitch Competition

Two-week public event attracts over 100,000 participants

HONG KONG, Nov. 21, 2023 /PRNewswire/ --
JUMPSTARTER, organized by Alibaba Hong Kong Entrepreneurs Fund ("AEF"), held its first-ever large-scale offline innovation and technology event, Tech by the Harbour, along the Tsim Sha Tsui harbourfront in Hong Kong this year. The event took place from November 8 to 19 and seamlessly brought together various innovative technologies and artistic culture, attracting over 100,000 participants. Additionally, the 6th Alibaba Entrepreneurs Fund/HSBC JUMPSTARTER 2023 Global Pitch Competition ("JUMPSTARTER 2023") was held on November 16 and 17 at the main stage of Tech by the Harbour. Allegrow Biotech in Biotech and Life Science emerged as the champion from more than a thousand contestants who together have participated in 15 pitching sessions and represent 85 countries and regions worldwide.

JUMPSTARTER 2023 Tech by the Harbour, a two-week large-scale event organized by Alibaba Entrepreneurs Fund, has come to a successful conclusion, attracting a total of over 100,000 participants.

Held for the first time in Hong Kong, Tech by the Harbour not only featured AEF's annual global pitch competition but also the city's largest robotics performance, known as Robotics by the Harbour. A total of 80 robots performed at various locations across the city, including the HSBC Headquarters, Cyberport, Tsuen Wan Nina Tower Plaza, and Hong Kong Cultural Centre, showcasing the future potential of robotics and introducing various robotic applications to the public.

As part of the Tech by the Habour event, an Art Tech Park featuring a light and music show was held at the Clock Tower in Tsim Sha Tsui, presenting a mix of creative art and culture to the public. Meanwhile, Vision by the Harbour at K11 Musea not only introduced the top 30 teams of JUMPSTARTER 2023 through displays and interactive activities, but also featured the world's first VR game themed on "Squid Game" from AEF investee Sandbox VR, offering the public early access to the experience.

StartMeetUp, a global networking platform for startups fully supported by InvestHK, also held a networking event during Tech by the Harbour. StartMeetUp connects startups, corporations and investors by facilitating business matching and ideas exchange. It allows hundreds of startups and investors worldwide to network and explore new ideas, collaborations and investments. The networking event received overwhelmingly positive response from investors, demonstrating their strong interest in identifying investment targets.

"Alibaba Entrepreneur Fund is fully committed to supporting the development of startups, particularly through the large-scale pitch competition JUMPSTARTER, where we collaborate with various sectors of society to foster the growth of promising startup projects. The inaugural Tech by the Harbour event this year has achieved unprecedented success, thanks to the participation of the government, business and various sectors of society. We hope the more than 100,000 participants of this event can walk away with a deeper understanding of the development of innovation and technology. We would like to extend our heartfelt congratulations to all the award-winning teams of JUMPSTARTER 2023 and express our gratitude to everyone involved in the project for injecting creativity and vitality into our society. AEF will continue to identify innovative ways to support startup development and actively contribute to promoting Hong Kong as an international hub for innovation and technology," said Cindy Chow, Executive Director and Chief Executive Officer of AEF.

The top 30 teams of JUMPSTARTER 2023 are primarily concentrated in industries including Deep Tech, AI & Data, Robotics (six teams), Sustainability (six teams), Biotech/Life Science (five teams), and Healthcare (five teams). All of them will have the opportunity to receive investment assessments, with a total investment amount of up to USD5 million.

Allegrow Biotech was crowned the champion of JUMPSTARTER 2023 Global Pitch Competition. Founded in March 2022, Allegrow Biotech is a biotechnology company based in HK with a vision to bring quality and cost-effective cell therapeutic products to patients. Their hydrogel microparticles and biomimetic coatings create an optimal environment for generating therapeutic cells, such as tumourkilling cytotoxic T cells, potentially accelerating access to life-saving cell therapies for patients.

Apart from the first prize, JUMPSTARTER 2023 has established several additional awards to incentivize the participating startups to invest their efforts in innovation, social impact, environmental impact, business diversity and other aspects. The aim is for them to contribute greater value to the community in the future. The winning teams of these awards will receive a total of HKD1 million in cash prizes, and they include:

• Winner: Allegrow Biotech

• Top Innovation Awards (two winners): EggLogics and HUA Cloud Intelligent Healthcare

• Social Impact Award: AI Guided

• Envrionmental Impact Award: ALcarbo Technologies

• Diversity and Inclusivity Award: Vidi Labs

• Web3.0 Innovator Award: Morpheus Labs

Media interested in interviewing the winning teams are welcome to reach out to JUMPSTARTER through its public relations team.

About Alibaba Hong Kong Entrepreneurs Fund
Alibaba Hong Kong Entrepreneurs Fund ("AEF") is a not-for-profit initiative launched by Alibaba Group in 2015. To vitalize the development of innovation and technology, AEF's mission is to help Hong Kong entrepreneurs and young people realize their dreams and visions for a Hong Kong that is vibrant and engaged regionally and globally. As part of its investment program, AEF provides Hong Kong-based entrepreneurs with investment capital and strategic guidance to help them grow their businesses and penetrate the mainland Chinese and global markets, by utilizing Alibaba's Ecosystem. For more information, please visit the website: https://www.ent-fund.org/en/

About JUMPSTARTER
JUMPSTARTER is a not-for-profit initiative created by Alibaba Hong Kong Entrepreneurs Fund that provides a platform for all entrepreneurs and young people to jump start their dreams in Hong Kong. It is a first-of-its-kind start-up event focused exclusively on showcasing quality start-ups and providing high-impact networking opportunities. Its goal is to build, empower and boost Hong Kong's start-up ecosystem and entrepreneurship by bringing entrepreneurs, corporations, investors and the public together, helping to transform Hong Kong into a leading hub for global innovation and technology. For more information, please visit the website: https://www.jumpstarter.hk/en/

JUMPSTARTER 2023 featured more than 1,000 startups from 85 countries and regions around the world in a total of 15 roadshow competitions, with Allegrow Biotech in the Biotech and Life Science industry winning the championship.