Alibaba has introduced an innovation-focused competition for small and medium enterprises (SMEs) in the UK and Europe, offering a prize pool of £750,000. The Co-Create Pitch awards, initially launched internationally last year, will evaluate participants’ products based on innovation, feasibility, and market potential.
Shortlisted companies will present their pitches at Alibaba’s flagship Co-Create trade events in Las Vegas and London, judged by a panel of industry leaders and investors. Kuo Zhang, president of Alibaba.com, expressed enthusiasm for the entrepreneurial energy SMEs bring, stating, “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.”
The Co-Create event, hosted in Las Vegas for the past two years, attracts over 3,000 guests and 2,000 American SMEs. The Pitch competition, which spans up to four months, invites participants to submit 30-second videos on Instagram or TikTok as their entry, with an option to register through an online form.
Alibaba has attributed the awards to a “growing demand” among business-to-business buyers and sellers for digital sourcing, noting a five-fold increase in products sold by European suppliers year-on-year. The Co-Create Pitch awards will grant £750,000 to the winner, £150,000 to two runners-up, and up to £30,000 to 20 ‘global winners.’
Liz Wang, head of commercial strategy at Alibaba.com, highlighted the inspiration SMEs provide for Co-Create, stating, “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 for the competition here.
