Fertility, AI and electric bike start-ups compete for a slice of US$5 million pie in Alibaba, HSBC-sponsored contest

A contest is currently underway in Hong Kong, where 30 start-ups are vying for a significant financial boost. Sponsored by Alibaba and HSBC, the competition features start-ups working on innovative technologies such as in-vitro fertilisation (IVF), AI-supported skincare, and electric bikes. These companies were selected from a pool of over 1,000 start-ups from 85 countries. The Alibaba Entrepreneurs Fund (AEF) will invest up to US$5 million in these start-ups, with the top winner receiving a cash prize of HK$1 million (US$127,000). Among the finalists are EggLogics, a Hong Kong-based start-up focusing on improving fertility treatments with cutting-edge IVF technology, and Sorra, another Hong Kong-based start-up that develops AI-backed beauty platforms for the skincare industry. Wahu Mobility, a Ghanaian developer of connected electric bikes, and Structure Pal, an Israeli start-up that uses AI to optimise building designs, are also in the running. Despite the challenges start-ups face in raising capital, such as rising interest rates and geopolitical tensions, many are growing rapidly and can withstand these pressures. The grand finale of the competition, known as the Jumpstarter competition, will take place on November 16 and 17 in Hong Kong.