Jack Ma, an English teacher by profession, co-founded Alibaba in 1999 and has become one of China’s most influential business leaders since. His tireless drive and innovation have transformed e-commerce and become part of everyday life – cementing him a household name status.
Ma sought to open up opportunities for small businesses in China through creating an online marketplace connecting Chinese manufacturers with global buyers. He believed the Internet could help break down trade barriers and spur economic development.
Taobao
Alibaba was built upon Jack Ma’s willingness to learn and his ability to capitalize on business opportunities, leading him to achieve unprecedented success. From an early age he showed determination for becoming an English teacher by offering tours of Hangzhou for tourists interested in English lessons. Furthermore, after failing the college entrance exam twice before succeeding this time around with a third attempt he studied diligently until passing and attending Hangzhou Teachers Institute as soon as he could.
After graduating, he launched several businesses, such as one that helped small Chinese companies sell their products overseas. While traveling in 1995 to America and discovering the internet for himself, he was struck by its power. Finding no Chinese Web sites available and seeing an opportunity in it all, he returned home and founded China Pages as an offering Web sites to Chinese companies.
In 1998, Ma was recruited to lead an information technology company established by the government. But in 1999 he quit this post and returned home with 18 friends in Hangzhou to found Alibaba as an e-commerce company with business-to-business and consumer sites like Taobao and Alipay.
Ma has long been associated with his company, yet has slowly ceded control to Daniel Zhang as co-chairman of its board and CEO of day-to-day operations. Ma has also become an advocate for China and often joins President Xi Jinping on international visits.
He has been at the center of Alibaba Group’s push into financial services, such as Alipay’s 1.3 billion+ user e-wallet service and Yu’e Bao, an innovative money market fund offering higher interest rates than many traditional banks.
Ma is an ardent family man who spends his free time with his wife and son. In his leisure time he enjoys reading kung fu fiction and playing poker; practicing tai chi and meditation are also passions of his; additionally he takes up environmental causes through The Nature Conservancy board membership; creating nature reserves in Hangzhou is among his accomplishments.
Alipay
Ma initially founded Alibaba to provide internet service to small and medium sized businesses. Today, however, they serve over 1.3 billion users globally. Alibaba also developed an e-commerce platform, giving customers the ability to purchase or sell products; as well as offering payment solutions that allow consumers to use existing bank accounts or mobile phones as payment sources online. They currently have several partners around the world and continue expanding internationally.
Jack Ma first experienced the Internet on a trip to America in 1995 and was immediately drawn in by its potential to transform business in China. On his return home to Hangzhou he set up a website allowing Chinese businesses to create websites. While successful, soon thereafter Ma recognized that something more ambitious needed to happen.
Alibaba was initially established as an e-commerce business run out of his apartment with 18 friends in 1999, eventually growing into one of the most successful tech start-ups ever, boasting a market cap over $456 billion and boasting nearly 14,000 employees globally.
Ma has taken an interest in philanthropy beyond his e-commerce ventures and is active in Hong Kong charities that assist young entrepreneurs and has even collaborated with actor Jet Li to promote tai chi. Additionally, he is passionate about education and strives to eradicate poverty throughout China.
Ma is known for his outspokenness when criticizing government regulators. In 2015, he lambasted Chinese officials for an antique “pawnshop mentality” and accused them of hindering innovation – sparking outrage from authorities, while his comments caused a setback in efforts to control counterfeit goods sold online marketplaces.
Ma has maintained his humility despite his immense wealth, often attending Alibaba’s annual employee meeting dressed casually in leather jacket and sunglasses with a sense of humor, often making jokes that his large head and angular features make him look like E.T from E.T. Also acting as informal business envoy abroad and meeting President Trump to pledge job creation in America in 2017.
AliExpress
As Alibaba becomes a more widely known brand worldwide, its founder has assumed an increasingly global role. In 2017, Ma addressed the United Nations General Assembly on “Globalization and Its Effect on Humankind.” He has also spoken at various international events such as 2007 China Trust Global Leader Forum and Forbes Chinese Entrepreneur Summit; additionally he was awarded 2009 CCTV Economic Person of the Year as well as serving on several private company boards such as Japan’s SoftBank and China’s Huayi Brothers Media Company.
Alibaba Group was one of the world’s first and largest e-commerce companies when founder Jack Ma and 17 friends created it together in 1999. Focused on technology, commerce and financial services – its online marketplace allows customers to purchase goods and services from sellers both Chinese and international – its payment system Alipay is used by over one billion people globally while other products of this global corporation include marketplaces and mobile apps.
Early years were difficult for Ma and his team, having only $2 million to work with. Each step was carefully considered against costs and benefits against available cash; 38 VC providers were rejected before one could provide enough financing to get their business off the ground; eventually raising $25 billion via an unprecedented initial public offering (IPO) on New York Stock Exchange.
Ma launched Taobao, China’s equivalent of eBay, to allow small businesses and entrepreneurs to sell directly to consumers. His model proved revolutionary for China’s market where most e-commerce sites charged buyers transaction fees; Ma’s site instead charged sellers membership fees instead, thus remaining profitable even as it expanded into new markets.
Ma’s name has become associated with China’s internet boom of the 1990s and his company represents an icon for Chinese entrepreneurship. Alibaba serves as an international symbol of China’s achievements; Ma founded the Alibaba Hong Kong Young Entrepreneurs Foundation to aid local entrepreneurs.
Alibaba Group
Jack Ma is one of the wealthiest men in China and around the world, his company Alibaba Group being responsible for revolutionizing global commerce online. Starting back in the 90s, Ma and his team embarked upon an endeavor that would transform how Chinese do business with other nations around the globe.
Alibaba, with an approximate market capitalization of near $200 billion, is a multifaceted conglomerate with operations spanning e-commerce, high technology and online payment systems. Over its lifespan it has become one of the world’s largest technology companies and an integral part of China’s economic expansion; Ma is an outspoken proponent for Chinese economic development who often travels alongside President Xi Jinping on international trips as an advocate.
Ma was born in Hangzhou, in eastern Zhejiang Province. His parents were farmers who raised ducks and pigs for their livelihood. Due to his poor performance in math exams, he skipped middle school during middle years to work on his English. Although he attempted and failed twice the college entrance exam before eventually passing it on his third attempt. Following graduation he first worked as an English teacher before branching off into international trade by setting up several companies.
Ma began his entrepreneurial endeavors with a translation company in 1994 and quickly transformed it into an internet consulting firm, uncovering its immense potential before ultimately founding Alibaba in 1999.
Although Alibaba was initially established as a B2B e-commerce website, Ma quickly expanded it to provide consumer goods and services as well despite some resistance within his company and from investors. He believed his new B2C e-commerce platform could transform China’s economy.
Ma is a beloved figure in China, attracting widespread admiration. He is beloved among his employees, known for his quick wit and sense of humor – even dressing up like a punk rocker to perform at one talent show! Furthermore, Alibaba gives back to the community by supporting earthquake relief funds as well as Hong Kong entrepreneurs.
