Chinese online auction website Taobao.com has announced that Taobao Open Platform will spend CNY10 million to support the winners of its TOP Application competition.
It is understood that Alibaba, the parent company of Taobao.com, has provided CNY5 million to the top three winners, while Taobao itself will offer CNY5 million to the remaining 27 developers who rank among the top 30 contestants.
Wu Qiangqiang, the director of TOP, has stated that TOP is a long term initiative and each year it will raise about CNY10 million to offer fund aid to outstanding software developers and help the introduction their inventions and achievements onto the market.
It is reported that the CNY10 million fund comes from two sources. One is Alibaba and the other is Taobao's partners.
