Most everyone has probably heard of Jack Ma and Alibaba. But, few understand the true immensity—and importance—of what Ma, the co-founder and former executive chairman of Alibaba Group, has done. We had a fascinating conversation at the Forbes Global CEO Summit in Singapore, where we discussed what he did at Alibaba, one of the most formidable e-commerce companies in the world, and his future plans and aspirations.
By providing people in China with a powerful online platform to market their products and services with Alibaba, he nourished millions of small businesses — and the cause of free enterprise. Thanks to Ma, countless numbers of Chinese businesses and individuals can obtain loans and other financial services that would otherwise be unavailable from traditional institutions within China. He also enabled small enterprises everywhere, including the US, to easily trade with entities in China.
Having recently stepped down from Alibaba, Ma is moving into philanthropy, big time, to promote entrepreneurship and education, among other things.
Struggling students will take heart at the fact that Ma was a poor student, frequently flunking his exams. Furthermore, his success was not immediate; numerous employers turned him down when he first entered the workforce.
Ma’s story validates Adam Smith’s truth that commerce benefits us all, and free markets are the best poverty fighters ever created.