The National Development Fund has invested NT$3.1 billion (US$100.8 million) in 225 start-ups through the Business Angel Investment Program and helped attract NT$10.9 billion in total investments, the National Development Council said in its report on promoting entrepreneurship at an Executive Yuan meeting yesterday.
Welcoming the news, Premier Chen Chien-jen (陳建仁) said that while large companies have solid foundations, new ventures have soft power, and cooperation between the two is important to the development of Taiwanese industries.
Chen asked the council to coordinate efforts with other government agencies to bolster cooperation between enterprises and start-ups to encourage greater investment in start-ups and create a flexible environment to develop start-ups.
Photo courtesy of the Executive Yuan
There have already been four “unicorns” — start-ups valued at more than US$1 billion — since the Cabinet launched its “Asian Silicon Valley” initiative in 2016, the council said, naming software companies Appier, 91app and Perfect Corp, and electric scooter maker Gogoro.
“Other well-known companies have also benefited from the National Development Fund, including travel e-commerce platform KKday and online retail platform Pinkoi,” it said.
Pinkoi has more than 6.25 million global members, and its products are sold in 150 countries around the world, it said, adding that the platform helps locally made specialty products reach a wider audience.
Meanwhile, KKday has provided 30,000 tourism products to consumers in more than 550 cities in 92 countries around the world, it said.
The Ministry of Economic Affairs has also promoted youth entrepreneurship by underwriting and guaranteeing 92,000 loans totaling NT$73.5 billion since the initiative began, it said.
The Financial Supervisory Commission also promotes entrepreneurship through the Taiwan Innovation Board and Pioneer Stock Board, which assist the rapid development of new ventures through diversified funds and exit channels, it said.
At present, 19 companies are listed on the Pioneer Stock Board and three companies are listed on the Taiwan Innovation Board.
The council said the government also hopes to attract international entrepreneurs through the Gold Card scheme, which has already been issued to 7,283 foreign residents, including YouTube cofounder Steve Chen (陳士駿) and Silicon Valley entrepreneur Tim Draper.
The government hopes to encourage start-ups through international innovation clusters such as Taiwan’s technology innovation base TTA, Linkou Innovation Park and Yawan Innovation Park, it said.
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