The Asia Silicon Valley Development Plan was approved by the government on September 8, 2016 to connect Taiwan with high-tech R&D communities worldwide and seize opportunities in next-generation industries. As the flagship program of the "five plus two" innovative industries, the plan focuses on promoting innovative research and development for the internet of things (IoT) and building a comprehensive ecosystem for innovative startups. Its aim is to boost economic growth and create job opportunities by transforming Taiwan from a traditional contract manufacturer to a provider of smart, innovative services such as mobile lifestyles, artificial intelligence, automated driving, and augmented and virtual reality.
Four main strategies
■ Build a comprehensive innovative startup ecosystem: Including attracting and retaining bright talent, helping startups obtain capital, improving the regulatory environment, strengthening the functions of innovation clusters, and forging stronger ties with innovation clusters in other countries.
■ Connect to international R&D communities: Including establishing an innovative R&D center, connecting with Silicon Valley and other innovation communities, importing foreign technologies, and pursuing cooperation with venture capital firms overseas.
■ Create an IoT value chain: Including converting IoT academic research into commercial applications, and filling the gaps in IoT technologies.
■ Provide demonstration sites for smart technologies: Including coordinating field verification among central and local governments and international firms, setting up an IoT testing center for the Asia-Pacific, and promoting demonstration projects for smart application services, in particular smart logistics, smart transport and smart health care.
■ Taiwan's share of the IoT global market will grow to 5 percent by 2025.
■ Taiwan will have 100 IoT ventures, either local startups rising to success or R&D centers set up by international corporations.
■ Three world-class systems integration companies will be nurtured in Taiwan.
■ Taiwan will attract investments from two world-class corporations.