Premier Jiang Yi-huah urged government agencies to step up support for young people starting up businesses as they are a key force for reviving the economy. He gave the instructions today after hearing the Ministry of Economic Affairs' (MOEA) plans for a young entrepreneurs assistance program.
"President Ma Ying-jeou said in his New Year's Day address that the administration's top priority in 2014 will be bolstering the economy. Toward that end, we must help promote innovative business startup activities in order to accelerate industrial transformation and restore economic vitality," said Jiang.
To integrate the assistance measures of different government agencies and ensure that cases are handled seamlessly across departments, Premier Jiang asked Minister without Portfolio Joyce Yen Feng to help set up a young entrepreneurs working platform. This multi-agency platform will strengthen resource sharing and link various mechanisms to help young entrepreneurs overcome business obstacles.
"By pooling government resources and coordinating action across agencies, we can better prepare and guide young people through the stages of starting a business. We should continue making improvements where needed in order to achieve a synergy of coordinated policies," indicated the premier. With Feng's assistance, the agencies should review related programs and suggest changes to the Executive Yuan within a month.
Using information on the startup subsidies, financing, investment and qualification standards used by different agencies, the MOEA and the agencies should finish setting up a young entrepreneurs information platform within a specified period of time. Youths will then be able to utilize smartphones, tablets and other devices to quickly access useful information and resources on starting companies, said the premier.
According to the Executive Yuan, the young entrepreneurs assistance program encourages youths to engage in new agricultural businesses, cultural and creative industries, and social enterprises, where they can apply their creativity and innovation to build their own brand of business. Moreover, every agency involved in incubation has a team of advisors providing consultation, business matching services and government resource assistance.
Currently, 12 government agencies implement 43 assistance programs with a three-year budget of NT$3 billion (US$100.67 million). These programs include business loans for innovative small and medium-sized enterprises, youth business startup loans, and a "business angel" program, all of which help new firms access financing and capital from banks, investors and government's "Business Angel Fund."