The government will do its utmost to integrate various ministries' resources and promote innovations in society as well as youth startups in order to make Taiwan an important base for innovation and startups internationally and a bright spot in the global innovation economy, Premier Mao Chi-kuo stated today.
The premier made these remarks at the launch ceremony for equity-type crowdfunding operations of securities firms. The ceremony was organized today by the Taipei Exchange (TPEx), Taiwan's over-the-counter market also known as the GreTai Securities Market. The TPEx also held an expo for companies listed on the exchange.
Taiwan requires an innovation economy to effect industrial structural transformation, Mao said. The long road ahead has no shortcuts and must be trodden in a down-to-earth manner. The Executive Yuan's current responsibility is to establish a solid foundation for this transformation and create the necessary conditions for more people to get involved in innovation and startups.
The innovation-driven economy is a global trend that is replacing the efficiency-driven economy, the premier remarked. The birth of the innovation economy requires a value chain of creativity, innovation and startups. Creativity spawns ideas, representing the discovery of opportunities; innovation based on these ideas is transformative, effecting changes in value; and startups are founded on the preceding two premises, turning visualizations into reality and going "from zero to one" to develop products or services with market value.
Mao reiterated that the financial market is an important pillar in developing Taiwan's innovation economy and effecting industrial transformation. In recent years the financial sector has undergone much innovation and facilitated a better startup environment. Since the latter half of 2014, the Executive Yuan has completed numerous environmental changes in innovation and startups. To accomplish needed legislation, the Executive Yuan has with the assistance of the Legislature completed numerous laws such as enacting third-party payment, incorporating a chapter on closed corporations into the Company Act, formulating a limited liability partnership law, and making revisions to the Business Mergers and Acquisitions Act. Those that have been accomplished by the administration alone included completing crowdfunding regulations, issuing entrepreneurial visas, and relaxing relevant regulations regarding foreign white-collar workers coming to Taiwan to engage in innovation and startups.
At the expo, the companies listed on the TPEx set up stalls and conducted briefings. In addition, companies and organizations receiving assistance as well as recommended agencies were invited to participate this year, and they exhibited their accomplishments, the TPEx stated. The expo provided opportunities for mutual observation and exchange to raise market visibility and exposure. Investors too may discover and uncover potential investment targets at the event.