Premier Mao Chi-kuo today asked government agencies to streamline their industrial assistance mechanisms in order to create a friendlier environment for entrepreneurship.
After being briefed by the Ministry of Economic Affairs on strategies for promoting high-growth small and medium-sized enterprises (SMEs), the premier also suggested that agencies reach out to young people in Taiwan and interested parties abroad with inspirational stories of innovation and entrepreneurship. Aside from stirring imaginations, this will encourage young business hopefuls to emulate their entrepreneurial forebears and to join hands with like-minded partners in uncovering new markets and possibilities. The success of local cultural creative businesses may also spill over to the international market.
At present, the government's overall industrial policies are categorized into promoting high-tech, traditional and emerging industries, the premier said. From the policy standpoint, two major issues are the creation of jobs as well as the development of high-tech industries and transformation of traditional industries.
As for promoting high-growth SMEs, more than half of the new jobs created in Taiwan come from 14,000 fast-growing SMEs, some of which have the potential to become "star industries" in the future. Government policies should therefore focus on helping these companies grow, building a supportive environment, and properly allocating resources among them. Such policies will also help improve Taiwan's job market and balance regional development.
"Taiwan should strengthen its competitiveness through innovation. Most innovative emerging businesses either compete directly on the global market or are SMEs built on locally distinctive resources. But that does not mean the local SMEs cannot offer creative content or compete internationally," the premier pointed out.
Premier Mao has once and again emphasized that government should help young people realize their dreams and that local SMEs are a good way for many to start their own businesses. As long as young people can come up with original ideas, find people with the same dreams, persevere through hardship, and offer locally distinctive products or services, they will have opportunities to start a business.
Presently, there are over five Cabinet-level agencies and about 30 financial assistance programs available to help young adults start up local SMEs, but most people are unclear on which assistance program to apply for, Mao said. Hence, the Executive Yuan last week approved the establishment of an innovation and entrepreneurship development board to integrate these programs.
Premier Mao has asked Vice Premier Chang San-cheng to oversee the new board as it combines resources across different ministries, programs and platforms. The board should also provide legal and financial assistance, simplify application procedures and help businesses develop marketing channels so as to create a friendly and convenient environment for entrepreneurs.