The government has the duty to create the right conditions for youth innovation and entrepreneurship, Premier Mao Chi-kuo stated at today's Cabinet meeting after a briefing on the accomplishments of the Innovation and Entrepreneurship Policy Board. Taiwan's market and social forces can then create and drive trends, he explained.
There are many ways to promote innovation and entrepreneurship, Mao explained. Firstly, there is deregulation. Legislation related to third-party payment was completed during the past legislative session. Moreover, bills for this session that are related to making company fundraising methods more flexible and diverse include an amendment to the Act Governing Issuance of Electronic Stored Value Cards, a special section of the Company Act about closed corporations, and a limited partnership act.
Mao also stated that the nation will begin offering entrepreneurial visas in order to improve the environment for startups. Such changes have long been anticipated by the startup community.
Premier Mao stressed that the government has offered both physical and virtual platforms for fostering entrepreneurship. For instance, the National Development Council has transformed the Zhongshan Soccer Stadium into the Taiwan Startup Stadium. Also, the premier's official residence on Jinhua Street in Taipei, which had been unused for eight years, was converted into a space for social enterprises and youth startups as a way to deepen discussion on related issues and encourage the creation of more social enterprises. Another example is the former Air Force Command Headquarters in Taipei, which has become a versatile innovation base. These venues, as well as virtual platforms like vTaiwan and a youth startup resource website, are expected to foster exchange, promote innovation and entrepreneurship, and build an environment conducive to creativity, ingenuity and startups.
The Taiwan Innovation Entrepreneurship Center is to be launched tomorrow in the United States' Silicon Valley. This center, along with the Taiwan Silicon Valley technology fund and Taiwan Rapid Innovation Prototyping League for Enterprises, will pave Taiwanese entrepreneurs' way into global markets. It is hoped that these measures will boost innovative startups in Taiwan, propelling the island to the next stage of economic transformation and growth.