The National Science Council's new program to assist and finance creative startups, "From IP (Intellectual Property) to IPO (Initial Public Offering)" (FITI), is part of the government's plan to harness innovation to stimulate Taiwan's economy, Premier Jiang Yi-huah said at today's Cabinet meeting following an NSC briefing on the subject.
The NSC has selected five outstanding teams from a highly competitive application pool of 242 groups to receive investment and professional assistance so they can commercialize their promising IP by starting new businesses. Ultimately, these firms could grow into publicly traded companies financed through IPOs.
"The Executive Yuan's economic stimulus has two orientations—liberalization and innovation—and FITI belongs to the latter," the premier stated. "We hope that these students and young adults can bring a breath of fresh air with their dynamic youth culture of creativity and entrepreneurship," he said.
Jiang asked the NSC to continue coordinating with the Council for Economic Planning and Development, Ministry of Economic Affairs, Ministry of Finance, Financial Supervisory Commission and other agencies to develop an innovation- and startup-friendly environment and encourage more students and other young people to invest in creativity and entrepreneurship to drive economic growth.
FITI brings entrepreneurs, corporate sponsorship and government resources together to give students and other young adults the opportunity to start imaginative new businesses, the agency said. Officials stated that the concrete benefits of the program, which began this year and has an annual budget of NT$70 million (US$2.37 million), include spurring creative new startup trends, encouraging the establishment of new businesses and passing on the experiences of entrepreneurs from home and abroad.