This afternoon the Executive Yuan held a teatime forum with Taiwan-based foreign correspondents on the topic "How Taiwan Will Become the Asia-Pacific Silicon Valley."
Executive Yuan Spokesperson Sun Lih-chyun presided the event, which featured three other government officials along with three private-sector executives as speakers.
The three officials were Kao Shien-quey, deputy minister of the National Development Council (NDC); Lin Yi-bing, deputy minister of the Ministry of Science and Technology (MOST); and Shen Jong-chin, vice minister of the Ministry of Economic Affairs (MOEA).
The private-sector representatives were John Wang, former chief marketing officer of HTC; Dennis You, general manager of Metro Products, Inc.; and Shawn Lin, chief operating officer of FLUX Technology.
In his opening remarks, Sun stated that the global trend toward innovation and entrepreneurship has galvanized the Executive Yuan to set up an innovative startup policy task force to integrate the resources of relevant ministries and agencies. It is hoped that through these efforts, Taiwan will become the Silicon Valley of the Asia-Pacific and an ideal base for youths to achieve their startup dreams.
Taiwan has two competitive advantages internationally, Kao said. First, Taiwan is home to many dreamers. In the 2015 Global Entrepreneurship Index released by the Washington-based Global Entrepreneurship and Development Institute, Taiwan ranked eighth among 130 nations surveyed, topping all other countries in Asia and boasting advantageous criteria for attracting investment from all over the world. Second, the island is home to many manufacturers that can speedily provide customers comprehensive services from across the supply chain, ranging from design and manufacturing to logistics and marketing.
Kao pointed out that the purpose of the NDC's HeadStart Taiwan program is to help innovative, high value-added startup enterprises with global expansion potential to speedily grow and develop. This is done via three major strategies: implementing deregulation, funneling in international capital and professional knowledge, and creating global innovative startup parks. Meanwhile the program will also help incorporate global and private-sector forces to enhance international linkage of talents, technology, capital, knowledge and markets.
MOST Deputy Minister Lin elaborated on three major projects his ministry is currently implementing. First, it is setting up a Taiwan innovation and entrepreneurship center in the U.S.'s Silicon Valley, which will be led by individuals with startup experience. Entrepreneurial teams with global market development potential will be selected and assisted to advance to Silicon Valley and other international markets.
Second, the Taiwan Rapid Innovation Prototyping League for Entrepreneurs, which was launched just this morning, will help match startup businesses with existing Taiwanese enterprises.
Third, the MOST is setting up a Taiwan Silicon Valley technology fund, which will focus on investing in startups in places like Taiwan and Silicon Valley. Private-sector venture capitalists are invited to join the National Development Fund and National Science and Technology Development Fund in investing in the new fund.
Vice Minister Shen indicated that in the fields of social innovation and youth entrepreneurship, the focuses of the MOEA include creating an online one-stop startup resource platform and bases for youth entrepreneurship services, offering mobile startup tour services, and helping new startup teams to participate in global innovation activities and exhibitions.
For example, the Taiwan Rapid Innovation Prototyping League for Entrepreneurs integrates powerful and high-quality domestic prototyping, design and development capabilities and uses an integrated-chain model to offer the world's startups matchmaking services for securing rapid prototyping of their new products, Shen stated. The government is using project grants and tax exemptions to encourage these measures.
The three private-sector leaders shared their innovation and entrepreneurship experience with the press.
Wang stated that in this brand-oriented era, the key to success is to not follow the crowd. One must integrate the spirit of innovation into one's products by allowing users to think independently and attaching importance to human nature once again, he said.
Dennis You believes that startup teams that successfully raise capital through crowdfunding require quick integration of electronics, hardware, software and traditional manufacturing to provide high-quality, small-volume, large-variety sample products back to their sponsors. He remarked that this kind of integration is a big challenge, but it is also an opportunity for Taiwan.
Shawn Lin stated that the FLUX team's ideal is to work to create a comprehensive 3D printer that allows people to enjoy diverse creations. He emphasized that young entrepreneurs need not fear failure; they just have to work hard and be willing to try things out, as failure is often a necessary part of the path to success.