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Premier Su pledges full support for startups and young entrepreneurs

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At the Cabinet's weekly meeting Thursday, Premier Su Tseng-chang pledged that the government will continue providing full support for startup businesses through such measures as financing assistance, a stronger regulatory framework, more diverse exit channels, and international market development.

The premier's remarks followed a Ministry of Economic Affairs (MOEA) briefing on the Startup Terrace innovation park, located in New Taipei City's Linkou District. Startups are a means for young people to bring their dreams to life, as well as an important industry for Taiwan's industrial transformation, technological innovation, and digital economy opportunities.

When recruiting tenant companies for Startup Terrace, for instance, the government targeted businesses in artificial intelligence, the internet of things, smart medicine, big data applications, and other emerging tech fields by offering one-stop service and rent discounts and waivers. As a result, the park now boasts an occupancy rate of over 90 percent and is home to 132 domestic and foreign startups and accelerators.

At the launch ceremony for Startup Terrace on October 17, the premier was present to announce favorable tax reduction measures encouraging industrial and urban development in the Linkou area, including a 15 percent investment tax credit for qualifying companies. The National Development Fund's layout for startups was also doubled from NT$1 billion (US$32.9 million) to NT$2 billion (US$65.2 million). Premier Su expressed confidence that the combination of policy tools and government resources would boost the strengths and abilities of Taiwan's startup industry.

According to the MOEA, Startup Terrace currently houses 99 startup businesses, 13 digital transformation companies, 15 accelerators, four lifestyle service companies and one joint innovation center. In addition to Taiwan, these companies hail from the U.S., U.K., France, Germany, the Netherlands, Russia, India, Indonesia, Samoa and South Korea.

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