For Taiwan's economy to return to its former heights and produce more job opportunities, the industrial structure must be changed through innovation and startups, National Development Council Minister Duh Tyzz-jiun said during a live webcast on the Executive Yuan's "Open Mic" YouTube channel today.
Since the 2008 financial crisis, nations worldwide have faced economic slowdowns, and new elements must be injected to move the economy back up the ladder, Minister Duh said while discussing the government's innovation and entrepreneurialism policies with Executive Yuan Spokesperson Sun Lih-chyun.
Regarding netizens' queries about the government's relevant resources being dispersed among different ministries and agencies, Minister Duh stated that in order to encourage the public to innovate and start new businesses, the Executive Yuan at the end of 2014 set up the Innovation and Entrepreneurship Policy Board precisely to resolve integration issues, shed outdated concepts, formulate new laws and regulations, and provide funding assistance. The board will help Taiwanese startups to link up with international enterprises.
Asked whether the Business Angel Fund would rule out startups with deep pockets, Minister Duh stated that the fund's chief criterion is the soundness and innovativeness of a startup's ideas. Although the fund does not have provisions to bar the rich, it must take other criteria into account when reviewing the funding applications. For instance, if a certain applicant has other good funding sources, the angel fund will consider instead providing money to other startups that need it more. In other words, the angel fund will not rule out any good idea, and a startup will not be rejected because it has deep pockets; however, the reviewers will take into consideration whether a young business has difficulty in obtaining funding.
Netizens stated that acquiring funding is not easy for many young entrepreneurs, who have found Taiwan's equity structure to be inflexible and its legal framework rigid. Minister Duh responded that the government has already collected much material for reference and has eased relevant laws and regulations as well.
For example, the Executive Yuan has incorporated a chapter on closed corporations into the Company Act; this change has been sent to the Legislature for ratification. The government has taken reference to international trends and will increase channels for a company to raise capital. At present, the government has liberalized equity-type crowdfunding; relevant laws and regulations were promulgated April 2015, making Taiwan the world's seventh (and Asia's second) nation that has implemented crowdfunding.
Netizens are also concerned about naming the startup park Taiwan Startup Stadium (TSS). Duh stated that the TSS is housed in the former Zhongshan Soccer Stadium (now the Taipei Expo Park), and it is still called a stadium in order to reinforce the idea that in a startup market participants need to vie with foreign competitors. The TSS is mainly designed for young people, and is globally linked to promote community exchanges with international startup groups, provide young people with the services they need, and spawn businesses that can compete in the international arena.
The live webcast began at 7:00 p.m. and concluded at 8:00 p.m. today. Interested netizens can view the full program at the Executive Yuan's "Open Mic" YouTube channel.
For more information, please watch the Chinese-language webcast:
https://www.youtube.com/watch?v=_6pmK2Ept7Y