Premier Mao: Continue to Promote Innovation and Entrepreneurship Policies and Measures to Drive Private Vitality and Business Participation

Premier Mao Chih-kuo presided over a special meeting on the "Phased Results of Innovation and Entrepreneurship Policy Briefings" on September 16. After hearing the report from the National Development Council, he stated that Taiwan has entered an innovation-driven economic stage, and innovation and entrepreneurship play a very important role in industrial restructuring. Under the trend of the digital economy, today's startups may become the rising stars of Taiwan's economy tomorrow. The government will continue to strengthen the promotion of related policies and measures to bring positive and constructive benefits to our country's industry and economic development.

In order to raise domestic and international awareness, Premier Mao Chih-kuo stated that the National Development Council should be tasked with coordinating the establishment of a stage to showcase Taiwan's innovation and entrepreneurship achievements. Premier Mao emphasized that various ministries and councils have already invested considerable effort in innovation and entrepreneurship, such as establishing the Taiwan Startup Stadium (TSS), the Social Enterprise Cluster, the TAF Innovation Base, and other venues. In addition to cultivating an innovation and entrepreneurship ecosystem, these can also be transformed into a stage for presenting innovation and entrepreneurship achievements. This can not only raise domestic awareness but also stimulate more entrepreneurs to get involved, and can allow for more systematic organization of various international events.

Premier Mao pointed out that the promotion of innovation and entrepreneurship should incorporate private vitality and enhance the participation of large enterprises. For example, some startup activities could choose to be driven by private-sector leadership, and at the same time large enterprises should participate more in innovation and entrepreneurship, bringing innovative thinking internally and thereby driving change.

In addition, Premier Mao Chih-kuo also encouraged the Taiwan Innovation Rapid Prototyping Matchmaking Center to adopt a goal-oriented approach, proactively seek matchmaking case sources, and further provide package services for entrepreneurs, such as finding rapid prototyping partners and value chains for them, and even providing entrepreneur visas. At the meeting, Premier Mao not only thanked the various ministries and councils for their efforts but also expressed the hope that they would continue their innovation and entrepreneurship work and drive the development of innovation and entrepreneurship.

The National Development Council pointed out that in encouraging social innovation and youth entrepreneurship, the "Youth Entrepreneurship and Dream Realization Network 2.0" was launched earlier this year, providing one-stop entrepreneurship service resources; the Social Enterprise Cluster and Youth Startup Base created at Jinhua Residence were launched in May and August respectively. Innovators and entrepreneurs can engage in exchange, interaction, and integration through both physical and online venues, allowing innovation and entrepreneurship activities to be promoted in diverse ways. In addition, the "Mobile Taiwan 368" initiative is being promoted, touring all 22 counties and cities across Taiwan each quarter, linking central and local resources, and connecting with local startup communities to achieve "entrepreneurship resources delivered to your home."

Regarding entrepreneurship regulations, the National Development Council stated that a total of sixteen regulatory adjustments have been completed in areas such as talent, fundraising, and company establishment. For example: completing the legislation of the "Electronic Payment Institutions Act," the "Limited Partnership Act," and the closed company section of the "Company Act," opening up private equity-based crowdfunding, and launching entrepreneur visas. These are institutions long awaited by the startup community, and the relevant bills completed their third reading within two to four months after being sent to the Legislative Yuan for review, demonstrating the innovativeness and efficiency of the policies.

Regarding international linkages, the National Development Council further stated that the international innovation and entrepreneurship park has been named "Taiwan Startup Stadium" (TSS), with a preparatory office established at the Songjiang Building in May. In addition to leading startup teams to participate in internationally renowned large-scale entrepreneurship events (such as Singapore's Echelon and Hong Kong's Rise), TSS also cooperates with ten major international accelerators including Y Combinator to help startups grow and obtain investment.

In addition, the National Development Council stated that the Ministry of Science and Technology has successively selected and subsidized fourteen startup teams to go to Silicon Valley, of which three teams have already entered Silicon Valley accelerators; the "Taiwan Innovation Rapid Prototyping Matchmaking Center" opened in March this year to help turn ideas into products. To date, 314 companies have joined the rapid prototyping alliance, and it has assisted in matchmaking for 58 cases.

Regarding assisting startups in obtaining funding, the National Development Council pointed out that the "Entrepreneurship Angel Program" from December 2013 to the end of August this year has reviewed and approved 161 cases, with cumulative approved funding exceeding 570 million yuan. In addition, the "Entrepreneurship Excellence Investment Program" has approved investment through five venture capital firms including Silicon Valley's 500 Startups and Bencheng Venture Capital, with total fundraising amounting to 13.6 billion yuan. Currently, Silicon Valley venture capital firms have already invested in domestic startup enterprises.

The National Development Council stated that in the future, various ministries and councils will, on the existing foundation, continue to strengthen overall marketing and the effective delivery of resources, as well as the overall benefits to domestic industries, and will combine the energy of large enterprises with innovation and entrepreneurship to continuously carry out new work.