Taiwan promotes innovation, entrepreneurship

2015-02-05

Taiwan’s public and private sectors are cooperating closely to promote innovation and entrepreneurship sectorwide, according to Premier Mao Chi-kuo Feb. 3.

“Youth and business promotion is of paramount importance to the country as it has great bearing on efforts aimed at instilling the local economy with fresh impetus,” Mao said during a meeting with representatives from Taipei City-based Chinese National Association of Industry and Commerce.

Since taking over as premier in early December last year, Mao said he has prioritized spurring entrepreneurship and using innovation and creativity to fast-track the re-engineering and transformation of Taiwan’s high-tech and traditional industries.

“To this end, the Cabinet-level Innovation and Entrepreneurship Policy Board will focus on developing international networking, social innovation and youth entrepreneurship,” Mao said. “The goal is to create an environment conducive to fostering business incubation and cluster building for sectors big on innovation and creativity.”

Regarding youth promotion, the premier said the government will allocate maximum resources to the establishment of two platforms for small and medium enterprises and young entrepreneurs.

Other measures in the pipeline include an innovation center in Silicon Valley enhancing business networking and talent training; HeadStart Taiwan project by the National Development Council for attracting venture capital investment and building an international innovation center in Taipei Expo Park; and Taiwan Silicon Valley Technology Fund to finance startups by ROC nationals in Taiwan and the U.S.

Regulatory easing is also an essential plank in developing a flexible business environment for startups, Mao said, adding that the Ministry of Economic Affairs is working on a raft of proposed amendments to the Company Act allowing the establishment of close corporations in Taiwan.

Source: Taiwan Today (http://taiwantoday.tw/ct.asp?xItem=227135&CtNode=413)