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Taiwan Startup Ecosystem Report 2021 In partnership with: Taiwan Startup Ecosystem Report Contents Foreword Taiwan Tech Arena Country Overview Startup Ecosystem Overview Startup Ecosystem Characteristics .7 SWOT Analysis 14 Incorporation and Legal Aspects 17 Taiwan’s Performance in StartupBlink’s ranking 18 Main Ecosystem Stakeholders 21 Information Sources 30 p Taiwan Startup Ecosystem Report Foreword Taiwan has been working towards becoming a “sustainable human-centric smart nation” since 2016 Apart from Digital Nation and Innovative Economic Development Program (DIGI+) and the 5+2 Innovative Industries Program, we have proposed three main visions — innovation, inclusiveness, and sustainability — to guide the direction of Taiwan’s science and technology policies as well as R&D development toward 2030 As the innovation hub of the Asia-Pacific region, Taiwan is renowned for its outstanding hightech R&D capacity, highly-trained professionals, and thriving networks of entrepreneurs which enable our startup ecosystem to achieve steady continuous growth To ensure sustainable growth, the Ministry of Science and Technology (MOST) launched Taiwan Tech Arena to serve as the bridge connecting our startups to the high-tech industries, local as well as international, and to global resources Officially launched in June 2018, TTA’s vision is to build a vibrant international startup ecosystem in Taiwan Our comprehensive approach includes partnership with accelerators, investors and enterprises In less than years, we have proudly supported more than 380 local and international startups And we are determined to move forward with our pursuit for we believe that improvements to the tech sector will also improve our nation as a whole Along with the COVID-19 pandemic challenges, the pandemic also brings opportunities, one of which is the rapid acceleration of Taiwan’s healthcare and biotech R&D Through collaboration, industry integration and our strength in advanced technologies, Taiwan, with MOST as the key driving force of deep tech innovation, has inimitable advantages in taking healthcare, biotech, smart application, green energy and other industries to the next level Director General, Department of Academic-Industrial Collaboration and Science Park Affairs, Ministry of Science and Technology CEO, Taiwan Tech Arena p Taiwan Startup Ecosystem Report Taiwan Tech Arena Taiwan Tech Arena (TTA) is a flagship startup ecosystem development program launched by the Ministry of Science and Technology with the goal to foster innovation and entrepreneurship and serve as the global innovation stage for Taiwan’s startup ecosystem Officially launched in June, 2018, TTA’s vision is to ultimately build a vibrant international startup ecosystem in Taiwan TTA focuses on AI, software, and semiconductor related startups We work with local and international accelerators with expertise in different domains as well as networks of investors and enterprises We provide a state-of-the-art, spacious and friendly co-working space in the heart of Taipei which houses of our accelerator partners and up to 80 startups at any given moment The co-working space also serves as an activity venue and networking hub for entrepreneurs, investors, and corporates to increase engagement and promote collaboration TTA offers inbound program from foreign startups who wish to launch their business in Taiwan while our outbound program supports Taiwan startups to expand internationally and launch in other countries, particularly the US To enhance Taiwan’s image as a startup island nation, we have led as many as 100 Taiwan startups to join international exhibitions such as CES, Web Summit, and Echelon Asia Summit under the same booth — Taiwan Pavilion to create greater impact and exposure Apart from investor networks of our accelerator partners, TTA also works closely with many investor groups, especially CVCs of our corporate partners who look to our startups for innovation and solutions to keep them ahead of the game To date, TTA has proudly supported almost 400 local and international startups For more information, visit us at www.taiwanarena.tech  instagram.com/taiwanarena.tech  linkedin.com/company/taiwantecharena  twitter.com/taiwantecharena  facebook.com/taiwantecharena p Taiwan Startup Ecosystem Report Country Overview Taiwan’s economy has traditionally been centred around its export driven manufacturing sector, and the nation continues to be a leading global supplier of hardware to prominent companies in various technological verticals In the last 20 years, the country’s overall economy has seen steady year on year growth with GDP per capita at $55,078 in 2019, three times what it was in 1998 ($18,694*) The role Taiwan plays as a manufacturer of hardware to companies around the world gives it a unique and resilient position in the global economy* Over the last ten years, Taiwan’s economy has seen a shift from the manufacturing industry to the technology sector The number of companies specializing in software development, cloud computing, and big data has skyrocketed, while R&D spending as a percentage of GDP has risen significantly, surpassing that of the United States, Germany, and Japan in 2018* Taiwan’s capital, Taipei (6.7m population), consisting of New Taipei (4.0m) and Taipei (2.7m), is the cultural, economic, and political center of the country It is home to just under a third of the total Taiwanese population and has been central to the rapid development of the nation Though the city of Taipei has a large population and has become a diverse and exciting international hub, Taiwan is also home to other rapidly developing cities providing a culturally rich yet less expensive alternative to the capital One such city is Taichung (2.8m), where the Ministry of Economic Affairs launched the Taichung Software Park in 2018 to support entrepreneurs in the tech industry Other important cities include Kaohsiung (2.8m), Taoyuan (2.2m) – home to Taoyuan Hutoushan Innovation Hub inaugurated in 2019, Tainan (1.9m) and Hsinchu (0.4m), where in 1980 the government built the Hsinchu Science Park As of now, there are around 400 tech companies based in the park (many of them in the Semiconductor industry) The park also has additional locations in Jhunan, Yilan, Longtan, and Tongluo Taipei Taoyuan Hsinchu Taichung Tainan Kaohsiung p Taiwan Startup Ecosystem Report Startup Ecosystem Overview StartupBlink 30 Ranking Taiwan has an interesting and vibrant startup ecosystem – ranked 30th in StartupBlink’s 2020 report – as well as substantial potential for further growth into a globally recognized hub (see tables 1, 2, and 4) The nation is already an international powerhouse in the hardware industry, thanks to efforts from both the public and private sectors over the last 50 years The country can become stronger in other technology sectors too, if it manages to leverage valuable government support, the technical capabilities of its people, and decades of experience in Hardware technology There are a few weaknesses Taiwan must tackle, such as a generally risk-averse culture and a medium sized population, which requires international expansion and scaling in order to build startups with high valuations Several external factors will also play a part in determining Taiwan’s success as an internationally recognized startup hub, such as the ever changing geopolitical situation and shifts in the global economy The ecosystem consists of a wide variety of stakeholders reflecting different aspects of innovation, such as startups in growing verticals like hardware & IoT, robotics, artificial intelligence, healthtech, and blockchain Besides startups, Taiwan has an increasing number of corporations supporting the ecosystem with their resources (e.g TSMC Taiwan and Hermes-Epitec), investors (e.g WI Harper Group and Taiwania Capital), universities supplying world-class talent (e.g National Taiwan University and National Tsing Hua University), accelerators and incubation centers (like IAPS and BE Accelerator), government agencies and support programs (like Taiwan Tech Arena and the Taiwan entrepreneur visa), co-working spaces (like Makerbar Taipei and Futureward), and dedicated tech events (like InnoVEX and Meet Taipei) All of this describes a country with the will, resources, and tools to become a high level innovation center If Taiwan can leverage its strengths to overcome the challenges it faces, and grow faster and better than its competing regional ecosystems, Taiwan has the potential to nurture a high number of quality global startups p Taiwan Startup Ecosystem Report Startup Ecosystem Characteristics Major ecosystem milestones and economic impact Taiwan has been known to be a key part of the global high-tech ecosystem for the past three decades, particularly in semiconductor innovation and manufacturing, with locallyfounded pantheons such as ASUS and TSMC Taiwan This has been a building block for Taiwan’s recent excellence in the development of its vibrant startup ecosystem The pursuit of Taiwan’s startup ecosystem began in the latter half of the 20th century*, largely due to government support and the tech talent Taiwan has attracted As a result, the Global Competitiveness Report released by the World Economic Forum in 2018 and 2019 named Taiwan 1st in the Asia-Pacific Region and 4th in the world in the category of innovation capability, behind Germany, the U.S., and Switzerland This solidified Taiwan’s reputation as a global innovator.* To add to its startup ecosystem success, Taiwanese startups raised a total of $65 million USD between January and October 2019, according to the Business Next annual report on Taiwan’s startup ecosystem.* Though Taiwan has improved immeasurably in recent years in terms of the development of its ecosystem, it has yet not fulfilled its full potential to become a top global startup ecosystem Despite this, Taiwan is well on its path to become one of the strongest innovation hubs of the future - with continued efforts from the government, such as its action plan to develop Taiwan’s startup ecosystem launched in 2018, boosted by efforts of its successful private sector.* The exemplary way in which the country has handled the Covid-19 pandemic is allowing Taiwan to leverage its success to boost its startup ecosystem As the economy and level of personal freedom have stayed close to pre pandemic levels, the ecosystem was less affected by lifestyle changes; for example, some startup events have remained physical rather than virtual Taiwan’s success has also benefited its startup ecosystem in other ways, such as the relocation of some investors and entrepreneurs to the island, where they feel safer than in China or the U.S The COVID-19 branding of the country as one of the world’s most organized and efficient locations to deal with the pandemic will surely attract more Innovation attention to the possibility of relocation and increased investment Ranking In StartupBlink’s CoronaVirus Map and Rankings, recently released with the Health Innovation Exchange by UNAIDS, Taiwan has also demonstrated specific success in innovation related to COVID-19, with Taipei ranking 10th in the world p Taiwan Startup Ecosystem Report Main startup verticals When StartupBlink’s proprietary algorithm is applied to individual verticals, the three overperforming verticals of the Taiwanese ecosystem (tech industries in which the rank is better than the global rank) are hardware & IoT, healthtech and foodtech, as shown in the chart below: Chart Global and Vertical Rankings: StartupBlink | Rank comparisons In Hardware & IoT (the nation’s strongest vertical), Taiwan is ranked 6th globally (beating countries such as Canada, the Netherlands, and Japan), and Taipei is ranked 8th (beating cities like Moscow and New York) Country 2020 rank City 2020 rank United States San Francisco Bay Israel Boston Area Finland Shenzhen Lithuania Miami Area Switzerland Tel Aviv Area Taiwan Beijing Canada Los Angeles Area Netherlands Taipei City France Moscow Estonia 10 New York 10 Table Hardware & IoT vertical rankings (by country and city) p Taiwan Startup Ecosystem Report Taiwan is a world leader in health (often considered a health tourism destination), and as such it performs strongly in the healthtech vertical The country is ranked 9th ecosystem in the world in this vertical, a better position than Ireland, Spain, and Switzerland Taipei City’s rank is 15th in the world, ahead of cities like Washington DC, Dallas-Fort Worth, and Seattle Country 2020 rank City 2020 rank United States San Francisco Bay United Kingdom Los Angeles Area Canada Boston Area … … … … Taiwan Ireland 10 Taipei City 15 Spain 11 Washington DC Area 17 Slovenia 12 Dallas-Forth Worth 18 Estonia 13 Atlanta 19 Switzerland 14 Seattle 20 Madison 16 Table Healthtech vertical rankings (by country and city) The third vertical in which Taiwan (20th) and Taipei City (40th) both overperform their global rank is Foodtech At the country level, it beats ecosystems like Italy, Japan, and Argentina, while at the city level it passes hubs like Baltimore, Hong Kong, and Madrid Country 2020 rank City 2020 rank United States San Francisco Bay Netherlands New York United Kingdom London … … … … Taiwan 20 Taipei City 40 Italy 22 Madison 42 Chile 23 Detroit 43 Japan 24 Hong Kong 44 Argentina 25 Madrid 45 Ukraine 21 Baltimore 41 Table Foodtech vertical rankings (by country and city) After further qualitative analysis performed with stakeholders of the ecosystem, we concluded that additional verticals such as Robotics, AI, and Blockchain also show great potential p Taiwan Startup Ecosystem Report ÂÂ Hardware & IoT Three of Taiwan’s most powerful technological firms (Asus, TSMC, and Foxconn) are companies specialized in the hardware vertical, and have been established since the 1970s and 1980s They are a product of the first wave of Taiwanese involvement in high tech, and currently assume an important role in supporting the country’s startup ecosystem This, of course, has its advantages, as it helps create investment and open innovation opportunities in Taiwan’s leading vertical But all success comes at a price, and the abundance of high quality jobs in successful corporations is also increasing the alternative cost of fewer local entrepreneurs willing to take a risk with their own startup instead of securing a high paid job in the robust Taiwanese economy Some interesting Taiwanese startups in the hardware vertical are: Kneron is dedicated to the design and development of integrated edge AI solutions Tern is a company that manufactures bicycles and accessories for urban transport Adonit builds everyday use products that turn inspiration into reality funding $73m funding $4.3m funding $2m ÂÂ Robotics Some of Taiwan’s neighbors (Japan, South Korea, and China) are global heavyweights in the Robotics sector, and Taiwan has recently placed its focus on becoming a hub in this area as well (an industry sometimes viewed as a subsector of hardware) Taiwan enjoys Foxconn’s experience in this vertical (the company makes robots for itself and customers in the mainland), although it isn’t the company’s main business Some interesting Taiwanese startups in the Robotics vertical are: Touché Solutions gathers passionate engineering innovators for optimal human-robot collaboration focused on touch Coolso uses patented technology to develop wearable gesture recognition solutions funding $5m funding not disclosed p 10 Taiwan Startup Ecosystem Report Incorporation and Legal Aspects Doing business in Taiwan is relatively simple, as the country is ranked 15th globally by the World Bank Ranking of 2020 In this section we will provide an overview of important information regarding legal aspects for companies in Taiwan ÂÂ Incorporation Although there are a few possible structures for a company in Taiwan (Unlimited company, Limited company, Unlimited company with limited liability shareholders), the most widely used is the “Company limited by shares.” In this structure, each shareholder is liable for the company up to the amount of capital contributed, the minimum number of shareholders is one (1), and there are no minimum capital requirements - although if the company wants to employ foreign workers, the minimum capital is NT$5m (c.USD170k) It takes around 10 days to register a company in Taiwan ÂÂ Payroll and taxes Every company that wants to operate on Taiwanese soil must take into account some basic taxes: ÂÂ The Corporate Income Tax rate is 17% at a NT$120k (USD 6k) threshold level ÂÂ The Value Added Tax rate is 5% ÂÂ Other taxes and export duties for more particular industries can be looked up in this guide Regarding Payroll, the most important figures companies should be aware of are the following: ÂÂ Minimum wage (monthly): NT$23,800 (USD 814.64), with an increase to NT$24,000 (USD 821.48) from Jan 1st, 2021 ÂÂ Minimum wage (hourly): NT$158 (USD 5.41), with an increase to NT$160 (USD 5.48) from Jan.1st, 2021 ÂÂ Employee Social Security (EESS): Labor Insurance Scheme (1.8%) and National Health Insurance Scheme (1.4731%) ÂÂ Employer Social Security (ERSS): Labor Insurance Scheme (6.35%) and National Health Insurance Scheme (5.008%) p 17 Taiwan Startup Ecosystem Report Taiwan’s Performance in StartupBlink’s ranking Taiwan and Taipei City had an outstanding year in StartupBlink’s 2020 ranking, both in Global rank and momentum Below, we show how they compare to other countries and cities in Asia and expand the comparison to locations with the same population tiers Taiwan Global Rankings Taiwan was ranked as the world’s 30th best startup ecosystem on StartupBlink’s 2020 Global Report, appearing in the rankings for the first time Country 2020 rank Country 2020 rank United States China 14 Australia Singapore 16 Spain South Korea 19 Finland 13 Japan 21 Taiwan 30 Taiwan 30 Portugal 31 Malaysia 48 Norway 33 Thailand 50 Mexico 41 Philippines 53 New Zealand 47 Indonesia 54 Table Taiwan and selected countries by Global rank (Global view) Table Taiwan and selected countries by Global rank (Regional view) In its first year in the report, Taiwan’s country rankings are already outperforming strong startup ecosystems such as Portugal, Norway, Mexico, and New Zealand Meanwhile, in Asia, Taiwan outperformed countries such as Malaysia, Thailand, the Philippines, and Indonesia Taiwan is still behind global and regional powerhouses such as the United States, Australia, China, and South Korea, but has strong momentum that will help it improve its global rank in the future p 18 Taiwan Startup Ecosystem Report In terms of momentum, Taiwan wasn’t ranked in the StartupBlink 2019 report, and with its debut in the Global rank of 2020 in spot 30, it is the top performing new ecosystem regionally Country Change 2020 rank Country Change 2020 rank Taiwan new 30 Taiwan new 30 Brazil +17 20 Mongolia new 93 Norway +13 33 Nepal new 100 Luxembourg +13 40 China +13 14 Argentina +6 38 Vietnam +13 59 Germany +4 Singapore +5 16 Israel +1 Japan +2 21 United States – South Korea – 19 France –1 12 Indonesia –13 54 Table Taiwan and selected countries by Momentum (Global view) Table Taiwan and selected countries by Momentum (Regional view) Taipei City Global Rankings Like Taiwan, Taipei City (the only Taiwanese city ranked) had a strong 2020 rank - 42nd in the world It outperformed large Asian cities such as Hangzhou, Bangkok, the Manila Area, and Kuala Lumpur City 2020 rank City 2020 rank Shanghai 10 San Francisco Bay Tokyo 16 Tel Aviv Area Hong Kong 36 Barcelona 27 Jakarta 41 Sydney 31 Taipei City 42 Taipei City 42 Hangzhou 45 Philadelphia 44 Manila Area 88 Houston 59 Bangkok 90 Milan 62 Kuala Lumpur 94 Manchester 79 Table Taipei City and selected cities by Global rank (Regional view) Table Taipei City and Selected cities by Global rank (Population tier view) In its population tier, Taiwan did better than other global cities such as Philadelphia, Houston, Milan, and Manchester p 19 Taiwan Startup Ecosystem Report Although Taipei still lags behind the top startup ecosystems in Asia (such as Shanghai and Tokyo) and within its population tier (such as San Francisco Bay and Tel Aviv Area), it is rapidly closing the gap with other strong comparable ecosystems such as Hong Kong, Jakarta, and Sydney Having improved significantly between 2019 and 2020, Taipei City is one of the major cities in the world and shows tremendous momentum, jumping by 208 positions in the StartupBlink rankings City Change 2020 rank Ho Chi Minh City new 225 Taipei City +208 Hangzhou Change 2020 rank Kuwait City new 508 42 Riyadh +213 281 +196 45 Taipei City +208 42 Chiang Mai +157 340 Stuttgart +38 157 Guangzhou +147 100 Washington DC +15 30 Kyoto +129 251 Tel Aviv Area –1 Shanghai 21 10 Berlin –1 Tokyo –2 16 Madrid –2 35 Hong Kong –8 36 Melbourne –5 40 Table Taipei City and selected cities by Momentum (Regional view) City Table Taipei City and selected cities by Momentum (Population tier view) For the to 10 million population tier, only Riyadh (from cities present in 2019) beat Taipei City regarding momentum The momentum of Taiwan’s capital is far stronger than other global cities of the same tier, such as Stuttgart and Washington DC, as well as major hubs like Tel Aviv Area or Berlin which actually lost momentum p 20 Taiwan Startup Ecosystem Report Main Ecosystem Stakeholders In this section we offer an overview of relevant stakeholders in the ecosystem, analyzing a few samples from major categories: Corporations, Investors, Universities, Accelerators and Incubation centers, Supporting organizations, Government agencies and support programs, and Events Notable Corporations Below is a list of the top Taiwanese corporations with strong links to the country’s startup and innovation ecosystems ASUS: AsusTek Computer Inc is a Taiwanese multinational computer, phone hardware, and electronics company headquartered in Beitou District, Taipei, Taiwan Asus is the world’s 5th-largest PC vendor by 2017 unit sales Asus appears in BusinessWeek’s “InfoTech 100” and “Asia’s Top 10 IT Companies” rankings, and it ranked first in the IT Hardware category of the 2008 Taiwan Top 10 Global Brands survey, with a total brand value of $1.3 billion TSMC Taiwan: TSMC pioneered the pure-play foundry business model when it was founded in 1987, and has been the world’s largest dedicated semiconductor foundry ever since The company supports a thriving ecosystem of global customers and partners, boasting the industry’s leading process technologies and a portfolio of design enablement solutions that unleash innovation for the global semiconductor industry With worldwide operations spanning Asia, Europe, and North America, TSMC serves as a committed corporate citizen around the world Foxconn: Foxconn is the world’s largest contract manufacturer of electronics and the biggest assembler of Apple products Acer: Acer was founded in 1976, and is one of the world’s top ICT companies, with presence in more than 160 countries The company has more than 7,000 employees around the world dedicated to making and delivering a wide range of products, such as service-oriented technologies, IoT, gaming, and virtual reality p 21 Taiwan Startup Ecosystem Report AU Optronics: AUO was formed in 2001 after the merger of Acer Display Technology and Unipac Optoelectronics Corporation, and is a global leader in optoelectronic solutions with operations in Taiwan, Mainland China, Japan, Singapore, South Korea, the United States, and Europe The company is leveraging core expertise to start operations in new areas, such as solar energy, general health and circular economy HTC: HTC was founded in 1997 with the vision of making a personal computer small enough to fit in a person’s hand It’s innovative products make them one of the global leaders of the smartphone market Giant Bicycles: Giant is a bicycle company founded in Taiwan in 1972, and is one of the global leaders of the industry It encompasses a complete ecosystem of bikes, gear, and cycling services, all seamlessly connected Their products are sold at over 12,000 retail stores around the world, and it is one of the most recognizable Taiwanese consumer brands Delta Electronics: Delta Electronics is an electronics manufacturing company founded in Taiwan in 1971 It is a global leader in power and thermal management solutions p 22 Taiwan Startup Ecosystem Report Investors Amongst the main investors of the Taiwanese Startup ecosystem, we find venture capital firms, as well as government-related institutions, with different levels of mandates regarding the financing of the ecosystem It is interesting to note that corporate venture capital is particularly strong in Taiwan, representing close to 50% of the industry, in comparison to around 25% worldwide This speaks to highly involved corporations, but also could be a signal of risk-averse venture capital (which mainly invests in startups of the corporation’s industry and startups that may be potentially useful to the enterprise) In general, the local VC ecosystem shows strong signs but requires further development Given that this report includes a separate subsection for Government entities, the sample below includes only the first category of investors: WI Harper Group: WI Harper is a venture capital firm with offices in San Francisco, Taipei, and Beijing, and more than 25 years of experience investing in startups The firm has invested in more than 400 companies, through funds with over USD1bn in combined AuM CDIB Capital International: Established in 2006, CDIB Capital serves as the private equity arm of China Development Financial With a local presence in Hong Kong, Shanghai, Seoul, Taipei, and New York, the firm has invested in more than 30 companies in the Asia-Pacific region, and it currently manages over USD1.2bn in proprietary and third party capital Taiwania Capital: Taiwania is a venture capital firm based in the US but focused in the Taiwanese market It has raised, since its foundation in 2017, funds for a combined value of $350m The key areas in which they invest are enterprise software, autonomous systems, AI, IoT, robotics & drones, information security, next-gen semiconductors, sensors, cloud infrastructure, pharmaceutical product research and development, gene/cell therapy, and medical technology Industrial Technology Investment Corporation (ITIC): ITIC is the investment arm of the Industrial Technology Research Institute (ITRI) Established in Taipei in 1979, it has invested more than $400m in Taiwanese and foreign companies The firm’s funds value proposition is to leverage the expertise of the 6,000 tech experts and 24,000 alumni experts within ITRI p 23 Taiwan Startup Ecosystem Report Darwin Venture: Darwin is a boutique investment firm headquartered in Taiwan, and also present in Silicon Valley The firm raised its first fund in 2007, and invests in companies in diverse industries (Biotech, Internet & Software, Consumer, Materials & Equipment, Semiconductor, and Communication & Surveillance), always taking into account that VC is a highly localized business SinoPac Venture Capital: SinoPac VC is the investment arm of SinoPac Holdings It was established in 2003, and focuses on ecommerce, FinTech, Industry 4.0, automation, cultural and creative industries, and biomedical industries, mainly in early stage, startup, and development phase enterprises Talent and Universities Taiwan is home to a large number of high-quality public and private universities, some of which are ranked amongst the best in Asia and the world Here we show some of some of these universities, with a special emphasis on those with strong technological or entrepreneurial cultures: National Taiwan University (Taipei, Taiwan): NTU is Taiwan’s highest ranked university, and the most prestigious comprehensive university in the country The university is active in the entrepreneurship space through multiple initiatives and organizations, such as the NTU Entrepreneur Association and NTU Garage (an early-stage incubator), along with a number of programs and classes focused on the subject, available to their more than 30k students (undergraduate and graduate) National Taiwan University of Science and Technology (Taipei, Taiwan): Also known as Taiwan Tech, this university was established in 1974 as Taiwan’s first science and technology focused institution The university is consistently ranked in Asia’s Top-10 in the field, and it has a department focused exclusively in entrepreneurship, startups, and innovation: the Business Incubation Center The BIC offers “facilities and services to help entrepreneurs and small and medium-sized businesses developing advanced technologies and new business bases,” and holds frequent events to promote tech-based entrepreneurship p 24 Taiwan Startup Ecosystem Report National Tsing Hua University (Hsinchu, Taiwan): NTHU is one of the universities that trace its roots to Beijing’s Tsing Hua Academy, established in 1911 It was relocated to its current location in 1956 and has since been one of Taiwan’s top universities One of its main initiatives related to entrepreneurship is the Tsinghua Entrepreneurship Lab, a joint program with Beijing’s Tsinghua University in which postgraduate students from both institutions work on consulting projects related to entrepreneurship National Chiao Tung University (Hsinchu, Taiwan): NCTU is a research university well-known for its science and engineering departments The institution, established in 1896, is specialized in the fields of electronics, telecommunications, and optoelectronics The school has the long-term vision of developing as a center of global high-tech industry research and development and innovation, and has entered the emerging field of biomedical electronics National Cheng Kung University (Tainan, Taiwan): Established in 1931 as the Tainan Technical College, NCKU is considered to be among the top universities in Taiwan It has a solid reputation in the fields of science, engineering, medicine, and business management, and has historically been particularly successful in promoting cooperation between industry and academia The school hosts the Creativity, Innovation, and Entrepreneurship Center, with the goal of developing innovation and entrepreneurship within its community National Taipei University of Technology (Taipei, Taiwan): Taipei Tech was founded in 1912 as the School of Industrial Instruction, a technical school It wasn’t until the 1990s that it received its current status of university, and is now one of Taiwan’s top technological universities; its graduates are amongst the preferred employees of Taiwan’s top 1000 enterprises p 25 Taiwan Startup Ecosystem Report Accelerators and Incubation Centers IAPS: IAPS (Center of Industry Accelerator and Patent Strategy, National Chiao Tung University) is a tech-oriented and universityaffiliated startup accelerator Since its inception in 2013, they have worked with more than 750 startups and accelerators, helping to raise between USD10m and USD11m each year BE Accelerator: BE Accelerator is focused on the healthtech and medtech verticals Established in 2018, it has positioned itself as a gateway to Asia for local and international startups in these innovation-adverse industries through their unique access to hospital facilities, research institutes, investors, healthcare experts, and other industry stakeholders SOSV-MOX: MOX (Mobile Only X) is Taipei’s charter of SOSV’s global network of accelerators, focusing exclusively on mobile app startups It has accelerated more than 60 startups in 15 countries, providing a wide network of mentors and partners, as well as other perks, to its portfolio startups Sparklabs Taipei: SparkLabs is a global accelerator network founded by entrepreneurs, whose Taipei office was established in 2017 with the goal of tapping into the island’s “seasoned innovators, top-tier technology resources, and countless talents with can-do spirit.” They have so far accelerated 18 startups, which have benefited from Sparklabs’ global network of more than 100 mentors Taidah Entrepreneurship Center: TEC is the National Taiwan University’s entrepreneurship center, and it was founded in 2014 It’s goal is to build a service platform dedicated to startups and establishing a comprehensive startup ecosystem, leveraging the university’s entrepreneurial talents and innovation capacity Taiwan Accelerator: Founded in October 2016, Taiwan Accelerator (TA) was Taiwan’s first seed accelerator The accelerator invests in and nurtures transformative technology and high impact startups, with special focus on 5G, artificial intelligence, edge computing, blockchain, and next gen computing technologies p 26 Taiwan Startup Ecosystem Report Microsoft for Startups-Taiwan: This Microsoft-owned startup accelerator is located in the “Linkou New Venture Park,” created by the Ministry of Economic Affairs, and cooperates with the Institute of Digital Education of the Information Technology Council to provide office space in the Park for use by startup companies AppWorks: AppWorks provides main services that cater to startups in different stages AppWorks Accelerator helps seed-stage startups go from to AppWorks Funds provide financing to help growth-stage startups scale faster On top of that, AppWorks School provides education to prepare for a thriving career in the startup world Taiwan Startup Stadium: Taiwan Startup Stadium is Taiwan’s leading ecosystem builder aiming to cultivate global-minded entrepreneurs and showcase the most innovative Taiwanese startups to the world Founded in 2015, TSS has already served 200+ startups with 200+ mentors, 500+ investors, and 30+ corporations In addition to a broad network of ecosystem players, TSS also provides solid coaching programs through extensive bootcamps, workshops, and seminars to empower entrepreneurs to grow and succeed in their startup journey and empower the startup ecosystem throughout Asia Dedicated government agencies and support programs Ministry of Science and Technology The Ministry of Science and Technology traces its roots to the National Science Council (established in 1959), and was reorganized in 2014, receiving its current name The Ministry is charged with promoting the nation’s overall S&T development, supporting academic research, and developing the science parks The Ministry aims to foster an innovative and entrepreneurial spirit and encourage creativity in science and technology, with the goal of boosting Taiwan’s academic and industrial competitiveness at the international level Ministry of Economic Affairs The Ministry of Economic Affairs is responsible for formulating Taiwan’s policy and laws for industry and trade, foreign direct investment, energy, minerals, measurement standards, intellectual property, and state-owned enterprises p 27 Taiwan Startup Ecosystem Report National Development Council The NDC is the policy-planning agency of the Executive Yuan It was inaugurated in 2014, and is the result of the merger of four government institutions with mandates in the Economy and Development of the country It is formed by 13 departments, of which the Department of Industrial Development has two sections directly overseeing entrepreneurship and startups: the Innovation & Entrepreneurship section and the Digital Economy section Taiwan Tech Arena The TTA is a startup ecosystem building program launched by the Taiwan Ministry of Science and Technology and set up inside the Taipei Arena,located in the heart of Taiwan’s capital city The program funding of NT$1.5 billion (about US$50 million) comes from the ministry and is managed by the Industrial Technology Research Institute Taiwan Entrepreneur Visa This visa allows entrepreneurs one year to set up a business after arriving in Taiwan, meaning that they don’t have to set up the business beforehand Entrepreneurs receive an initial one year residency with multiple entries, and if their business is successful, they may extend their Visa Up to three team members can apply for the visa together International Entrepreneur Initiative Taiwan IEIT is provided by the Small and Medium Enterprise Administration, Ministry of Economic Affairs (MOEA SMEA) to help more international entrepreneurs start their businesses in Taiwan IEIT is responsible for enabling a vast amount of government incentives, such as awards, loans, and grants for the benefit of SMEs and startups in Taiwan Taiwan Startup Institute (TSI) Funded by the Ministry of Science and Technology, the Taiwan Startup Institute (TSI) is a national-level startup accelerator tasked with uncovering promising R&D results hidden away at universities and research institutions, and then guiding these aspiring technologies toward commercialization TSI also promotes the establishment of startups involved in the commercial development of these technologies, helping to transform R&D results into tangible industrial assets p 28 Taiwan Startup Ecosystem Report Co-working spaces ÂÂ Makerbar Taipei (Taipei, Taiwan): Makerbar coworking space in Taiwan brings forth the most innovative platform for artists, designers, entrepreneurs, and remote workers Makerbar coworking space offers standing desks, a 3D printer, and a lounge, among other facilities ÂÂ Futureward (Taipei, Taiwan): Futureward coworking space has a wide range of casual and formal meeting office spaces Futureward offers standing desks, beanbags, event space, bike parking, and personal lockers, along with a 3D printer, recording studio, lounge, podcasting room, and ping pong table Futureward is also dog friendly ÂÂ Happen (Taichung, Taiwan): Happen coworking space charges for working desks on a daily, monthly or yearly basis Happen offers a shared kitchen, tatami, wheelchair accessibility, and a photocopier ÂÂ Connect (Taipei, Taiwan): Connect coworking space offers a smooth workplace for startups and remote workers Amenities offered at Connect include skype rooms, a projector, ergonomic chairs, a photocopier, a phone booth, and event space for rent ÂÂ The Hive Taipei (Taipei, Taiwan): The Hive is a beautifully designed coworking space located in the heart of Zhongzheng district The Hive offers event space for rent, workshops, community lunches, and community drinks, as well as an onsite barista, onsite cafe, lounge, photocopier, projector, and microphone ÂÂ Monospace (Taichung City, Taiwan): Monospace provides a community-friendly space in the heart of Taichung City Most of the members of Monospace are software developers, visual designers, and freelancers ÂÂ The Executive Center (Taipei, Taiwan): The Executive Center is a coworking space in Taiwan offering a shared as well as social workspace to freelancers, startups, designers, and software developers Startup/Tech events InnoVEX: Started in 2016 as the startup focused exhibition of COMPUTEX TAIPEI, InnoVEX has continued to grow along with the importance of startups Aiming to help startups prosper, InnoVEX features more than just exhibitions, but also pitch contests, matchmaking sessions, forums, and more Meet Taipei: Powered by Business Next Media, Meet Taipei is the most influential tech media in Taiwan, and operates in collaboration with the biggest startup community: Meet Startup Meet Taipei first launched in 2014, demonstrating its diverse content design, resources, and reach, becoming the largest and most disruptive global startup festival in Taiwan p 29 Taiwan Startup Ecosystem Report Information Sources We would like to thank the following ecosystem stakeholders, who dedicated their time to share insights about Taiwan’s startup ecosystem: ÂÂ Shany Kfir from Taiwan Trade & Innovation Center (Tel Aviv) ÂÂ Emma Yang from Taiwan Trade & Innovation Center ÂÂ Rich Fuh from AWS ÂÂ Anton Kannemeyer from BE Health Ventures ÂÂ Betty Hsu from Taiwan Tech Arena ÂÂ Philippe Tzou from UnaBiz and La Franch Tech Taiwan p 30 Taiwan Startup Ecosystem Report Prepared for: 2021 ... increase to NT$24,000 (USD 821.48) from Jan 1st, 2021 ÂÂ Minimum wage (hourly): NT$158 (USD 5.41), with an increase to NT$160 (USD 5.48) from Jan.1st, 2021 ÂÂ Employee Social Security (EESS): Labor... Taiwan IEIT is responsible for enabling a vast amount of government incentives, such as awards, loans, and grants for the benefit of SMEs and startups in Taiwan Taiwan Startup Institute (TSI)... Philippe Tzou from UnaBiz and La Franch Tech Taiwan p 30 Taiwan Startup Ecosystem Report Prepared for: 2021