Startups are driving industry transformation.
It is not easy for a startup to succeed as it has to overcome three trials: industry entry point, market deployment, and investment capital. Compared with countries with large populations, the domestic market of Taiwan is relatively small. The key issue that Taiwan’s startups need to solve is how to find the perfect entry point in the fierce global competition and succeed.
According to the 2020 Taiwan Industry Startup Investment White Paper, over 70% of the businesses interviewed have no experience in interacting with startup teams, and startup teams lack the environment to test out their technology. Taiwanese industries are at the brink of speeding up transformation and upgrading while dealing with challenges brought forth by the COVID-19 pandemic. If there are proper policies in place to generate relevant platforms/mechanisms and encourage businesses to bring in external innovations through investing in startups, this will mitigate the issue of businesses lacking internal digital transformation resources and help them speed up the deployment of new technology applications to realize upgrading and transformation. Furthermore, startups can collaborate with businesses and test out their product prototypes at the business’ testbed venue. This will help the startup expand its product application scope and eventually enter the international market with Taiwan’s successful experiences. It is an interaction that generates mutual benefits and creates win-win situations through positive interaction cycles. Eventually, this will spur on Taiwan’s industrial upgrading and transformation and create a vibrant and sustainable new ecosystem.
Case Title: iStaging
- Linking Strategy: Leveraging opportunities during the pandemic and leading startups into the global market through virtual expo venues.
- Major Actions: Leverage Mutual Strengths, Expand Global Deployment, Provide Testbed Venues
Case Title: Beyond Limits
- Linking Strategy: Specializes in solving tough problems, looking for venues and talents from Mars to Taiwan.
- Major Actions: Leverage Mutual Strengths, Attract Foreign Investments, Establish R&D Collaborations, Provide Testbed Venues