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Startups are finding a large market base to serve globally, thanks to high smart device penetration and more people realizing the importance of technology. The situation is similar in Taiwan, where more than 87.9 percent of the population has access to the internet.
Fremont, CA: Taiwan, with a population of 23.8 million people, has remained one of the world's manufacturing powerhouses. The country has taken a more lenient and dynamic approach to support the startup sector for the past four decades. Consumer habits and preferences have shifted, and they now seek out more options when making purchases.
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Taiwanese software startups also have a thriving customer base. Customers in the twenty-first century are more willing to accept their products and services. Taiwan's internet speeds, intellectual property protection, and cultural familiarity with many other APAC countries make it an ideal location for many global startups to launch.
Major growth factors for startups in Taiwan:
Let's have a look at the factors that support the growth of startups in Taiwan and why new global aspirants can choose Taiwan as their hub:
Suitable Market Conditions
Startups are finding a large market base to serve globally, thanks to high smart device penetration and more people realizing the importance of technology. The situation is similar in Taiwan, where more than 87.9 percent of the population has access to the internet. In addition, 92 percent have mobile phones, 67 percent have a desktop/notebook, and 29 percent have tablet PCs.
Taiwan benefits from its geographical location as a central Asian country. Its geographical location allows it to form partnerships and alliances with Western countries as well as many developed and developing Asian economies.
Support from the Government to Startups in Taiwan
Taiwan's government is also catching up to the surge in startup numbers and demand. The government has put in place a number of initiatives to encourage entrepreneurs and technological innovation. In the technology sector, startups, new ideas, and small businesses are more readily accepted. For example, in October 2017, the National Development Council (NDC) launched the Startup Regulatory Adjustment Platform.
Many changes are also aimed at attracting international entrepreneurs to Taiwan, such as making it easier to start a business. It also includes an entrepreneurial visa, which allows people to start businesses in Taiwan without having to invest a large sum of money.
In addition, in 2015, the NDC established the Taiwan Startup Stadium to encourage and showcase the achievements of local entrepreneurs and businesses. More than 200 startups have benefited from Taiwan Startup Stadium (TSS). It has also introduced them to over 120 mentors, 500 investors, and 30 businesses.
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