The Secrets of Taiwan's Startup Success: A Deep Dive into Taiwan's Thriving Business Ecosystem

'Mobilehero' is a global contest for startups in the information and communication technology(ICT) sector. It is organized by Taiwan's Ministry of Economic Affairs. 

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In the 2023 competition, Korean startup Banf won the grand prize in recognition of its technology. Today, let's take a closer look at the startup ecosystem in Taiwan, the host country of the competition.

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1. Features of the Taiwanese startup ecosystem

Taiwan's startup ecosystem is marked by technical expertise, government support, and a developed infrastructure that fosters innovation and entrepreneurship. In particular, hardware and technology-oriented startups are gaining traction. 

With a population of 23 million and proximity to major Asian markets, Taiwan makes it easy to enhance your product and scale the business.

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-Technical expertise

Taiwan's expertise in hardware manufacturing and electronics provides startups with the best technology and workforce. Support from the government accelerates startup growth. Taiwan is committed to promoting entrepreneurship and building an environment that attracts both growth and investment of startups.

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-Government support

The Taiwanese government, through its various entities, including the Ministry of Science and Technology(MOST) and the Small and Medium Enterprise Administration (SMEA), aids startups in a variety of ways, including financing, tax incentives, and streamlined regulations. Infrastructure such as research institutes, science parks, and business incubators provide opportunities for innovation and networking.

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-Well-developed infrastructure

In Taiwan, startups have access to a highly developed infrastructure that allows them to explore innovation and networking opportunities, which is an important driver of startup growth. Thanks to the Taiwanese government's various funding programs and an active angel investor network, startups have more chances to get funded.

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2.Taiwan Startup Investment Trends

Taiwanese startups are expected to attract $2.42 billion in investment in 2023, the second largest on record.

This is due to the increased liquidity after the pandemic, with the Taiwanese government's "Next Big" program selecting and supporting promising startups, as well as international attention as part of Startup Island Taiwan. While microtransactions have increased since the 2017 investment surge, investments in AI and big data startups have become more active.

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3.Taiwanese’s "Next Big" Startups

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-Amazing Talker: A personalized one-on-one foreign language learning platform that offers a variety of language training services.

-CuboAi: AI-powered baby monitor, a smart device that keeps an eye on your baby's safety.

-CyCraft: Active in the field of information security by providing AI-based cybersecurity solutions

-Dcard: an online community platform that is popular among college students.

-EUI: a fintech company that facilitates small international money transfers.

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Underdogs also conducted workshops and exchange programs with Taiwanese incubators through the Asia Tomorrow Network! 

In collaboration with Impact Hub Taipei, the project delivered workshops based on the Underdogs entrepreneurship training methodology to 10 finalists of the GIA with the Taiwanese government. 

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Written by underdogs

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