The government plans to put more resources into domestic start-up companies to help them grow faster in a rapidly changing business environment, Vice Minister of Economic Affairs Woody Duh (杜紫軍) said yesterday.
The government now wants to help start-ups tap into the supply chain of large global companies within three to six months through an incubation accelerator platform, rather than the three to five years typically needed using a more traditional approach, Duh said.
Unlike traditional incubation centers that usually provide office space and only general mentoring for start-up teams, the accelerator platform offers exclusive mentorships based on the specific needs of each start-up team.
Mentorships describe the process of experienced executives or venture capitalists offering their expertise to start-up companies to help get them off the ground.
The platform will also offer financing options to the teams at an early stage instead of waiting for the budding companies to prove themselves, Duh said.
“We will provide more help with mentorships and gaining access to capital, such as angel funds,” Duh said at the opening ceremony for Taiwan International Incubation Week, which runs until Friday.
KEY TO SUCCESS
The new platform is important because with the faster pace of globalization and the quick flow of capital, “speed” is now a more important key to success than technology, business models and cost advantages, Duh said.
Lorraine Hariton, visiting special representative for Commercial and Business Affairs at the US Department of State, said at the ceremony that it is important to create an environment that fosters innovation and entrepreneurship with a global context.
She said that the government and the private sector collaborate to provide innovators and young entrepreneurs with better mentorship, networking opportunities and access to capital.