The Taiwan Stock Exchange Corp (TWSE) and a number of securities and futures organizations yesterday launched an innovation and entrepreneurial fund to promote direct investment in national development projects.
An initial capital of NT$270 million (US$8.7 million) has been raised, but the aim is to reach NT$1 billion, TWSE officials said at a news conference in Taipei.
The fund is to be overseen by a committee of 13 to 17 members, 10 of which would be drawn from institutions, with the remainder consisting of industry experts and academics, the TWSE said.
The fund is also seeking three to five financial institution or venture capital companies to take on fund management duties.
Financial institutions seeking to qualify for management duties must have a paid-in capital of more than NT$25 billion and be able to allocate a full-time investment team of more than 10 staff members, the TWSE said.
The paid-in capital requirement is set at NT$200 million for venture capital firms and NT$10 million for venture capital consultancies, while the size of the required full-time investment team is set at five, the TWSE said.
Investors would be drawn from start-up companies — in particular those residing in the “five plus two” innovative industries in which the government has placed development focus — each receiving between NT$5 million and NT$20 million in funding.
The new fund would have significantly less red tape for fostering start-ups compared with efforts led by government agencies, said Ben Jai (翟本喬), a technology entrepreneur who is a member of the fund oversight committee.
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