New venture capital firm to aid high-tech start-ups

Four big names in finance and Internet technology, including Yam.com (蕃薯藤數位科技公司), announced yesterday the formation of Vista Incubation Technology Corporation, (宏遠育成科技公司) a high-tech incubator that will develop start-ups from the cradle by providing financial support.

The Lin Yuan Group (霖園集團), Taian Corporation (萬海航運暨泰安產險事業體系) and venture capital firm FVIG (富鑫創投集團) have invested a combined total of NT$8 billion in the establishment of the Vista Investment Fund (宏遠創投基金).

The fund will be managed by Vista Incubator, which is made up of the three firms and Yam.com, and will provide financial support to information technology and Internet start-ups while they are in their infancy.

Chen Chi-yuan, (陳致遠) chairman of the Vista Fund, said that too often start-ups lack business experience and without proper management or funds cannot develop their technology before being listed on the stock exchange.

In the interim, their technology could be replaced, he said.

Vista Incubator however, "is willing to invest in start-ups in the very initial stage and provide a complete service from the time of the concept's creation to its listing," Chen said.

"All we need to see is a good idea, and Vista will get to work on helping to develop it," he added.

Chiu Luo-huo (邱羅火), chairman of the Vista Incubator, predicted that over the next five years, Vista would invest in around 10 to 12 high-tech companies every year allotting between NT$20 million and NT$30 million to each firm.

Also attending the ceremony was Ministry of Economic Affairs Vice Minister Steve Chen, who voiced his excitement about the project, saying that venture capital funds had contributed greatly to Taiwan's over economic growth.