Electric scooter maker Gogoro Inc (睿能創意) is likely to become Taiwan’s first unicorn start-up and expand its operations into overseas markets, National Development Council Deputy Minister Chiou Jiunn-rong (邱俊榮) said yesterday.
A unicorn is a privately owned start-up that has been in business for fewer than 10 years, but has an estimated market value of more than US$1 billion.
The government earlier this year launched a plan to improve the investment environment for Taiwanese start-ups and promised to help incubate the first unicorn business in two years and at least three others in the next six years.
Taiwan has about four companies with the potential to become unicorn start-ups, and Gogoro, which was founded in 2011, is likely be the first to hit the target, the deputy minister said.
Expressing optimism about Gogoro’s prospects, Chiou said the company not only makes electric scooters, but also battery switches and charging devices.
The operating model being developed by the company is in line with the “product plus service,” or “product plus system” formula promoted by the government, Chiou said.
If the model can be successfully developed, Gogoro should be able to expand its operations into Southeast Asian markets, he added.
The government is promoting a start-up plan that includes measures such as furnishing capital for start-ups in their early stages, helping them adapt to a changing regulatory environment, providing multiple channels for them to gain a market presence and assisting them in expanding overseas, Chiou said.
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