The Executive Yuan’s “Asian Silicon Valley” project aimed at developing an incubator for innovative start-up IT companies in Taiwan and boosting the nation’s standing in the Internet of Things industry is to start operations on Sunday next week.
According to David Weng (翁嘉盛), chief investor in the Asian Silicon Valley initiative, Taiwan no longer has the advantage of being able to offer low-cost manufacturing and subcontracting.
At an event earlier this month in Washington, he said that the government must now switch its focus to developing a business environment friendly to start-up and investment companies, adding that laws must be amended to facilitate research and attract global investment.
Weng is taking the lead both in the investment and promotion of Taoyuan-based project.
Weng, who has worked in California’s Silicon Valley and has many years of experience as an investor, earlier this month said that the project pivots around the two axes of promoting Internet of Things research and developing an incubator for start-ups, adding that he hopes Taoyuan-based start-ups would link up with Silicon Valley in the US and other technology centers around the world, giving them global reach.
Weng said that one aim of the project is to increase Taiwan’s Internet of Things marketshare from last year’s 3.8 percent to 5 percent by 2025.
Regarding China’s development of start-up incubators and Internet of Things development, Weng said Taiwan’s advantage lies in the quality of its software engineers, adding that Taiwan has a better track record in protecting intellectual property rights.
However, Taiwan must lower its corporate tax rates and amend its regulations limiting the hiring of foreign talent, Weng said.
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