The Taipei City Government is to establish an angel investment fund of NT$2 billion (US$71.85 million) to be used over five years to foster the growth of innovative industries, Taipei Mayor Ko Wen-je (柯文哲) said on Wednesday last week.
Ko said that Taiwan’s industrial sector was mostly comprised of original equipment manufacturing, but such practices could not indefinitely support Taiwan’s gross national income.
The Startup@Taipei office has assisted more than 30,000 start-up inquiries, provided NT$1.98 billion in start-up funding and helped negotiate more than NT$2.5 billion in start-up loans since 2015. To go beyond this success, the city government is to establish angel investment funds directly, Ko said.
Start-up investments are to take the form of stock ownership, Ko said, adding this method demonstrates responsible politics.
The Taipei City Ordinance for Receiving, Safekeeping, and Using Industry Development Funds (台北市產業發展基金收支保管及運用自治條例) was forwarded to the Taipei City Council for deliberation earlier this year, Ko said.
Taipei Department of Economic Development Commissioner Lin Chung-chieh (林崇傑) said that current subsidies only provide a single person or organization a one-time maximum subsidy of NT$5 million.
The ordinance would allow the government to collect some profit, which could then be invested in other start-ups, Lin said, adding that the funds would target technology and biotech companies.
The funds would be directed mostly to companies in Taipei, he said, adding that the city government would sell its stock within seven to 10 years after the investment pays for itself.
Travel agencies in Taiwan are working to secure alternative flights for travelers bound for New Zealand for the Lunar New Year holiday, as Air New Zealand workers are set to strike next week. The airline said that it has confirmed that the planned industrial action by its international wide-body cabin crew would go ahead on Thursday and Friday next week. While the Auckland-based carrier pledged to take reasonable measures to mitigate the impact of the workers’ strike, an Air New Zealand flight arriving at Taipei from Auckland on Thursday and another flight departing from Taipei for Auckland on Saturday would have to
The Taipei City Government yesterday confirmed that it has negotiated a royalties of NT$12.2 billion (US$380 million) with artificial intelligence (AI) chip giant Nvidia Corp, with the earliest possible signing date set for Wednesday next week. The city has been preparing for Nvidia to build its Taiwan headquarters in Beitou-Shilin Technology Park since last year, and the project has now entered its final stage before the contract is signed. Taipei Mayor Chiang Wan-an (蔣萬安) said the city government has completed the royalty price negotiations and would now push through the remaining procedures to sign the contract before
The Ministry of Foreign Affairs on Thursday said the name of the Taiwanese Representative Office in Lithuania was agreed by both sides, after Lithuania’s prime minister described a 2021 decision to let Taiwan set up a de facto embassy in Vilnius as a “mistake.” Lithuanian Prime Minister Inga Ruginiene, who entered office in September last year, told the Baltic News Service on Tuesday that Lithuania had begun taking “small first steps” aimed at restoring ties with Beijing. The ministry in a statement said that Taiwan and Lithuania are important partners that share the values of freedom and democracy. Since the establishment of the
Taipei Zoo welcomes the Lunar New Year this year through its efforts to protect an endangered species of horse native to central Asia that was once fully extinct outside of captivity. The festival ushering in the Year of the Horse would draw attention to the zoo’s four specimens of Przewalski’s horse, named for a Russian geographer who first encountered them in the late 19th century across the steppes of western Mongolia. “Visitors will look at the horses and think that since this is the Year of the Horse: ‘I want to get to know horses,’” said zookeeper Chen Yun-chieh, who has been
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