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.
WAR FUNDING: A report by UK and Ukrainian defense analysts said that Taiwanese exports of a compound used in gunpowder have been helping Russia propagate its war About 20 percent of nitrocellulose — a compound used in gunpowder — imported into Russia has been sourced from Taiwan, a joint British-Ukrainian investigative report showed. Nitrocellulose is a key component of smokeless gunpowder, and the EU has banned export of the compound to Russia due to its ongoing war of aggression against Ukraine. The report said that nitrocellulose produced in Taiwan makes its way to Russia by passing through other countries such as Turkey. Only one company, T.N.C. Industrial Co (台硝), was named in the report, which also named China and Germany as key sources of the compound for
A Singaporean social media streamer who goes by the pseudonym Kiaraakitty faked an egg attack by an alleged passerby during a livestream in Kaohsiung on Feb. 9, the city’s police department said on Saturday. The department was responding to the streamer’s claim earlier this month that a stranger had thrown eggs at her during a recent visit to Kaohsiung. Kiaraakitty is known for posting provocative content on livestreaming sites such as Twitch and Discord, as well as other social media platforms such as Instagram, Facebook and YouTube. She also posts on paid adult content Web site OnlyFans. In the video dated Feb. 9,
ROAD SINKING: The road surface of Qingcheng Street near the intersection with Xingan Street in Taipei’s Songshan District collapsed on Friday at about 9pm Grouting was yesterday used to repair a section of road in Taipei, after work on a construction site caused the surface to partially collapse on Friday evening, the Taipei Construction Management Office said yesterday, adding that nearby buildings were not affected. The road surface of Qingcheng Street near the intersection with Xingan Street in Taipei’s Songshan District (松山) collapsed at about 9pm on Friday. When police arrived they found four cars parked by the roadside tilting to one side. Police estimated the area that had subsided was about 4m by 30m, and was about 1.5m deep. They cordoned off the surrounding area
HOT TOPIC: The Taiwan-born founder of a restaurant in the Japanese city is generally credited with creating the super spicy dish, which was originally intended as a staff meal For Taiwanese, ramen is one of the dishes that most represents Japan; for Japanese, its origins are in China. Then there is “Taiwan ramen,” which can only be found in Japan, but not in Taiwan. It is almost impossible to reach a consensus on the origin of any dish, but a brief look at its history might be helpful. Not many people who are not Japanese question whether ramen is really Japanese. Yet think about it — ramen is often unctuous and rich, unlike most other must-try Japanese foods familiar to foreign visitors to the country, such as sushi and soba noodles. According