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Minister encourages more start-ups

Minister encourages more start-ups

Taipei, Aug. 13 (CNA) Economics Minister Chang Chia-juch called Tuesday for the cultivation of more young entrepreneurs, saying that start-ups and small- and medium-sized enterprises (SMEs) were the main drivers of job creation, inclusive growth, and innovation. SMEs account for 60 percent of the workforce in the Asia-Pacific region, Chang said at the Asia-Pacific Economic Cooperation (APEC) Start-up Accelerator Leadership Summit that kicked off in Taipei on Tuesday. "The energy for start-up momentum is really spiking up in this region," he said, but pointed to the need for more start-up accelerators -- platforms that support young entrepreneurs with funding, mentoring, training and events for a defined period. He said the two-day summit can serve as an ideal incubation accelerator platform for start-ups because it is aimed at building a fast track for innovative start-ups in the region and shortening their time to market and profit. According to the Global Accelerator Network, 60 percent of accelerators are located in North America, 14 percent in Asia, 13 percent in Europe, and 7 percent in Australia. "This brings up the issue that we may not have enough accelerators to keep up with the number of new innovative start-ups in Asia, especially in emerging economies," he said. As a result, Taiwan wants to bring together stakeholders in the region to set up a sustainable accelerating mechanism, the APEC Accelerator Network, Chang said. To take APEC to the next level as an incubator for high-growth start-ups, the network is hoping to mobilize a stronger foundation of regional resources that can help start-ups with business matching, cross-border incubation, mentorship, and early-stage investment, he said. (By James Lee)


Updated : 2021-01-19 17:23 GMT+08:00