Taiwan owns four greatest strengths for startups: KPMG

The accounting firm indicates that rich talent, strong intellectual property laws, well-established supply chain in electronics, and good geographic location make Taiwan an ideal environment for startups

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Taipei 101

Taipei 101 (Taiwan News photo)

TAIPEI (Taiwan News) - The government of Taiwan has been dedicated to creating a business-friendly environment for startups, and today a global accounting and consulting firm named four strengths that make the country primed for startup success.

In a startup seminar on Friday, KPMG's innovation and startups service team leader Daisy Kuo (郭冠纓) indicated that rich talent, strong intellectual property laws, well-established supply chain in electronics, and good geographic location make Taiwan a little bit easier to get off the ground.

Kuo said that the country has a rich and high-value talent pool in IT, ICT, cultural & creative, and medical sectors. Also, the costs of going public are far lower than other markets. She took Hong Kong and the United States as examples, saying the costs of an IPO is NT$20-24 million in Hong Kong and over NT$100 million in the U.S., which are twofold and tenfold higher, respectively, than in Taiwan.

These strengths have made Taiwan an attractive destination for some startups outside the country, she added.

To make Taiwan a startup-friendly country, the government has kicked off the "five-plus-two" innovative industries program, as well as a program of "optimizing investment environment for startups," to create new momentum for industrial development and leverage the strengths of the local business. With the two programs, the government aims to hatch at least one Taiwan-based unicorn startup worth US$1 billion before 2020, and allow the country to become a venture capital hub.