Taipei-Taiwan Incubator (TI), which is jointly established by startup organizations and local universities, is aiming to help startup companies survive and reduce their rate of failure, which currently stands at 99%, said its chief at a launching ceremony Friday.
Speaking at the event in Taichung City's Central Taiwan Science Park, TI chief "Jack" Lin Ying-chieh (???) said that despite the number of Taiwanese entrepreneurs increasing every year, the success or survival rate of local startup companies is very low.
Citing statistics from the Ministry of Economic Affair's Small and Medium Enterprise Administration, Lin said the death rate of a Taiwan-based startup in the first five years is 99 percent.
Common problems startups face are lack of funding, insufficient support, government red tape, as well as general skepticism about them.
Lin said TI will focus on investing in and cultivating seed-stage startups with potential. Twice a year, it will selecting startups to invest in and also offer them counseling and support, with the aim of helping more entrepreneurs' dreams come true, said Lin.
Yang Wen-goang (???), vice president of Chaoyang University of Technology (CYUT), said TI is the first investment incubator in Taiwan that is self funded and it not only helps start-ups in a semi-non-profit way, but also tries to make early investments in them.
Taiwan also has other startup incubators. The government provides free mentoring and work space for them, and has also set up funds to invest in them.
Liu Su-chuan (???), deputy head of CYUT's Office of Industry-Academia Collaboration, said apart from offering entrepreneurs consultations and advice, TI will also provide legal, management, financial and fund-raising services.
Hopefully through these services, the survival rate of startups can be increased, said Liu.
The company was co-founded by Taiwan Business Incubators Alliance (TBIA), Feng Chia University (FCU), Chaoyang University of Technology (CYUT) and Taiwan Accelerator (TA), a startup accelerator that invests in seed-stage startups.
Source: Focus Taiwan News Channel