Taiwan Makes Strides Towards Becoming a Regional Hub for Innovation
Taiwan, once known as “Made in Taiwan,” has come a long way in recent years. The country’s economy is fast transforming to innovation-driven with a focus on high-tech manufacturing, research and development, and digital innovation. Taiwan developing its startup ecosystem and rapidly emerging as an innovation hub for the Asia-Pacific region, with government support and a thriving entrepreneurial community. This article discusses the exciting transformation of Taiwan into an innovation hub and explores the top ten tourist attractions located in Taipei.
I. The Rise of Taiwan’s Innovative Industries
Taiwan’s economic growth has been driven by manufacturing for decades. It’s known for producing electronics, semiconductor, and hardware products for global giants like Apple, HP, and Intel. Over the past decade, Taiwan has been transitioning towards an innovation-driven economy. With the emergence of Industry 4.0 and the Internet of Things (IoT), Taiwan is ideally positioned to take advantage of these trends.
Taiwan has a vibrant startup ecosystem, with more than 70 accelerators and incubators designed to support young companies. The government, through its “Asia Silicon Valley Development Plan,” has put aside a massive fund of $3.3bn to help startups develop solutions in AI, biotech, and green technologies. Taitra, Taiwan’s national trade promotion organization, also hosts several exhibitions and events to connect startups with investors and potential partners.
With the government’s support, Taiwan has become a leader in a broad range of technologies, including AI, 5G, and big data. For instance, the 5G network developed in Taiwan is among the fastest and most reliable in the world. Taiwan is also investing heavily in renewable energy, aiming to achieve 20% renewable energy usage by 2025. High-tech sectors, which include AI, biotechnology, semiconductor, and cybersecurity, are expected to contribute up to 40% of Taiwan’s economy by 2025.
II. Taiwan’s Startup Ecosystem
Taiwan’s startup ecosystem has been growing rapidly in recent years with over 2,600 startups being registered as of 2020. The country has a supportive regulatory environment with tax breaks, funding, and networking opportunities available to startup founders. Taiwan is an affordable place to establish a startup, with cheap rent, low taxes, and high-quality talent.
There are over 50 incubators and accelerators located in Taiwan, providing assistance to startups in different industries. These include Taipei Techstar, AppWorks, Garage+, and FutureWard. Taiwan also hosts several events to promote startups and attract investors, including the annual Computex, BioTaiwan, and Taiwan International Machine Tool Show.
Taiwan’s approach to innovation is not just limited to large companies; it is also geared towards individuals who want to create their products. Makerspaces and Fablabs provide an environment for innovation, creativity and offer facilities for rapid prototyping and small-scale production.
III. The Role of Taiwan’s Government in Promoting Innovation
Taiwan’s government plays a significant role in supporting innovation as a way of propelling the country’s economy forward. The government has initiated several programs to support startups and promote innovation-driven economic growth. One of these programs is the Asia Silicon Valley Development Plan, which has allocated $3.3bn towards supporting startups in the areas of AI, IoT, green technologies, and biotech.
The Taiwanese government has also established several funds and grants to provide financial assistance to startups. The National Development Fund has earmarked a fund of $90m dedicated to supporting venture capital firms that invest in startups. The Entrepreneurial Innovation Program and the Small and Medium Enterprise Innovation and Transformation Program help companies develop innovative solutions and promote export businesses.
The government is also focused on improving the regulatory environment to encourage entrepreneurship and innovation. They have implemented the Industrial Development Promotional Act, which provides tax incentives and lowered interest rates on loans to support small and medium-sized enterprises.
IV. Top 10 Tourist Attractions in Taiwan
1) Taipei 101 – Standing at 508 meters high, Taipei 101 is the world’s third-tallest building and a must-see attraction. Enjoy panoramic views of the city from the Observation Deck on the 89th floor.
2) National Palace Museum – This museum is home to over 690,000 pieces of Chinese artefacts, of which 3,000 are on display. The artefacts showcase the rich culture and history of China.
3) Taroko National Park – Located in Hualien County, Taroko National Park is known for its stunning, rugged marble cliffs, hiking trails, pagodas and waterfalls.
4) Yangmingshan National Park – Yangmingshan is Taiwan’s first national park and is known for its hot springs, hiking trails, and stunning scenery.
5) Chiang Kai Shek Memorial Hall – This monument is dedicated to the former president of Taiwan, Chiang Kai Shek, and houses a museum showcasing Taiwan’s history.
6) Sun Moon Lake – This picturesque lake is located in the heart of Taiwan and boasts stunning scenery, temples, cycling trails, and boat rides.
7) Jiufen – This small town is known for its narrow lanes, teahouses, and fantastic views of the coast. It’s a great place to get a glimpse into Taiwan’s traditional culture.
8) Longshan Temple – This ancient temple, located in Taipei, is a masterpiece of Taiwanese architecture and is devoted to Buddhist, Taoist and folk deities.
9) Shilin Night Market – Taipei’s oldest and largest market is known for its street food stalls and vendors selling souvenirs.
10) Taipei Zoo – One of Taiwan’s largest zoos featuring over 400 animal species, including Giant Pandas and Koalas.
1. What is Taiwan’s innovation-driven economy?
Taiwan is transitioning towards an innovation-driven economy aimed at developing high-tech manufacturing, research and development, and digital innovation.
2. What is Taiwan’s startup ecosystem?
Taiwan’s startup ecosystem comprises over 70 accelerators and incubators that support young companies. The government supports this system through extensive funding and events.
3. What are the top tourist attractions in Taiwan?
The top ten tourist attractions in Taiwan are Taipei 101, National Palace Museum, Taroko National Park, Yangmingshan National Park, Chiang Kai Shek Memorial Hall, Sun Moon Lake, Jiufen, Longshan Temple, Shilin Night Market, and Taipei Zoo.
Taiwan is reinventing itself from a manufacturing-based economy to an innovation-driven one. Through the government’s support and the thriving entrepreneurial community, the country is quickly becoming an innovation hub for the Asia-Pacific region. In addition to the country’s focus on innovation, Taiwan’s top tourist attractions make it a perfect destination to experience both the traditional and modern aspects of the country.