Taiwan to introduce software to help foster US$1 billion startup

Taipei, The Ministry of Science and Technology plans to introduce a software platform to help businesses reduce labor costs and research and development time, with the aim of fostering at least one privately owned startup valued at over US$1 billion in Taiwan.

The ministry's Taiwan Startup Institute (TSI) signed a memorandum of understanding with U.S. firm AgilePoint Inc. Monday that provides business process management (BPM) software products to bring in a no-code BPM-enabled platform for operating workflow-driven business applications into the country.

The platform will be delivered to the industrial sectors of the Internet of Things, biomedicine, green energy, smart machinery, defense industry, new agriculture and the circular economy, to help them undergo transformation, according to the institute.

The platform offers business applications to help enterprises reduce costs and increase productivity, while allowing them to rapidly bring their products and technology into the global market, it said.

Taiwan has 1,897 companies operating in the seven industrial sectors, the TSI said, adding that calculated based on a 10 percent penetration rate of the platform, the annual value of production of these companies is expected to reach NT$682.3 billion (US$23.29 billion) and an annual growth of NT$3.5 billion in business sales is expected to be achieved, through expanding into international markets.

The software system will help enterprises upscale their business and expand into international markets, a TSI project manager said, adding that the application will be first provided for use by 35 startups and then to other enterprises, with the aim of fostering at least one unicorn startup -- a privately owned startup created in less than 10 years, valued at over US$1 billion and not listed in the stock market.

Premier Lai Ching-te (???) said last month that the government aims to foster at least one unicorn startup in two years and to boost the growth of capital investment in startups by NT$5 billion per year.

Source: Focus Taiwan News Channel