The Asia Silicon Valley Development Agency (ASVDA), founded in 2016, has been leading a namesake project, which proves to have "delivered concrete results," as the National Development Council (NDC), which founded the agency, claimed in a press release.
In its February report, NDC also pointed out that the project has enabled the country to rank as "super innovator" with three other countries (Germany, Switzerland, and the US) in the latest WEF (World Economic Forum) Global Competitiveness Report.
Besides turning Taiwan into a R&D hub for the IoT sector, the Asia Silicon Valley Development Plan aims to fuel Taiwan's tech startup scene and build a competitive ecosystem of innovation and entrepreneurship.
To approach such goal, the government provides financial resources, rolls out policies to attract foreign talent, and introduces legislation to support startups.
For early stage startups, it has put in a NT$2B ($64M) angel fund this year through the National Development Fund and co-invested more than NT$2B in 52 projects with private firms. Angel investors are granted tax incentives.
The Fund has also cooperated with world renowned VCs, including Infinity Ventures, to bring in new cash flow and connections that help startups expand into new markets.
Meanwhile, it's becoming easier for foreigners to work and realize their innovative ideas in Taiwan, where the new "employment gold card" and "entrepreneur visa" have been issued to a number of expats, according to NDC.
For local entrepreneurs, ASVDA has co-organized a "hero training" program with Draper University, which offers them opportunities to learn entrepreneurship not only first-hand but in the Silicon Valley.
Regarding regulation, the Company Act has been revised last year to allow no-par stock, convertible bond, and multiple voting shares whereas the law on fintech and unmanned vehicles introduced to create better testing environments for new products and services.