Taiwan Government to Foster 30,000 Startups in 3 Years Via Direct Investment

Taiwan's National Development Council (NDC) has decided to make direct investments in tech startups, aiming to build sound angel investment culture and foster as many as 30,000 new startups in the country within three years.

The National Development Fund (NDF), set up a startup fund of NT$1 billion (US$33 million) in early 2014 to subsidize the creation of new startups, and so far over 80% of the fund has been used to finance over 270 new ventures.

American venture capitalists including 500 Startups and TransLink have invested NT$13 billion in new startups operating in Taiwan, and Taiwan Silicon Valley Technology Fund has funneled over NT$7 billion as venture capital for tech startups.

In addition, a national investment company slated for inauguration by the end of August 2017 will ready a total of NT$10 billion for investment in IoT, biotech, and other high-tech startups, while the Industrial Innovation and Transformation Fund, has readied as much as NT$100 billion to support startups.

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