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Taiwan & ASVDA Team Up to Hatch Taiwan Entrepreneurs

Date:2018/06/07
Browse Times:1260

The unlimited potential of innovative entrepreneurship in Taiwan – A view from the Innovex!

What is the key point of entrepreneurship? Taiwanin and ASVDA co-sponsored the “Taiwan Entrepreneurship Salon” seminar at Taiwanin Nest, and invited Kevin Lin, the cofounder of the Twitch, the world’s largest live gaming platform, to share his ideas in the seminar, and the other two speakers are David Weng, president of Taiwanin and Ming-Hsin Kung, CEO of ASVDA.

Kevin Lin’s parents are from Taichung and Nantou, so he has been planning to do something for Taiwan since two years ago. He is very interested in video games, so after graduated from Yale University, he founded the Twitch in 2011, which is the largest live gaming platform, and Taipei is the city with the highest Twitch viewing hours in the world. During the startup process, he had contacted hundreds of venture capitalists, and sold Twitch to Amazon with US$970 million in 2014. Because Amazon established the research center in Taiwan, Taiwan also became a branch of Twitch. However, Kevin himself withdrew from the post of chief operating officer early this year, and what his next step will be is highly concerned by the industry. It is expected that he could work with Taiwanin and ASVDA to refresh and assist Taiwan startups to explore the world.

Kevin has noticed the internationalization of Taiwan entrepreneurs and is willing to give support in the fields of interactive media and video game industry. He will also be happy to share his experiences with regard to difficulties encountered during startup and fund raising. With the combination of different industries, there will be unlimited possibilities to be explored, and the industry of next generation could be benefited by the sharing of resources and experiences from the industry of this generation.    

Kevin mentioned that the founding of Twitch was not in his plan. It was caused by a group of game players, who had difficulties in conquering game stages, so they created a platform for game players to share their skills and tactics in cracking the game. As a result, it was highly appreciated and became popular among game players all over the world. They tried to create different gameplay tactics and win more support to video game competitions. This is the origin of Twitch, and the same idea also followed by Hollywood and music industry to solve cross-fields problems. Video games tend to be diversified, platforms and the like could provide multiple solutions and making new friends worldwide.

Kevin also said that Twitch’s two corporate cultures, team’s core trust and accepting mutual challenges, are very useful for entrepreneurial teams that encounter low tide. He encouraged Taiwan startups to find out its own corporate culture to overcome various challenges. When facing problems, Twitch team discusses the problem in details through mutual exchanges, and it certainly takes time to finalize the answer. 

Ming-Hsin Kung: Turning Creativity to Profit

Ming-Hsin Kung, CEO of ASVDA, said that the ASVDA project has done research on Silicon Valley’s innovation and entrepreneurial ecosystem, which includes startups, major technology companies, research corporations and schools. He said that the major responsibility of the government is to cultivate talents, introduce domestic and foreign funds, relax startup regulations, and create cluster for startup exchanges. Examples are, Employment Gold Card, which offers a friendly living and working environment for foreign talents and their families in Taiwan, and the first and second fundraising led by Taiwanin exceeds 10 billion dollars in total. Kevin and 10 young Taiwanese entrepreneurs in Silicon Valley have created more than 20 companies with value exceeding NT$300 billion. They gathered together and expecting to do something for Taiwan, and we hope that he could help us to build global vision for Taiwan startups.

Live broadcasting of video game competitions is a breakthrough and an innovative operation mode by Twitch, it turns some of the onlookers from a sideline to a large group of people worldwide. It is not only that the viewers can watch a game, but having a mutual discussion on the platform; moreover, other people, other than the professional game players, could be the streamer, and the players could decide whether the streamer could participate the game play or not. This new type of interaction also creates a new profit model. Ming-Hsin Kung indicated that although Twitch is a live broadcasting platform, it knows how to turn the creativity into profit, enabling publics to start their business on the platform. A major key of Twitch’s success is the frequent communication with the community, and making profit and user demand unity. Therefore, to develop a new business, it is essential to attract users, interact with audiences, have feedback on new items and develop business models. Startup shall refer and learn from this.   

Kevin Lin is a Taiwanese from Silicon Valley. Ming-Hsin Kung indicated that in order to expand the talent exchange between Silicon Valley and Taiwan, in the second half of the year, ASVDA planned to develop the Formosa Mafia Project for Taiwanese talent from Silicon Valley. Early this year, Premier Lai awarded the Employment Gold Card to Steve Chen, the founder of YouTube. Ming-Hsin Kung said that Taiwan needs more Taiwanese talents from Silicon Valley to contribute their talents in technology, creativity and business management. To assist these talents for the project, the government will set up a one-stop window. Furthermore, the government will also provide space and cluster to assist them by conducting one-on-one guidance and a thorough examination of business model on Taiwan startups. Ming-Hsin Kung also invited Kevin Lin to join the mentor group to help Taiwan startups and said him to be a shining star of Formosa Mafia Project.   

Taiwanin: Taipei Arena as the Linkage between Investors and Startup

David Weng, president of Taiwanin, also came from Silicon Valley, indicated that the innovation of Silicon Valley is not just about technology, in fact, business models remain more. It is not necessary that venture capital to be the venture tutor. While looking for startups, venture capital and entrepreneurs hope that this team can be taught and is willing to accept counsels and guidance from others. David Weng believed that to connect Taiwan startup with the world, it is necessary to introduce good ideas, products and business models from abroad. He also beckoned Kevin Lin at the seminar, hoping him to help Taiwan startup teams through his vision of international business model. He said that as the state-level investment company, Taiwanin will invest startups to develop the market and use the Taiwanin office at Taipei Arena as the linkage between domestic and foreign startups and investors. Taiwanin is willing to be the first stop for overseas entrepreneurs in Taiwan, and today we are also happy to welcome the participation of Taiwan entrepreneurs.  

ASVDA Build Taiwan to Become the Powerful Hub for Entrepreneurs

Overseas entrepreneurs settled in Taiwanin Taipei Arena under the assistance of ASVDA, and work with ASVDA to apply innovative resources to create Taiwan startup. With the support of funds, talents, regulations and international links from ASVDA, and the facilities established at Taipei Arena and Linkou Startup Terrace, this year will be the booming one for startups. Under Tsai government’s fully support in the development of startups, major international enterprises, such as Microsoft, Cisco, Amazon, Google, and IBM also increase their research investment in Taiwan. To create a friendlier environment for startups, the Executive Yuan issued and amended relevant regulations to support the development of startup, such as amended the Statute for Industrial Innovation so that it allows angel investors to enjoy a yearly limit of investment tax relief from 1 million dollars to 3 million dollars; the Financial Supervisory Commission implemented financial regulatory sandbox to relax the bank’s venture capital holding limit, increased from 5% to 100%. The amendment of Company Act allows the company to issue no par value stock, the limited liability company and the joint stock limited company to distribute surplus twice a year, and relaxes the regulations with regard to the operation of closely held company. The Taiwanin Investment Company, established under the ASVDA project, not only plays the role of national investment leader, but also creates Taipei Arena as the first stop for international startup teams.

Other supports from the government, including, under the ASVDA project, Ministry of Science and Technology sent talents to participate in internships (LEAP) at major enterprises in Silicon Valley; Ministry of Economic Affairs subsidize startup market development, and government institutions purchase startup products as well as invite startup for proposal by smart city. This year, with the establishment of startup hubs one after another from north to south in Taiwan, the introduction of international accelerator and mentors, and the opening of startup hub at Taipei Arena, the fever of startups in Taiwan will be pushed to the highest peak and making Taiwan a powerful hub for entrepreneurs.