The Executive Yuan’s Innovation and Entrepreneurship Policy Board has since its establishment in December 2014 achieved good results in terms of deregulation, legal and regulatory reform, fundraising, and linkage with global startup communities, technology and funding, Vice Premier Duh Tyzz-jiun noted today while presiding over the board’s eighth meeting. All these accomplishments are conducive to developing Taiwan’s startups, Duh added.

The Ministry of Labor (MOL), Ministry of Education (MOE), Ministry of Economic Affairs (MOEA), Ministry of Science and Technology (MOST) and other relevant agencies participated in today’s meeting to discuss important issues of public concern, including the hiring of foreign technical specialists, planning for incubating talents for the online economy, the angel fund taxation system, and mechanisms for assisting startup teams.

The cultivation of information software talents is of the utmost importance, Duh pointed out. He tasked the MOE along with the MOEA and MOL to formulate an overall strategy on information technology education. In the short term, the MOE can encourage universities to open cross-field credit courses, while in the medium to long terms it can adjust or increase relevant departments and quotas in order to meet the development needs of industry.

To strengthen linkage of outstanding domestic startup teams with their international counterparts, the government has selected teams to station at overseas accelerators and to assist in raising capital. These efforts have already garnered preliminary results: 26 teams obtained subsidies in 2015; of these, 14 teams had raised more than US$28 million altogether, and 13 had entered globally renowned accelerators.

To spur industrial development by attracting startups to return and set up bases in Taiwan, Duh tasked the MOST, MOEA and National Development Council to establish a horizontal communication mechanism and to integrate laws and regulations as well as resources concerning research and development, land, finance and manufacturing. The agencies must also complete counseling and transfer-linkage mechanisms to provide young enterprises with comprehensive guidance and assistance for investing in Taiwan.