In order to connect Taiwan to global tech clusters and create new industries for the next generation, Taiwan Government launched the Asian Silicon Valley Development Plan in September 2016.
The plan has two primary objectives: firstly, promoting innovation and R&D for devices and applications of the internet of things (IoT), and secondly, upgrading Taiwan's startup and entrepreneurship ecosystem. The Plan will also forge three links (local, global and future) through the following four strategies. It is expected that the Plan will transform Taiwan’s industrial structure with the IoT, and drive economic growth with innovation and entrepreneurship.
The four implementation strategies are as follows:
- Upgrade Taiwan's startup and entrepreneurship ecosystem by increasing innovative talents, providing business expansion capital, and adjusting laws and regulations.
- Establish a one-stop service center to integrate the R&D capabilities of Silicon Valley and other global innovation clusters. Participate actively in international standards formulation and certification of IoT-related technologies.
- Integrate Taiwan's hardware advantages into software applications. Commercialize research findings of universities and research institutes.
- Establish a quality internet environment, build diversified smart test beds, and develop applications based on smart logistics, smart transport and smart medicine.
With combined impacts of the Asian Silicon Valley plan and other digital economy plans, Taiwan's IoT global market share is projected to grow from 3.8 percent in 2015, to 4.2 percent in 2020, and to 5 percent in 2025. The plan is also aiming to grow 100 successful companies—either local startups enjoying successful exits or large corporations setting up R&D centers in Taiwan. Other objectives include establishing three global system integration companies in Taiwan, attracting investments from two international corporations, and creating an online learning platform on the IoT.
More information: National Development Council- The Asian Silicon Valley Development Plan.