Taiwan is a bad place for entrepreneurs: NDC
By Bernie Su ,Special to The China Post
July 12, 2014, 12:01 am TWN
TAIPEI, Taiwan -- The National Development Council (NDC) has said that a recent report classified Taiwan's entrepreneurial environment as the third-worst in Asia, better than only Bhutan and Nepal.
The NDC recently submitted plans for a program called HeadStart Taiwan to the Executive Yuan for approval, hoping that Taiwan's entrepreneurial environment may be improved while moving global talent, funds and knowledge back to Taiwan. The council aims to achieve this by means of deregulation, creating an entrepreneur gathering zone and strengthening international connections.
NDC Minister Kuan Chung-ming (管中閔) said that Taiwan's entrepreneurial environment is so immature that it is unable to attract global talent and prevents global capital from flowing to Taiwan, due to its restrictive policies.
The report says that Taiwan's entrepreneurial environment and legislation are out of date, and the ecology of entrepreneurial endeavors is at a very immature stage, preventing Taiwan from exercising entrepreneurial power.
Seeking to change the entrepreneurial environment is about moving into the second-tier, instead of competing with top-tier nations, Kuan said, adding that this can be achieved through deregulation. Taiwan will not see much progress and it will be just empty talk if there is no adjustment to local land taxes, the legal system, industry reform and the relation between mainland China and Taiwan, Kuan said.
Kuan led colleagues in the NDC to consult with a Singaporean who once helped build Hong Kong and Singapore's innovation and entrepreneurial environment. The NDC wants to find out how to build a better innovation environment in Taiwan. Singapore is considered the most innovative and entrepreneurial country in Asia.
According to the HeadStart plan, Taiwan will refer to Singapore's BLK71 and the UK's East London Tech City to establish its own entrepreneur gathering zone. The Taipei Expo Park will be the center of the nation's endeavors. In the first phase, the area will cover 3,000 square meters, and it will extend to over 9,000 square meters in the future.
The NDC will publicly select a private management team in the future, and introduce various resources, including venture capital and business professionals. The NDC aims to promote Taiwan's brand image of innovation and entrepreneurship by holding various activities in the future.