Taiwan, The Little Tech Giant in Asia
For the better part of a decade, startup innovation and technology has been evolving outside the confines of Silicon Valley and is now thriving in hubs across the globe. Notably among these hubs are Taiwan and Singapore, two rising tech superpowers in Asia. Though separated by the South China Sea and over 3,000 kilometers, Taiwan and Singapore share many similarities, investing heavily in technology and (recently) favoring novel ideas over conventional corporate paradigms. This desire to step outside the realm of corporate structure and empower startups is why events like Innovfest in Singapore attract visitors from some 100 countries each year.
Taiwan Tech Arena’s (TTA) Managing Director Dr. Lewis Chen spoke on the FutureNow stage alongside Chelsea Sim of BotbotAI, Oliver Tan of Visenze, and Yvonne Chen of Ceres Capital about the topic of Scaling Up Globally With Taiwan’s Tech Ecosystem. The topic resonated with many listeners as several startups often encounter issues with scaling globally. Throughout the discussion, an underlining theme was developing around Taiwan being a launchpad for startups in Asia. With Taiwan’s affordable cost of living, background in hardware, abundance of engineers, and English-friendly environment, startups would find it easy to grow within Taiwan and expand outside its borders when the time is right.
TTA’s goal is to empower global tech startups
The Taiwan/Singapore dynamic works exceptionally well when considering the broader business cycle. Startups needing resources, mentorship, and funding in Asia can look to Taiwan as a test market. After these companies have been primed and are ready to progress to a more competitive market, countries like Singapore would be the next logical step with its diverse workforce and policies that favor businesses.
Singapore also provides an excellent model of what Taiwan can be with fewer barriers to entry, more progressive financial sector, and more programs for developing startups. Singapore’s small but developed tech economy is overtaking Silicon Valley as the number one location for startup talent and is implementing projects to further its effectiveness in industries such as advanced manufacturing, biotech, and health tech.
Upon the conclusion of his speech, Dr. Chen noted that he saw a lot of potential for collaboration between Taiwan and Singapore and was looking forward to the future prospects between the two countries.
Offstage, the exhibition floor of Innovfest was also rife with energy as TTA introduced their new technologies alongside hundreds of other companies. Investors flocked the TTA booth throughout the two-day period and met with teams to discuss future prospects. In total, teams from Taiwan secured orders for over $20 Million USD and several awards.
Notable accomplishments included a US$1Million order from infrastructure company NADI System Corporation and three orders totaling more than US$200,000 from mobility service company 3drens. Other companies such as Language Hero, an AI-based language app startup, mentioned that they received inquiries from Singapore-based parties throughout the exhibition.
Outside of Innovfest, TTA teams visited several additional co-working spaces, accelerators, and incubators. Workspaces and accelerators are another common interest shared by both Taiwan and Singapore. It’s estimated that over 1.4 million sq ft of startup space occupies Singapore’s urban jungle, while coworking spaces around Taiwan continue to increase exponentially. The amount of space dedicated to startups is proof that new blood and new innovations are a focal point for these two countries.
A single glance at Singapore’s co-working spaces will show how benefits can arise from having a culturally and religiously diverse workplace. Approximately 40% of Singapore’s population is foreign, permanent resident, or new citizen with nationalities hailing from around the world. This unique mix allows for new insights and a much more universal perspective on ideas.
TTA’s goal is to empower global tech startups; with more successful events like Innovfest, Taiwan will undoubtedly receive additional interest from investors and support from the public and private entities. The world is currently undergoing a technological revolution, and Taiwan intends to be a leader in science and technology.
Taiwan stands in a unique position full of opportunity and promise. As long as progression and change remain the focal point of the country, it will assuredly be propelled into the next era of innovation and become a breeding ground for future unicorns.
To find out more about Taiwan Tech Arena and their trip to Singapore, visit https://taiwanarena.tech/
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The author, Dustin Craft, is a freelance writer with a background in communication and entrepreneurship.
