According to statistics from the Taiwan Ministry of Economic Affairs, the number of new Small and Medium-sized Enterprises (SMEs) each year is over 90,000. However, the probability of bankruptcy within one year is as high as 90%, while 90% of the 10% that survive will close within five years. In other words, SMEs that can survive past the first five years account for only 1%. The majority of startup closures is mainly due to insufficient funds or poor financial management. Taiwan Accelerator (TA) launched earlier today and is Taiwan's first seed accelerator to combine the support of public companies, government, academia and the capital markets. TA expects to nurture 30 to 60 new startup teams each year.
Founder of Taiwan Accelerator, K. Yu states, "TA is the only seed accelerator in Taiwan that provides immediate investment upon selection. Their comprehensive services help with seed capital, mentorship, finance, legal, media relations, integrated marketing, branding, investor relations, fund raising, and public listing planning. Each portfolio company is appointed a CFO or IRO as one of the exclusive mentors to provide guidance on business and finance."
K. Yu says, "The TA accelerator program will host three batches a year and that teams applying do not need to submit a lengthy business plan. They simply need to fill out the online application form and shoot a one-minute video clearly introducing their business model and competitive advantage. All of the selected teams will receive seed funding of NT$1 million followed by an eight-week training camp. The camp culminates in a Demo Day, giving teams the opportunity to acquire more funding from angel investors, venture capital firms and public companies."
In order to strengthen Taiwan's incubation resources and international links, as well as actively promote the crucial role capital markets play in the entrepreneurial environment, TA has launched its first phase under the guidance of the SME Administration of Ministry of Economic Affairs, and in collaboration with InnoSquare, NCTU Industry Accelerator, Feng Chia University and Chaoyang University of Technology. TA will connect the business and investment sectors with the Chinese Business Incubation Association, Taiwan Business Incubators Alliance, European BIC Network, Taiwan Globalization Network, and other top domestic and international incubation centers to create a global partnership network of "Industry, Government, Academia + Capital Markets".
TA has now begun taking applications and all startup teams with creativity and a sound business model are strongly encouraged to apply.
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