To promote the development of innovation economy, the Ministry of Science and Technology (MOST) assists young students in starting up tech companies by offering comprehensive entrepreneurship training. To that end, the From IP to IPO (FITI) Program was implemented by the Science & Technology Policy Research and Information Center (STPI) of National Applied Research Labs (NARLabs) among other measures. The final match and awarding ceremony of round two of the 2020 FITI program was held in the afternoon on November 27, at Taiwan Tech Arena. The Outstanding Entrepreneurship Award was granted to the five teams of Brilliance Biomedicine, AIDirect, DataYoo, Tellurium, and Pin-I Biotech. Each team received a NT$ 1 million prize from the MOST and another NT$ 1 million startup fund from sponsoring enterprises. The funds not only build the foundation for the startup teams to enter capital markets but also serve as recognition of the teams’ capability of launching a venture with advanced technologies.

Director General Kuo-Liang Chen of the MOST Department of Foresight and Innovation Policies addresses the audience

The FITI program aspires to connect budding startups with the world. Therefore, 15 rounds of the program have been held to attract and cultivate promising young startup talents since 2013 to create an environment fit for realizing the startup dream. The program maintains close and long-term relationships with professional mentors, holds a three-day immersive business training camp, and provides guidance on patent deployment, pitch deck preparation, and accurate business model development during training. In addition, matching events are held to facilitate further connection with international accelerators, investment from angel investors and venture capitalists, as well as exchange of thoughts and experience with tech giants. All these supporting forces are expected to accompany the startup teams throughout the technology-innovation and entrepreneurship journey. The startup rising stars of this round of the program all demonstrated their technology capability and the professional training results at the final match and awarding ceremony.

During the program, startup teams from academia and research institutions demonstrated outstanding abilities to innovate and develop. The teams identified needs, addressed problems with scientific research technologies, and took the first step forward with passion, courage, and persistence. Forty outstanding startup teams were selected during the first stage of the program to proceed to the 6-month period of fine-tuning business models, receiving in-depth training, and participating in team assessment. Ten startup teams were later short-listed for the final match, and the Outstanding Entrepreneurship Award was granted by mentors based on their assessment of market trends, level of technology involved in the services or products, and the teams’ determination to start a business.

 Chairman Stan Shih of StanShih Foundation addresses the audience

At the beginning of the training, Stan Shih, FITI honorary director of academic affairs and Chairman of StanShih Foundation, encouraged the startup teams to tackle difficulties and breakthrough bottlenecks, respond to market demand, join efforts to make Taiwan’s products and technologies more competitive, and create value for the global community. Mr. Shih also stressed the importance of creating indirect, intangible, and sustainable value and of striking a balance between different interests while starting a business. According to Stan Shih’s “new smiling curve” theory, new business models should be built by sharing existing resources and value should be created by optimizing customer experience. Furthermore, having a better grasp of the seven trends of the happy future life of ethnic Chinese while starting a business can gradually transform Taiwan into a Si-nnovation Island and the birthplace of a New Eastern Si-vilization.

With the goals of cultivating young tech entrepreneurs and providing comprehensive entrepreneurship training, the FITI Program encourages startup teams from academia and research institutions to continue to research and develop cutting-edge technologies and products so that innovation can be supported with both research and practice. To date, the program has closely collaborated with 640 startup teams, helped established 291 companies, cultivated 3229 young entrepreneurs, and solicited over NT$ 4.59 billion of startup funding. Technologies of the startup teams not only create the virtuous circle of innovation for local industries but also vitalize domestic markets. The MOST encourages startup teams to develop scalable technologies for international deployment at the beginning stage of business, to solve problems facing the world by leveraging advanced scientific technologies and cross-disciplinary resources, and to lead sustainable growth with positive mindset.