MOEA Accessing New York’s Entrepreneurship

Reports of fresh successes keep rolling for the 2016 Taiwan-USA Industrial Cooperation Mission led by Dr. Ming-ji Wu, Director General of the Industrial Development Bureau (IDB), Ministry of Economic Affairs (MOEA). Witnessed by Dr. Wu and Director Chia-yuh Ling of the Investment and Trade Office, the Taipei Economic and Cultural Representative Office in the United States and the Taiwan-USA Industrial Cooperation Promotion Office (TUSA), MOEA signed a memorandum of understanding (MOU) with the Entrepreneurs Roundtable Accelerator (ERA) in New York on August 20, 2016. The MOU aims to forge an industrial partnership between the two parties that would help Taiwan's new startups make forays into the New York area, also dubbed Silicon Valley of the east coast of the U.S., as well as lure new startups on the east coast to establish footholds in Taiwan.

Director General Wu pointed out that Taiwan's new administration has pinpointed the Internet of Things (IoT) as the kernel of its Industrial Development Policy for Five Major Industries. This is the first time that Taiwan has established linkage with startup communities on the east coast, with an aim to structure a cooperation platform for entrepreneurs from both sides.

Wu added that the New York area is an integral part of global IoT clusters. New startups nurtured by ERA mainly focus on the Internet, mobile communication, media, cloud services, fintech, and digital commerce, and are therefore ideal partners to Taiwan. Taiwan's new administration is moving fast to develop the global IoT supply chain. By linking the potential startups on the east coast as well as integrating the domestic ICT, machinery, and material industries, Taiwan is poised to embrace high-value manufacturing.

ERA was the first of the 13 NY-based accelerators to be established. With 250 mentors, 12 VC partners, and over 35 sponsors, ERA has received more than 1,000 applications for each program, but only around 10 companies will be selected after a series of interviews. It has nurtured more than 100 startups since its inception in 2007, with a capital of more than $200 million being amassed by these startups. The total market value of these startups is estimated at more than one billion dollars. ERA is a very eye-catching accelerator on the east coast.

Dr. Sean Wang, CEO of TUSA, explained that Silicon Valley in California tends to come up in most people's mind when talking about new startups and accelerators. But the New York area is also an important location in terms of entrepreneurship. On the other hand, Taiwan ranks fifth in the World Economic Forum's industrial cluster development indicator in 2015. Taiwan has highly efficient technology services and is superior in the commercialization of innovations. Therefore, Taiwan is the best partner for new startups around the world. Using Taiwan as an innovation center in Asia or as a hub for regional operation, new startups can enter the burgeoning Asian markets at a faster pace.

Source: Ministry of Economic Affairs