ITRI planning to set up 10 new innovation firms this year
Taiwan’s government-sponsored Industrial Technology Research Institute (ITRI, ) is planning to set up 10 new innovation companies by the end of this year.
Tsay Ching-yen ( ), chairman of the ITRI, said the institute will continue to focus on high-tech research and development and use the achievements of its research to build new innovation firms.
Starting from 2011, the ITRI has been pushing for R&D, paving the way for opening new companies backed by the institute’s technology know-how.
In the past four years, the ITRI has set up a total of 33 new innovation firms in a wide range of industries, such as optoelectronics, information/ communications, production materials, biotechnology, machinery and renewable energy technology.
He said that the ITRI has already had five to six new innovation proj- ects in the pipeline, and it is very likely for the institute to reach its goal of setting up 10 new companies this year.
According to the ITRI, it has to spend six to nine months to plan a new company by studying the major issues, such as technology evaluation and market demand, and then launch fund raising activities and organize a management team before filing an application for company registration.
In addition to setting up new companies, Tsay said that the ITRI will strengthen its ties with Silicon Valley in the United States, which has become home to many of the world’s largest high-tech corporations, as well as thousands of tech startups.
Closer relations with Silicon Valley are expected to help the ITRI push for technology innovation, which is expected to upgrade Taiwan’s industrial development, Tsay said.