‘Fail­ure’ sym­po­sium of­fers tips for suc­cess

The China Post - - LOCAL -

The an­nual X Fail sym­po­sium held by the Na­tional Ap­plied Re­search Lab­o­ra­to­ries ( ) in­vited a panel of speak­ers to share their fail­ure ex­pe­ri­ences, shed­ding light on how to make it on the entrepreneurship jour­ney.

Held at Song­shan Cul­tural and Cre­ative Park, the fo­rum in­vited Na­tional De­vel­op­ment Coun­cil Min­is­ter Duh Tyzz-jiun ( ) and Elite Hol­i­day Chair­man Dai Sheng-tong ( ), among oth­ers.

The sym­po­sium was launched by 10 new ven­ture teams sup­ported by the Min­istry of Science and Tech­nol­ogy ( ). Inspired by the en­tre­pre­neur­ial spirit at Sil­i­con Val­ley where they re­ceived train­ing ear­lier this year, the teams hashed out the idea of hold­ing the fail­ure sym- po­sium, al­low­ing lo­cal en­trepreneurs to ex­change their fail­ure sto­ries.

Although fail­ure is very com­mon, fail­ure ex­pe­ri­ences are rarely talked about, Duh said. Ex­pe­ri­ence from well-known com­pa­nies in­di­cates that new ven­tures of­ten en­counter fail­ures within three to five years of their found­ing.

There are many things that the gov­ern­ment can do to fa­cil­i­tate the process of start­ing a new busi­ness, such as re­lax­ing reg­u­la­tions and mak­ing ad­just­ments to the Com­pany Act to at­tract more for­eign in­vest­ment, Duh said.

Dai, the head of Elite Hol­i­day, stressed in his speech that “in­no­va­tion, speed and mar­ket” are the most crit­i­cal in start­ing a busi­ness.

Dai won a rep­u­ta­tion as the “king of hats” for start­ing from scratch and tak­ing his fam­ily hat and cap busi­ness to the global stage. How­ever, his com­pany went un­der years later, af­ter Dai’s in­vest­ment in Haiti ended in a com­plete fail­ure.

The busi­ness ty­coon then dived into the tourism in­dus­try, pub­lish­ing a se­ries of travel books in­tro­duc­ing tourist des­ti­na­tions in Tai­wan. His Face­book fan page now boasts 500,000 fol­low­ers.

Par­tic­i­pants at the "X Fail" sym­po­sium in Taipei pose for a photo, yesterday. Held by the Na­tional Ap­plied Re­search Lab­o­ra­to­ries, the event in­vites speak­ers to share ex­pe­ri­ences on their fail­ures. Speak­ers in­clude Na­tional De­vel­op­ment Coun­cil Min­is­ter Duh Tyzz-jiun and busi­ness lead­ers with their fair share of ex­pe­ri­ences of fail­ure.

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