‘Failure’ symposium offers tips for success
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.