Regional startups urged to collaborate, build networks
TAIPEI: Taiwan has many active young entrepreneurs creating businesses suited for the global digital economy, in which technology facilitates modern lifestyles.
That country is working to build a solid startup community because it believes connections are the key to matching startup developers with global companies. To that end, Taiwan is enhancing cooperation with foreign governments to support young business incubators, such as working with La French Tech to develop startup businesses in France.
Kyle Chen, community manager of Business Next Media Corp, said the expansion of the Internet of Things in 2014 ignited the startup world. More newcomers came to test the online market and most failed because of low quality, he said. Only a few could survive and they need support to expand their growth.
Business Next Media Corp is the organiser of “Meet Taipei 2017”, which hosted 358 local startups as well as entrants from 14 countries in an event that aimed to strengthen the regional startup community.
“This is a place to form relationships and networks as we believe new business ideas can be forged by a community of input,” Mr Chen said.
KitchBot is an example of a successful startup in Taiwan, as engineers invented a machine that uses precise time and temperature controls to help consumers in the kitchen.
“Perfect time and temperature are the key to making a great dish. Most people don’t know the right time and temperature for cooking food. Our machine helps to make you the chef,” said Caesar Chu, the company’s chief executive.
The box-shaped machine is designed to adjust the time and temperature of cooking machines, including slow cookers, rice cookers and toaster ovens, by plugging in the appliance to the machine.
The machine’s censor measures time and temperature, and a mobile phone app offers guidance on how to set up the proper time and temperature for 70 different menus.
Rick Yu, chief marketing officer and co-founder of TG3D Studio Inc, is another case of a young business developer chasing his dream, hoping to bring his innovation to the global fashion houses such as Zara or Mango. His team developed a self-body scanning machine with infrared technology that takes accurate body measurements for customised clothes shops, eliminating the need for alterations. This cuts down greatly on cost and product delivery time.
Mr Yu’s main customers are body suit and diving suit shops in China and the US.
He said his technology can help mass fashion houses like Zara reduce costs, pointing to a survey that revealed 80% of jeans returned by online customers are because of an incorrect size. The machine should ensure customers know their correct size.
Mr Yu believes his machine also can be of use in the fitness industry, as the body scan could measure muscle, allowing trainers to best design a programme to strengthen muscle and follow up on results.
Muaythai Ok is one of three Thai startups to join the event. It coordinates all Muaythai camps countrywide as well as in other countries to offer a complete list of Thai kickboxing training programmes to customers. Training reservations are made via the application.
Kasin Chew than a soon torn, partnership director and co-founder of Muaythai Ok, said he has been approached by Taiwan to register the company there based on interest from several satisfied customers.
In Taiwan, there are nearly 1,000 startups related to the electronics, fashion and food industries, said Mr Chen. He predicts some 60% will survive and 40% will fail.
The Taiwanese government plans to implement many measures to support startups, including introducing a policy to facilitate e-commerce, making it easier for businesses to access funding, and a proposal to grant free visas to skilled workers in certain industries.
Sansanee Huabsomboon, division director of the Technology Business Incubation Center of the National Science and Technology Development Agency, said startups in Thailand are usually related to art and creativity, which could combine well with advanced technology to develop new business platforms.
She said both the private sector and government are keen to help organisations that offer support to young entrepreneurs in developing innovation such as financial innovation incubators or housing material incubators.
The Thai government is working on laws to facilitate a startup ecosystem, said Mrs Sansanee, including the draft of a state-owned incubation promotion that offers lucrative measures for the private sector’s cooperation on startup business development.