To promote the development of an innovation economy, the Ministry of Science and Technology (MOST) assists young students in starting up tech companies by offering comprehensive training in entrepreneurship. To that end, certain measures have been adopted, including the From IP to IPO (FITI) program was implemented by the Science & Technology Policy Research and Information Center (STPI) of National Applied Research Labs (NARLabs). The final match and award ceremony of round two of the 2020 FITI program was held on the afternoon of November 27 at Taiwan Tech Arena, where the Outstanding Entrepreneurship Award was granted to five teams: Brilliance Biomedicine, AIDirect, DataYoo, Tellurium, and Pin-I Biotech. Each team received a NT$ 1 million prize from MOST and another NT$ 1 million startup fund from sponsoring enterprises. The funds not only build the foundation for the startup teams to enter capital markets, but also serve as recognition of the teams’ capability to launch a venture with advanced technologies.

The FITI program aspires to connect budding startups with the world. Therefore, 15 rounds of the program have been held to attract and cultivate promising young startup talents since 2013 to create an environment fit for realizing the startup dream. The program maintains close and long-term relationships with professional mentors, holds a three-day immersive business training camp, and provides guidance on patent deployment, pitch deck preparation, and accurate business model development. In addition, matching events are held to facilitate further connections with international accelerators, investment from angel investors and venture capitalists, as well as exchange thoughts and experiences with tech giants. All these supporting forces are expected to accompany the startup teams throughout the technology-innovation and entrepreneurship journey. The startup rising stars of this round of the program all demonstrated their technological capabilities and the results of their professional training at the final match and award ceremony.

During the program, startup teams from academia and research institutions demonstrated outstanding abilities to innovate and develop. The teams identified needs, addressed problems with scientific research technologies, and took the first step forward with passion, courage, and persistence. Forty outstanding startup teams were selected during the first stage of the program to proceed to the 6-month period of fine-tuning business models, receiving in-depth training, and participating in team assessments. Ten startup teams were later short-listed for the final match, and the Outstanding Entrepreneurship Award was granted by mentors based on their assessment of market trends, level of technology involved in their services or products, and the teams’ determination to start a business.

At the beginning of the training program, Stan Shih, FITI honorary director of academic affairs and Chairman of StanShih Foundation, encouraged the startup teams to tackle difficulties and break through bottlenecks, respond to market demand, join efforts to make Taiwan’s products and technologies more competitive, and create value for the global community. Mr. Shih also stressed the importance of creating indirect, intangible, and sustainable value and of striking a balance between different interests while starting a business. According to Stan Shih’s “new smiling curve” theory, new business models should be built by sharing existing resources and value should be created by optimizing customer experience. Furthermore, having a better grasp of the seven trends for a happy future life of ethnic Chinese while starting a business can gradually transform Taiwan into a Si-nnovation Island and the birthplace of a New Eastern Si-vilization.

With the goals of cultivating young tech entrepreneurs and providing comprehensive entrepreneurship training, the FITI Program encourages startup teams from academia and research institutions to continue to research and develop cutting-edge technologies and products so that innovation can be supported with both research and practice. To date, the program has closely collaborated with 640 startup teams, helped established 291 companies, cultivated 3,229 young entrepreneurs, and solicited over NT$ 4.59 billion in startup funding. Technologies of the startup teams not only create a virtuous circle of innovation for local industries but also vitalize domestic markets. MOST encourages startup teams to develop scalable technologies for international deployment at the beginning stage of a business, to solve problems facing the world by leveraging advanced scientific technologies and cross-disciplinary resources, and to lead sustainable growth with a positive mindset.