2025-01-15
The second hub of the Startup Island Taiwan initiative was launched by the National Development Council Jan. 14 in the U.S. city of Palo Alto, marking another milestone in Taiwan-U.S. exchanges.
According to the NDC, more than 300 representatives from Taiwan and U.S. startups and companies, venture capital firms, universities and business associations attended the event to witness the historic moment.
During the ceremony, NDC Minister Liu Chin-ching said Taiwan is a global front-runner when it comes to fostering technological development and innovation. In addition to its high-tech prowess and rich talent pool, the country accounts for around 90 percent of global semiconductor manufacturing and supplies more than 90 percent of the world’s artificial intelligence servers, he added.
When global startup funding dropped by nearly 40 percent in 2023, Taiwan bucked the trend with a 10 percent rise to a record high of US$2.8 billion, Liu said, adding that the number is expected to increase by 20 percent annually to US$5 billion in 2027.
The minister said the decision to set up the second SIT hub in Silicon Valley is of particular significance as the location is widely hailed as the global center of innovation. As a vital bridge connecting Taiwan’s strengths with the Silicon Valley ecosystem, the new hub is expected to cultivate more than 1,000 community partners and help at least 100 startups connect with companies and venture capitalists in Palo Alto within the first year.
Initiated by the NDC in 2019, the SIT initiative supports startups and innovators by providing professional consulting, co-working spaces and community platforms. The first offshore SIT hub opened in July 2024 in Tokyo.
Source： National Science and Technology Council
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