Appendix East Asian Startup Policies
Year | Initiative | Innovation policy type | Implementing organization |
|---|---|---|---|
1951 | Guarantees loans of up to twenty-five million yen for companies within five years old | Funding | JFC |
1953 | JFC for SMEs established with thirteen billion yen | Funding | Central government |
1959 | Patent Act, Design Act, and Trademark Act all passed into law | Regulation | Central government |
1963 | Establishment of the Small and Medium Enterprise Basic Law | Regulation | Central government |
Three Small Business Investment Companies (SBIC) were formed, in Tokyo, Osaka, and Nagoya, fashioned after the US SBIC program | Funding | MITI | |
Tsukuba Science City established | Clusters, networks, institutes | National government and Ministry of Education | |
1967 | Tax deduction (20%) on experimental and research expense increments | Taxation | National Tax Agency |
1971 | Kyoto Enterprise Development, first VC firm, launched | Funding | Local government and private partners |
1972 | Small and Medium Enterprise Vision | Regulation | MITI |
1975 | New Business Support Fund: loans to new businesses (within five years of founding) | Funding | National Finance Corporation |
Venture Enterprise Center established | Funding | MITI | |
1982 | Japan Associated Finance Co. Ltd. (JAFCO) launched the first limited liability company VC fund in Japan | Funding | Consortium of financial institutions |
1983 | Deregulation of initial listing requirements for over-the-counter market | Stock market | MOF |
1985 | Tax deduction (6%) to strengthen SMEs’ Technology Foundation | Taxation | National Tax Agency |
1993 | Tax deduction on Special Experimental and Research Expense increased to 12% | Taxation | National Tax Agency |
1995 | New business development program | Funding | Development Bank of Japan |
Venture Plaza | Clusters, Networks, Institutes | SMRJ | |
SME Creative Business Promotion Law | Regulation | Diet | |
1997 | Angel tax incentives launched | Taxation | National Tax Agency |
Stock options issuance law passed | Regulation | Central government | |
1998 | Limited Partnership Act for Investment passed | Regulation | Diet |
Venture Fair: matching event to introduce products and services of select startups and help them to expand their marketing channels | Clusters, networks, institutes | SMRJ | |
Government-backed loans (forty trillion yen) for SMEs | Funding | MOF and MITI | |
1999 | Small Business Innovation Research (SBIR) | Funding | SMRJ |
Venture Fund: investing in startups at the early stage, less than seven years after foundation | Funding | SMRJ | |
Industrial Revitalization Law | Regulation | Central government | |
Mothers (Market for High-Growth and Emerging Stocks, on the Tokyo Stock Exchange) and Centrex (Nagoya Stock Exchange) are launched to encourage growing high-tech company listings | Stock market | Central government | |
Temporary Work Agency Law and Employment Security Law revised to expand employment placement and job-seeker support | Regulation | Diet | |
Improvement of entrepreneurship education: for elementary and secondary school students to develop their “entrepreneurship” | Education | MITI | |
Venture School: short-term intensive training | Education | Local governments | |
Small and Medium-Sized Enterprise Basic Act amendment: Promotion of Startups | Regulation | Diet | |
2000 | Nasdaq Japan (JASDAQ) launches | Stock market | Central government |
New Business Development Fund | Funding | Japan Finance Corporation for Small and Medium Enterprise | |
Launch of incubation facilities | Clusters, networks, institutes | SMRJ, local governments | |
Japan Venture Awards | Clusters, networks, institutes | SMRJ | |
2001 | New Business Financing Program: providing loans without security/surety | Funding | JFC |
Industrial Cluster Policy | Clusters, networks, institutes | METI | |
e-Japan strategy launched to boost IT sector competitiveness | Regulation | Cabinet | |
Pension fund portability | Regulation | MOF | |
Commercial Law amended to make the system of classified stocks more flexible | Stock market | Diet | |
J-Net 21: portal site for SMEs | Infrastructure | SMRJ | |
2002 | Cluster Plan | Clusters, networks, institutes | METI |
Deregulation of Share Issues and Stock Options | Regulation | MOF | |
Basic Law on Intellectual Property reformed | Regulation | Diet | |
2003 | IT Startups Support Program | Funding | METI |
Tax deduction on the Total Experimental and Research Expense (increased to 10%) | Taxation | National Tax Agency | |
Dream Gate, startup support platform | Clusters, networks, institutes | VEC | |
Plan to Promote IT among SMEs | Infrastructure | METI | |
Program for Training of Venture Capitalists | Education | METI | |
Challenge Community Creation Program | Education | METI | |
Business Startup Support Fund | Funding | SMRJ | |
SME Growth Support Fund and SME Revitalization Fund | Funding | SMRJ | |
2005 | New limited liability corporate and limited liability partnership structures for VC funds | Regulation | Central government |
2006 | Comprehensive Support Program for Creation of Regional Innovation | Clusters, networks, institutes | JST |
Companies Act Amendment | Regulation | Central government | |
2008 | New Startup Fund, the New Business Startup Loan Program, Provision Scheme for Challenge Support and Capital Enhancement, and Loan with Stock Acquisition Rights | Funding | JFC |
Re-challenge Support Loans | Funding | JFC | |
2009 | Innovation Network Corporation of Japan Investment program | Funding | METI and 19 corporations |
University & Graduate Schools Entrepreneur Education Promotion Network (Japanese) | Education and training | METI | |
2010 | New JASDAQ | Stock market access | MOF |
2011 | Act to Facilitate Technology Transfer from Universities to the Private Sector Law) | Regulation | Diet |
2012 | Program for Creating Startups from Advanced Research and Technology | Funding | JST |
The SME Business Capabilities Enhancement Support Act | Regulation | METI | |
Entrepreneurs’ Challenge | Education and training | MIC, NICT | |
Startup Subsidy | Funding | SMRJ | |
2013 | Center of Innovation Program | Funding | Ministry of Education, Culture, Sports, Science, and Technology (MEXT), JST |
Next Generation Technology Transfer Program (NexTEP) | Funding | JST | |
Micro Enterprise Revitalization Project | Funding | METI | |
Super Cluster Program | Clusters, networks, institutes | JST | |
Mirasapo (SME portal) | Infrastructure and government procurement | METI | |
Article 18 of the Labor Contracts Act | Regulation | Diet | |
National Strategic Special Zones | Attracting talent and investment | Cabinet Office | |
High School Student Business Plan Grand Prix | Education and training | JFC | |
2014 | ICT Innovation Creation Challenge Program (I-Challenge!) | Funding | MIC |
Government-Public Innovation Program | Funding | MEXT | |
Support Program of Capital Contribution to Early-Stage Companies | Funding | JST | |
Taxation to promote companies’ venture investment | Taxation | National Tax Agency | |
Enhancing Development of Global Entrepreneur Program | Education and training | MEXT | |
2015 | Seed-Stage Technology-Based Startup Support Program and Startup-Up Innovation | Funding | New Energy and Industrial Technology Development Organization |
Strengthening the global venture ecosystem | Clusters, networks, institutes | METI | |
Act for Demand Creation for SMEs amendment | Infrastructure and government procurement | Diet | |
Startup Visa in National Strategic Special Zones | Attracting talent and investment | Immigration Bureau of Japan | |
Jump Start NIPPON | Education and training | METI | |
Promote the global alliance of Japan’s core companies and SMEs | Attracting talent and investment | METI | |
Project Creating a Bridge of Innovation between Silicon Valley and Japan | Attracting talent and investment | METI | |
2016 | Open Innovation Platform with Enterprises, Research Institute and Academia | Clusters, networks, institutes | JST |
Entrepreneurial Experience Promotion Project for Elementary and Junior Schools | Education and training | MEXT | |
Female entrepreneurs support network (ten hubs) | Clusters, networks, institutes | METI | |
Startups in Corporate Alliance Subsidies of up to seventy million yen for R&D in startups in the program | Funding | NEDO | |
Formation of Regional Innovation Ecosystem | Funding | MEXT | |
2018 | J-Startup Initiative | Clusters, networks, institutes | METI, New Energy and Industrial Technology Development, JETRO |
12-Month Startup Visa Program | Attracting talent and investment | METI and Ministry of Justice | |
2019 | Start Next Innovator 2019 | Attracting talent and investment | METI |
25% tax incentive on startup investments | Taxation | National Tax Agency | |
2020 | Startup Visa scheme requirements relaxed | Attracting talent and investment | METI and regional governments |
2021 | Startup Visa eligibility extended to students already residing in Japan | Attracting talent and investment | METI and regional governments |
Guidelines for Business Collaboration with Startups | Clusters, networks, institutes | Japan Fair Trade Commission and METI | |
Startup City Acceleration Project | Clusters, networks, institutes | JETRO | |
Open innovation tax relief program allows existing companies to deduct from their taxable income 25% of the value of their investments in startups | Taxation | National Tax Agency | |
2022 | Government Pension Investment Fund to increase investment in startups | Funding | Cabinet |
Startup Collaboration Strategy | Clusters, networks, institutes | Tokyo Metropolitan Government | |
Startup Development Five-Year Plan | Clusters, networks, institutes | Cabinet | |
Tax reforms recommended to enable stock option issuance to nonpermanent employees | Taxation | National Tax Agency | |
2023 | Open innovation tax incentive extended to allow a domestic business corporation or its domestic corporate VC arm to deduct 25% of the cost of a startup acquisition from the income | Taxation | Industry Creation Policy Division, Economic and Industrial Policy Bureau, METI Small and Medium Enterprise Agency |
Year | Initiative | Innovation policy type | Implementing organization |
|---|---|---|---|
1961 | Small and Medium Enterprises Cooperatives Act | Regulation | Central government |
Industrial Bank of Korea Act | Regulation | Central government | |
Small and Medium Industry Bank established | Funding | Small and Medium Industry Bank | |
Comprehensive Plan on the Promotion of Small and Medium Business | Regulation | Central government | |
1977 | Loan program for SMEs technology development | Funding | Small and Medium Business Administration (SMBA) |
1978 | Small and Medium Enterprises Promotion Act | Regulation | Central government |
1979 | Small and Medium Business Promotion Fund | Funding | Small Business Corporation |
1982 | Ten-Year Long-Term Development Plan for SMEs | Regulation | Central government |
1986 | Support for Small and Medium Enterprises Establishment Act | Regulation | Central government |
1989 | Korea Technology Credit Guarantee Fund | Funding | Korea Technology Finance Corporation |
1996 | Small and Medium Enterprises Promotion Act | Regulation | Central government |
Establishment of KOSDAQ | Stock market | KOSDAQ, MOF | |
1997 | Act on Special Measures for the Promotion of Venture Businesses | Regulation | SMBA |
1998 | Fostering Venture Businesses | Clusters, networks, institutes | Central government |
Special Law to Promote Venture Firms | Regulation | Central government | |
Act on the Special Cases Concerning Support for Technoparks | Regulation | Regional governments | |
Venture Business Startup Program “Restart Fund” | Funding | Small and Medium Business Corporation | |
1999 | Science and Technology Vision 2025 | Clusters, networks, institutes | Central government |
National Science and Technology Council (NSTC) | Clusters, networks, institutes | Central government | |
2001 | Act on the Promotion of Technology Innovation of Small and Medium Enterprises | Regulation | SMBA |
2002 | Korea BioValley (San Diego) | Funding | Federation of Korean Industries |
2003 | Innovate Korea | Clusters, networks, institutes | Central government |
2004 | Office of Science, Technology, and Innovation | Clusters, networks, institutes | MoST |
2005 | Act on the Promotion of Collaborative Cooperation between Large Enterprises and Small-Medium Enterprises | Regulation | SMBA |
Korea Venture Investment Corporation (KVIC) | Funding | KVIC | |
2008 | 577 Initiative | Clusters, networks, institutes | Central government |
Ministry of Education, Science, and Technology (MEST) | Education and training | Central government | |
Institute for Korea Entrepreneurship Development, Korea Institute of Startup and Entrepreneurship Development (KISED) from 2011 | Clusters, networks, institutes | IKED/KISED | |
2009 | Act on the Facilitation of Purchase of Small and Medium Enterprise-Manufactured Products and Support for Development of Their Markets | Infrastructure and government procurement | Central, regional, and local governments |
2011 | Act on the Fostering of Self-Employed Creative Enterprises | Regulation | SMBA |
Angel Investment Matching Fund | Funding | KVIC | |
2012 | Korea Technology Finance Corporation Act amendment | Funding | Korea Technology Finance Corporation |
2013 | Creative Economy Action Plan | Clusters, networks, institutes | Central government |
Ministry of Science, ICT, and Future Planning | Regulation | Ministry of Science, ICT, and Future Planning | |
Fund of Funds for Industrial Technology Commercialization | Funding | KVIC | |
Foreign VC Investment Fund | Funding | KVIC | |
Korea New Exchange (KONEX) | Stock market access | KONEX | |
2014 | Creative Economy Innovation Centers (CCEIs) | Clusters, networks, institutes | Regional and local governments |
Act on Support for the Protection of Technologies of Small and Medium Enterprises | Regulation | Central government | |
2015 | Special Act on Support for Small Urban Manufacturers | Regulation | Central government |
Angel Fund of Funds | Funding | KVIC | |
Youth Development Fund | Funding | MOSF | |
Korea Electric Power Corporation Fund of Funds | Funding | KVIC and Korea Electric Power Corporation | |
2016 | K-Startup Grand Challenge | Attracting talent and investment | National IT Industry Promotion Agency and MSS from 2017 |
2017 | Ministry of SMEs and Startups (MSS) | Regulation | Central government |
2018 | Scale-Up Co-Investment Fund | Funding | KVIC |
KEBHana-KVIC Unicorns Fund of Funds | Funding | KVIC and KEBHana | |
2019 | Strategy to Promote Second Venture Boom | Funding | Central government |
SME Policy Deliberation Committee | Regulation | MSS | |
Global TOP 5 Start-Up City Seoul | Clusters, networks, institutes | Seoul Metropolitan Government | |
Masterplan for Promoting Women’s Entrepreneurship Activities | Funding | MSS | |
2020 | K-Unicorn project launched | Clusters, networks, institutes | MSS |
Pledge to increase the number of energy-related startups to four thousand by 2025 | Clusters, networks, institutes | Ministry of Trade, Industry, and Energy | |
Commitment to invest US$2.2 billion in two thousand green startups over the next five years | Funding | Ministry of Environment | |
Digital startup investment fund launched with US$339.6 million | Funding | Ministry of Finance | |
Regulatory change to the Fair Trade Commission Law to allow nonfinancial holding companies to run corporate VC funds | Regulation | Ministry of Economy and Finance | |
2021 | National Pension Service committed US$127.2 million to four Korea VC funds | Funding | National Pension Service |
2022 | New Entrepreneurship initiative for chaebol, tech giants, and startups to create jobs and tackle social issues | Clusters, networks, institutes | Korea Chamber of Commerce |
2023 | Startup Korea Fund announced as a fund of funds in which the public and the private sectors jointly invest over US$1.4 billion for four years from 2024 to 2027 | Funding | MSS |
K-Tech College launched, which will offer training programs in software and provides job placement opportunities with Korean startups to talented students from developing economies | Education and training | MSS | |
K-Scouter program to identify and nurture foreign startups with high potential in the Korean market | Attracting talent and investment | MSS |
Year | Initiative | Innovation policy type | Implementing organization |
|---|---|---|---|
1958 | Export-led growth support of SMEs initiated at the urging of US aid | Regulation | Executive Yuan |
Six-year science education program initiated to send Chinese scientists to the United States for advanced study | Education and training | Academia Sinica, US AID | |
1959 | National Council for Scientific Development established | Regulation | Executive Yuan |
1960 | Nineteen-Point Economic and Fiscal Reform Program liberalized trade and encouraged export activity | Regulation | Executive Yuan |
Statute for the Encouragement of Investment (SEI) offered tax incentives for export-oriented activity in particular technological areas | Taxation | Ministry of Economic Affairs | |
1961 | Third Four-Year Economic Plan (1961–1964) emphasized labor-intensive export activities | Regulation | Ministry of Economic Affairs |
Statute for the Encouragement of Technical Cooperation to foster technology transfer to Taiwan | Attracting talent and investment | Executive Yuan | |
1963 | Council for International Economic Cooperation and Development established | Regulation | Executive Yuan |
Taiwan Stock Exchange launched (after being initially formed in 1961) | Stock market | Ministry of Finance | |
1964 | Sino-American Committee on Science Cooperation was created to institutionalize US technology transfers | Attracting talent and investment | Academia Sinica, US National Science Foundation |
1965 | Statute for the Establishment and Management of Export Processing Zones | Infrastructure | Ministry of Economic Affairs |
1966 | Working Group for Planning and Development of the Electronics Industry | Clusters, networks, institutes | Council for International Economic Cooperation and Development |
Modern Engineering and Technology Seminars established to bring leading engineers and scientists to Taipei | Attracting talent and investment | Ministry of Communications | |
1973 | Industrial Technology Research Institute (ITRI) established to support the hardware industry | Clusters, networks, institutes | Ministry of Economic Affairs |
1974 | Electronic Research Service Organization (ERSO) established to develop semiconductor industry capabilities | Clusters, networks, institutes | ITRI |
SME Credit Guarantee Fund established to boost financing available to SMEs | Funding | Executive Yuan and Ministry of Finance | |
1976 | Very-Large-Scale Integration (VLSI) established | Clusters, networks, institutes | ITRI |
1979 | Institute for Information Industry (III) established at the urging of K. T. Li to support software firms | Clusters, networks, institutes | Ministry of Economic Affairs |
Science and Technology Development Program initiated efforts to attract and employ returnee overseas Chinese in R&D projects | Attracting talent and investment | Executive Yuan, Science and Technology Advisory Group1 | |
1980 | Ten Year Economic Development Project (1980–1989); a set of strategic industries was selected according to the two-large (large linkage effects, large market potential), two-high (high rate of value added, high technology intensity), and two-low (low energy intensity, low pollution) criteria | Clusters, networks, institutes | Ministry of Economic Affairs |
Hsinchu Park established, after being initiated by the 1979 Science and Technology Development Program, as a technology cluster | Clusters, networks, institutes | National Science Council | |
1981 | Medium and Small Business Administration established to develop and coordinate policy efforts | Regulation | Ministry of Economic Affairs |
1983 | Regulations for the Administration of Venture Capital Enterprises passed to encourage market development | Regulation | Ministry of Finance |
US$72.5 million allocation to further VLSI capabilities to boost semiconductor capabilities | Funding | ITRI | |
1984 | Tax incentives offered to manufacturers who allocate a percentage of revenues to R&D | Taxation | Ministry of Economic Affairs |
1985 | Development Fund and Chiao Tung Bank provide NT$50 million and NT$30 million, respectively, to the First VC Investment Program | Funding | National Development Fund |
1987 | TSMC founded by ITRI, Philips, and private investors | Clusters, networks, institutes | ITRI, China Development Corporation |
1990 | Information and Communications Research Laboratories established to develop advanced and core technologies (for PCs and network communications) | Clusters, networks, institutes | ITRI |
1991 | Statute for Industrial Upgrading replaces the SEI as tax package for SME R&D incentives | Taxation | Ministry of Economic Affairs |
Liberalization of stock market to allow foreign institutional investors to invest in growth list of publicly traded technology firms | Regulation | Ministry of Finance | |
Development Fund and Chiao Tung Bank provide NT$1 billion and NT$60 million, respectively, to the Second VC Investment Program | Funding | National Development Fund | |
1992 | Banking Law liberalized the banking sector so that commercial banks were more able to lend to small firms | Regulation | Ministry of Finance |
1993 | Three-year stimulus comprised of US$1.5 billion in loans to SMEs and US$750 million for high-technology enterprises | Funding | Ministry of Economic Affairs |
1994 | Taipei Exchange (TPEx) established as a public-equities venue for smaller companies | Stock market access | Ministry of Finance |
1995 | Southern Taiwan Science Park in Tainan, inspired by the Hsinchu Science Park, site approved as part of New Establishment of Science Parks program in the Six-Year National Development Project; focus on optoelectronics and biotechnology | Clusters, networks, institutes | Executive Yuan |
1999 | Small Business Innovation Research (SBIR) launched to boost R&D spending among small firms | Funding | Ministry of Economic Affairs |
2000 | Venture capital investor tax credit discontinued on account of political changes and market’s maturity | Taxation | Executive Yuan |
2001 | Development of the Kaohsiung Science Park and Tainan Science Park ratified | Clusters, networks institutes | ITRI |
Issuance of Regulations on the Scope and Guidance of Venture Capital Enterprises (hereafter referred to as “the Scope”); the Financial Holding Company Act in 2001 allowed financial holding companies to invest in venture capital | Regulation | Ministry of Economic Affairs | |
Plans to strengthen the venture capital industry under the National Development Plan to be matched by the establishment of an NT$100 billion VC fund (NT$30 billion public and NT$70 billion private funding) | Funding | Executive Yuan | |
2002 | Emerging Stock Board created within the Taipei Exchange to help emerging enterprises access the capital market | Stock market access | Ministry of Finance |
Six-Year Development Plan 2002–2007 offered incentives to R&D centers for Challenge 2008 | Attracting talent and investment | Ministry of Economic Affairs | |
Business Startup Award established to recognize outstanding startup performances annually | Clusters, networks, institutes | MoEA SME Administration | |
2003 | Hsinchu Biomedical Science Park plans approved to foster a biomedicine-focused cluster | Clusters, networks, institutes | Executive Yuan |
SME Online University created to provide accessible business training | Education and training | MoEA SME Administration | |
2004 | Amendment of Regulations on the Scope and Guidance of Venture Capital Enterprises to expand funding channels and ease restrictions on investment scope and fund utilization | Regulation | Ministry of Economic Affairs |
2005 | National Science and Technology Development Plan (2005–2008) names startup three times | Regulation | National Science Council |
Scope revisions require venture capital funds with capital commitments from banks, insurance companies, securities firms, financial holding companies, or pension funds to apply to the Industrial Development Bureau for approval | Regulation | Ministry of Economic Affairs | |
2006 | Relaxed Scope makes it easier for investors to exit their positions by decreasing the required holding time of company securities and lifting the limit on share sales | Stock market access | Ministry of Finance |
2008 | Challenge 2008 (passed in 2002) to invest NT$30 billion alongside private funding of NT$70 billion in VC | Funding | National Development Fund |
2009 | National Science and Technology Development Plan (2009–2012) specifies startup competitions and promoting entrepreneurial spirit as key elements | Regulation | National Science Council |
2010 | InvesTaiwan Service Center established to provide a one-stop shop for investors in the Taiwanese startup ecosystem | Attracting talent and investment | MoEA |
2012 | In bid to boost software-based gaming startups’ capital markets access, the TPEx launched its online gaming sector index | Stock market access | Ministry of Finance |
Bilateral fund of VC fund (Strategic Cooperation on Joint Investments in Venture Capital Funds) with New Zealand created | Funding | National Development Fund | |
2013 | National Science and Technology Development Plan (2013–2016) mentions startup eight times, and entrepreneur* three times | Regulation | Executive Yuan |
Launch of From IP to IPO program to enable startups’ scale-up abilities through the provision of mentorship on fundraising negotiations | Education and training | National Science Council | |
2014 | Launch of HeadStart Taiwan, a startup funding program | Funding | National Development Council |
Innovation and Startups Taskforce launched to coordinate entrepreneurial capabilities across agencies | Clusters, networks, institutes | Executive Yuan | |
2015 | Taiwan Startup Hub established to provide consulting and advisory services to entrepreneurs | Education and training | Executive Yuan |
Contact Taiwan Program approved with the aim of attracting global startup talent | Attracting talent and investment | National Development Council | |
Taiwan Startup Stadium established as a global ecosystem builder | Attracting talent and investment | National Development Council | |
Taiwan Rapid Innovation Prototyping League for Entrepreneurs platform activated to connect global hardware startups with partners in Taiwan | Technology infrastructure and government procurement | MoST | |
The International Entrepreneur Initiative Taiwan established as a single-portal website for entrepreneurial activities | Technology infrastructure and government procurement | MoST | |
Plans for Taiwan Innovation and Entrepreneurship Center, a state-sponsored innovation office in Silicon Valley, announced | Clusters, networks, institutes | MoST | |
2016 | Launch of the Asia Silicon Valley Development Plan; the Asia Silicon Valley Development Agency is created to coordinate efforts | Clusters, networks, and institutes | National Development Council |
National S&T Development Plan (2017–2020) mentions startup eighteen times and entrepreneur eighty-two times and offers startups funding, accelerators, coworking spaces, websites, international links, and so on | Regulation | MoST | |
2017 | 5+2 Innovative Industries Plan to promote seven pillar industries, including Internet of Things (branded as Asia Silicon Valley), green energy, biomedicine, national defense and aerospace, new agriculture, and the circular economy | Cluster, networks, institutes | Executive Yuan |
Taiwania Capital is founded as a government-run VC fund | Funding | Executive Yuan’s National Development Fund | |
NT$2 billion Business Angel Investment Program established to extend the startup investment ecosystem | Funding | Executive Yuan’s National Development Fund | |
2018 | Action Plan for Enhancing Taiwan’s Startup Ecosystem initiated | Cluster, networks, institutes | National Development Council |
Launch of FinTechSpace, a fintech-focused coworking space in Taipei | Clusters, networks, institutes | Financial Supervisory Commission and Taiwan Financial Services Roundtable | |
Taiwan Tech Arena established to provide training and international connections for technology startups | Attracting talent and investment | MoST | |
Women Entrepreneurship Awards launched | Cluster, networks, institutes | MoEA SME Administration | |
2019 | Linkou Startup Terrace established as an international startup-centric innovation hub in a university environment | Cluster, networks, institutes | Executive Yuan |
Act for the Recruitment and Employment of Foreign Professionals launches Entrepreneur Visa | Attracting talent and investment | MoST | |
2020 | Taiwan Accelerator Plus creates Advanced Industry Strategic Implementation Plan | Attracting talent and investment | MoEA SME Administration |
Project on Promoting Innovative Financing and Commercialization offers a web-based platform to source prototyping manufactures and information on crowdfunding | Infrastructure | MoEA SME Administration | |
2021 | TPEx creates Pioneer Stock Board to assist stock market access for companies operating in strategic industries | Stock market access | Ministry of Finance |
Women Entrepreneurship Program to encourage and train female founders | Clusters, networks, institutes | MoEA SME Administration | |
Next Big program launches, to identify and promote startups internationally | Clusters, networks, institutes | MoEA and NDC | |
2022 | 500 Global Accelerator Taiwan run again, with twenty startups | Clusters, networks, institutes | Taiwan Tech Arena and 500 Startups |
2023 | Next Big startup initiative expanded, selecting 13 startups for backing as Taiwan’s startup island brand ambassadors | Clusters, networks, institutes | MoEA and NDC |
Year | Initiative | Innovation Policy Type | Implementing Organization |
|---|---|---|---|
1980 | State Patent Office of the PRC established | Regulation | State Council |
1985 | CPC Central Committee Decision on the Reform of the Science and Technology System | Regulation | CPC Central Committee |
1986 | China New Technology Start-Up Investment Company enables VC funding | Funding | State Science and Technology Commission (SSTC), MOF |
1987 | Wuhan East Lake Hi-Tech Innovation Center established | Clusters, networks, institutes | Wuhan Municipal Government |
1988 | Torch Program created, which included technology business incubators and equity funding components | Funding and clusters, networks, institutes | SSTC |
Beijing (Zhongguancun) New Technology Industry Experimental Zone approved | Clusters, networks, institutes | State Council | |
1989 | China KZ High Technology Co. Ltd. established | Funding | SSTC, Commission for Science, Technology, and Industry for National Defense, China Merchants Group |
1991 | National High-Tech Industrial Development Zones established | Clusters, networks, institutes | State Council |
National Science and Technology Venture Capital Development Center established | Funding | SSTC, MOF, Industrial and Commercial Bank of China | |
1993 | Law of the People’s Republic of China on Progress of Science and Technology | Regulation | Standing Committee of the National People’s Congress |
1994 | Nanjing Overseas Students Entrepreneurship Park established | Attracting talent and investment | Ministry of Education, Ministry of Personnel, State Administration of Foreign Experts Affairs, Nanjing Municipal Government |
1995 | Torch Program Industrial Base prioritization scheme | Clusters, networks, institutes | SSTC |
1997 | Opinion on Establishing International Enterprise Incubator | Clusters, networks, institutes | SSTC |
1998 | State Intellectual Property Office of the PRC established | Regulation | CPC Central Committee, State Council |
1999 | Decision of the CPC Central Committee and the PRC State Council on Strengthening Technology Innovation, Developing High Technology, and Realizing Industrialization | Regulation | CPC Central Committee, State Council |
Opinions on Establishing a Venture Investment System | Regulation | MoST, State Development Planning Commission, State Economic and Trade Commission, People’s Bank of China, SAT, China Securities Regulatory Commission (CSRC) | |
Revision of the Company Law of the PRC | Regulation | Standing Committee of the NPC | |
Innofund further advanced | Funding | MoST, MOFC | |
2000 | Policies on Encouraging and Promoting the Development of SMEs | Regulation | State Economic and Trade Commission |
Opinions on Accelerating the Establishment and Development of High-Tech Entrepreneurship Service Centers | Clusters, networks, institutes | MoST | |
Amendment to the Patent Law of the PRC | Regulation | Standing Committee of the NPC | |
SME International Market Development Fund established Measures for the Administration of the SME International Market Development Fund (Provisional) | Attracting talent and investment | MOF, Ministry of Foreign Trade and Economic Cooperation | |
(Beijing) Preferential Household Registry (hukou) policy for entrepreneurs | Attracting talent and investment | Beijing Municipal Government | |
2001 | Provisions Concerning the Establishment of Foreign-Funded Venture Capital Enterprises | Regulation | MoST, State Administration for Industry and Commerce (SAIC) |
Measures for Administrating Overseas Students Entrepreneurship Parks | Attracting talent and investment | Ministry of Personnel | |
2002 | Law of the PRC on the Promotion of Small and Medium-Sized Enterprises | Regulation | Standing Committee of the NPC |
Beijing Venture Award for Outstanding Overseas Returnees | Attracting talent and investment | Beijing Administration of Personnel | |
2003 | Provisions Concerning the Administration of Foreign-Funded Venture Capital Enterprises | Attracting talent and investment | MOFTEC, MoST, SAIC, State Administration of Taxation (SAT), State Administration of Foreign Exchange |
Opinions on Further Improving the Operation of High-Tech Enterprise Incubators | Clusters, networks, institutes | MoST | |
Special Subsidy for SME Service System | Clusters, networks, institutes | MoF | |
2004 | SME Board created | Stock market access | CSRC |
Special Fund for SME Development | Funding | MoF, NDRC | |
Roadmap Scheme for Growth of Tech-Based SMEs | Regulation | Innofund Administration Center, Shenzhen Stock Exchange (SZSE), China Development Bank, National Business Incubator Association, China VC Association | |
Opinions concerning further promotion of the Establishment and Development of National University Technology Parks to encourage entrepreneurship among university students | Education and training | MoST, MOE | |
Special Central Government Subsidy for the Establishment of Local SME Platform Service Systems | Clusters, networks, institutes | MoST | |
2005 | Provisions on the Administration of Venture Capital Enterprises | Regulation | NDRC, MoST, MoF, Ministry of Commerce (MOFCOM) PBOC, SAT, SAIC, China Banking Regulatory Commission, CSRC, SAFE |
Guidance Opinions on Banks’ Loan Business with Small Enterprises | Regulation | China Banking Regulatory Commission | |
SME Information Technology Promotion Project | Education and training | NDRC, MIIT | |
2006 | Tax incentives for Technology Innovations by Enterprises | Taxation | MoF, SAT |
Opinions on Strengthening the SME Credit Guarantee System | Regulation | NDRC, MOFCOM , PBOC, SAT, China Banking Regulatory Commission | |
11th Five-Year Plan on University Technology Parks | Education and training | MoST, Ministry of Education | |
11th Five-Year Plan on Chinese Tech-Based Enterprise Incubators | Clusters, networks, institutes | MoST | |
Measures for Accrediting and Administering Tech-Based Enterprise Incubators | Clusters, networks, institutes | MoST | |
2007 | Tax incentives for Venture Capital Investments in High-Tech SMEs, for National University Technology Parks, and for Tech-Based Enterprise Incubators | Taxation | MoF, SAT |
Tax incentives for High-Tech Enterprises Newly Set Up in Special Economic Zones and in Pudong District of Shanghai2 | Taxation | State Council | |
Priority for independent innovation products in government procurement | Technology, infrastructure, and government procurement | MoST | |
Venture Capital Guiding Fund for Tech-Based SMEs | Funding | MoF, MoST | |
Several Opinions on Promoting Development Zone for New and High Technology Industries to Further Develop and to Increase Independent Innovation Capacity | Clusters, networks, institutes | MoST, NDRC, Ministry of Land Resources, Ministry of Construction | |
2008 | Guiding Opinions on the Establishment and Operation of the Venture Capital Guiding Fund for Tech-Based SMEs | Regulation | NDRC, MoF, MOFCOM |
Thousand Talents Plan (Recruitment Program of Global Experts Directorate and Office) | Attracting talent and investment | CPC Organization Department | |
Guiding Opinions on Promoting Employment through Entrepreneurship | Regulation | Ministry of Human Resources and Social Security (MOHRSS), NDRC, MOE, MIIT, MoF, Ministry of Land and Resources, Ministry of Housing and Urban-Rural Development, MOFCOM, PBOC, SAT, SAIC | |
Creation of Government-Guided Investment Funds | Funding | State Council, MoF, NDRC | |
Building of Entrepreneurial Cities | Clusters, networks, institutes | MOHRSS | |
2009 | ChiNext | Stock market access | CSRC |
Youth Employment and Entrepreneurship Bases Program | Clusters, networks, institutes | Communist Youth League of China | |
Emerging Industries Venture Capital Program | Funding | NDRC, MoF | |
Chinese Overseas Students’ Return and Entrepreneurship Support Program | Attracting talent and investment | MOHRSS | |
2010 | China Innovation Relay Network | Clusters, networks, institutes | MoST |
Measures for Accrediting University Students’ Technology Entrepreneurship and Internship Bases (Provisional) | Clusters, networks, institutes | Ministry of Education, MoST | |
National Medium- to Long-Term Talent Development Plan Outline (2010–2020) | Regulation | Central Committee of the CPC, State Council | |
University Students Entrepreneurship Guidance Program | Education | MOHRSS | |
2011 | Provisional Measures for Promoting SME Development through Government Procurement | Technology infrastructure and government procurement | MoF, MIIT |
Innovative Talents Promotion Program | Clusters, networks, institutes | MoST, MoF, MOHRSS | |
University Graduates Grassroots Nurturing Program | Clusters, networks, institutes | CPC Organization Department, Ministry of Education, MOHRSS, Central Committee of the Communist Youth League of China | |
12th Five-Year Plan on Science and Technology Development | Regulation | State Planning Commission, MoST | |
12th Five-Year Plan on SME Growth | Regulation | MIIT | |
National Fund for Technology Transfer and Commercialization | Funding | MoF, MoST | |
Opinion on Supporting Overseas Students to Return to China and Start Businesses | Attracting talent and investment | CPC Organization Department, MOHRSS | |
China Innovation and Entrepreneurship Competition | Clusters, networks, institutes | Torch High Technology Industry Development Center of the MoST, Innovation Fund for Tech-Based SMEs Administrative Center | |
2012 | State Council Opinion on Further Support the Healthy Development of Micro and Small Enterprises, No. 14 | Regulation | State Council |
Tax incentives for micro and small enterprises | Taxation | State Council | |
Opinion on Deepening Technology System Reform and Accelerating the Establishment of National Innovation System, No.6 | Regulation | CPC Central Committee, State Council | |
China Innovation and Entrepreneurship Competition | Cluster, networks, institutes | Torch High Technology Industry Development Center of the MoST, Innovation Fund for Tech-Based SMEs Administrative Center | |
2013 | Amendment to the Company Law of the People’s Republic of China | Regulation | Standing Committee of the NPC |
Innovation-Based Industrial Clusters | Clusters, networks, institutes | MoST | |
National Equities Exchange and Quotation | Stock market access | MoF | |
2014 | Roadmap Scheme for Growth of Tech-Based SMEs 2.0 | Clusters, networks, institutes | Torch High Technology Industry Development Center of the MoST, SZSE, National Equities Exchange and Quotations Co. Ltd., China Merchants Bank |
Notice on the Plan for Deepening the Reform of the Management of Centrally Financed S&T Projects | Funding | State Council | |
2015 | Guiding Opinions of the General Office of the State Council on Expanding Mass Entrepreneurship Space and Promoting Mass Innovation and Entrepreneurship | Regulation | State Council |
Master Plan of the Startup Ecosystem Development Strategies | Regulation | State Council | |
Model Cities for Micro and Small Businesses Entrepreneurship and Innovation | Clusters, networks, institutes | MoF, MIIT, MoST, MOFCOM, SAIC | |
National Fund for SME Development and National Guiding Fund for Emerging Industries Venture Capital | Funding | State Council | |
E-commerce Entrepreneurship and Innovation Service Project3 | Technology infrastructure and government procurement | NDRC, MOFCOM, PBOC, SAT, SAIC, General Administration of Quality Supervision, Inspection, and Quarantine | |
13th Five-Year Plan for the Development of National Enterprise S&T Enterprise Incubators | Clusters, networks, institutes | MoST | |
Chinese Enterprises “Go Global” Innovation and Entrepreneurship Competition | Clusters, networks, institutes | MOFCOM | |
2016 | E-commerce Entrepreneurship and Innovation Service Project | Technology infrastructure and government procurement | NDRC, MOFCOM, PBOC, General Administration of Customs, General Office of SAT, SATC |
China Innovation Challenge | Clusters, networks, institutes | Torch High Technology Industry Development Center of the MOST, Innovation Fund for Tech-Based SMEs Administrative Center’ | |
Tax incentives for Tech-Based Enterprise Incubators | Taxation | MoST, SAT | |
Promoting Continuous and Healthy Development of Venture Capital, No. 53 | Funding | State Council | |
2017 | Several Measures for Promoting Innovation Development in Free-Trade Zones | Clusters, networks, institutes | MoST, MOFCOM |
Opinions on Promoting the High-Quality Development and the Establishment of an Upgraded Version of Mass Innovation and Entrepreneurship | Regulation | State Council | |
National High-End Foreign Experts Recruitment Plan | Attracting talent and investment | MoST | |
Guiding Opinions on Promoting the Development of National University S&T Parks | Clusters, networks, institutes | MoST, Ministry of Education | |
2017 “Maker China” Small and Medium-Sized Enterprise Innovation and Entrepreneurship Competition (first year) | Clusters, networks, institutes | MIIT, MoF | |
2018 | Measures for the Administration of Technological Business Incubators | Clusters, networks, institutes | MoST |
Notice on Tax Policies for Technology Business Incubators, University Science Parks, and Maker Spaces | Taxation | MoF, SAT, MoST, Ministry of Education | |
Negative List for Market Access established to restrict sectors for private investment; with 151 items | Regulation | NDRC, MOFCOM | |
2019 | Launch of Science and Technology Innovation Board on Shanghai Stock Exchange | Stock market access | Shanghai Stock Exchange |
Issuing Several Policies and Measures to Support the Accelerating Innovation and Development of Technological SMEs in the New Era | Clusters, networks, institutes | MoST | |
Organizing and Recommending National Technological Innovation Demonstration Enterprises, No. 97 | Regulation | MIIT | |
“Little Giants” named as high-growth startups in select industries, such as semiconductors, machinery, and pharmaceuticals | Clusters, networks, institutes | MIIT | |
Preferential Startup Tax policies; VC investors receive a 70% deduction on taxable income | Taxation | SAT | |
Issuing the Guiding Opinions on Promoting the Innovation and Development of National University Science Parks | Clusters, networks, institutes | MoST | |
2020 | Foreign Investment Law to standardize corporate structure and governance | Regulation | State Council |
Draft rules on limiting monopolistic practices by internet platforms | Regulation | State Administration for Market Regulation | |
Draft personal data protection plan | Regulation | Cybersecurity Administration | |
2021 | Statement on labor laws’ maximum of forty-four-hour work week | Regulation | Ministry of Labor, High Court |
Ban on cryptocurrency and for-profit companies in the Edtech industry (not-for-profit companies cannot go public nor raise foreign investment capital) | Regulation | CPC Central Committee, State Council, PBOC | |
Plans for a negative list for Variable Interest Entities who list in overseas capital markets | Regulation | CSRC | |
Creation of the Beijing Stock Exchange to cater to startups | Stock market access | CSRC | |
2022 | Acceptance of Ant Financial application for financial holding company | Regulation | PBOC |
2023 | Special Provisions regarding Venture Capital Funds simplifies fund registration, offers less frequent inspections by the CRSC, and facilitating exits for qualifying VCs | Regulation | State Council |
Launch of US$40 billion state-backed fund to invest in the semiconductor industry, as part of the Big Fund | Funding | MoF |
1 The STAG was created by the premier’s office, with K. T. Li leading the formation of the group in 1979.
2 Tax relief from enterprise income tax for the first two years of operations; taxes to be levied at half of the statutory tax rate of 25 percent for the third to the fifth years.
3 For policy details, see Notice from the National Development and Reform Commission and Seven Other Departments on Promoting the Development of e-commerce [in Chinese]. July 30, 2024, http://www.cac.gov.cn/2016-06/01/c_1118968390.htm.