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Taiwan camp to nurture startups kicks off

2015/03/21 14:37

Taipei, March 21 (CNA) A two-day camp to accelerate the development of startup companies kicked off Saturday amid the government's efforts to nurture entrepreneurship in Taiwan, according to the Cabinet-level National Development Fund (NDF).

The "500 Startups G Camp" invited six mentors from Silicon Valley-based seed fund and startup accelerator 500 Startups to provide local companies with know-how and experience in marketing and fund-raising in the international market, the NDF said.

The government set up the NDF to speed up the pace of industrial development and innovations by assisting young talent to build up their own businesses.

The six mentors from the U.S.-based firm will meet local entrepreneurs in several forms, such as group workshops and case studies, to help Taiwanese firms strengthen innovation, the NDF said.

The fund said that young companies in Taiwan usually lack efficient measures and good experience in market penetration and customer solicitations.

The fund added that the startup camp is expected to strengthen their knowledge in how to operate their businesses and even price themselves appropriately in a bid to secure funds for future development.

The fund said that the on-going startups camp is part of its efforts to seek assistance from foreign startup incubation firms to share their experience with local companies at a time when the Internet has changed the way many firms in the world do business in the global market.

The fund added that it will continue to launch similar activities to help local companies seek opportunities to work with foreign counterparts.

In January, the NDF approved a plan to invest US$15 million in the 500 Startups III, L.P. micro venture capital fund organized by 500 Startups. That amounts to 30 percent of the actual funding of the U.S.-based fund.

The NDF said that 500 Startups is among the top 10 startup accelerators in the U.S. and has close business ties with companies located in the Silicon Valley.

The 500 Startups III, L.P. is expected to invest in Taiwan's newly built businesses, while the fund is likely to help local entrepreneurs penetrate the East Asian market, the NDF said.

(By Chen Cheng-wei and Frances Huang)Enditem/cs