Microsoft for Startups Partners with Government, Academia, and Industries to Build National Startup Team
Microsoft for Startups hosted their Demo Day on October 6th for the second batch of startups and announced a partnership with the Ministry of Economic Affairs, the National Development Fund, National Chengchi University FinTech Research Center, and Taiwan External Trade Development Council to help launch Taiwan's best startups into the international market. Since Microsoft for Startups was founded in the end of 2018, the accelerator has assisted 32 startups, raised NT$380 million in venture capital, and facilitated partnerships in 61 projects. Business opportunities created by the accelerator has exceeded NT$530 million, with 7 of the startups continuing on to become Microsoft global partners. This new partnership aims to accelerate Taiwan's digital transformation and promote smart cross-industry cooperation and development in areas such as cloud technology, AI technology, Fintech, smart factories, smart retail, industrial 5G IoT, and other industries.
Deputy Minister of Economic Affairs Chen Chern-Chyi attended the event to express his support for Microsoft for Startups. During his speech, he spoke of the Ministry's vision this year to "build new economic development models in Taiwan, as well as promote the transformation, upgrade, and innovation of industries". Through the National Development Council's integration of startup resources, they aim to accelerate the growth and exit of startups by promoting IoT with forward-looking technologies such as AI and 5G. He also praised Microsoft for Startups for their key role in Taiwan Startup Terrace, as well as its contributions to the digital transformation of local industries and the cultivation of talent in the startup sector.
Microsoft Taiwan General Manager Ken Sun stated, "Microsoft for Startups aims to identify global startup companies with exponential growth value and has created economic output of more than USD $1 billion. Microsoft identified the accelerated growth in Taiwan's demand for industry transformation; we witnessed 2 years of digital transformation value in just 2 months during this COVID-19 pandemic. We encourage startups to embrace digital technologies and cultivate their digital capabilities to maintain their tenacity and grow in the face of change."
Even with the impact of COVID-19, Microsoft for Startups continued this year by recruiting 18 teams into the second batch of startups for 2020. Through the accelerator's mentoring program, the second batch has raised NT$80 million in domestic funding and industrial matchmaking has been completed for 7 startups. The program has expanded the ability of startups cultivation and industry matching, and cultivate fields spanning AI, IoT, blockchain, AR, and VR. Amongst the startups, NADI SYSTEM Corp provides visualization tools and utilizes cloud computing resources to build sci-fi movie-like 3D virtual smart factories that make visualized IoT management a reality. Deep Insight Analytics Co. utilizes AI to revolutionize retail industries and advocates big data analytics and prediction technology for products. The startup has received support from PX Mart Co. to assist them with building commercial analysis with enhanced value and landing application.
In addition to providing startup teams to enhance the technical capabilities of the industry, Microsoft for Startups also provides an opportunity to partner with Microsoft. By connecting startups with the partner resources from Microsoft's global ecosystem, international level resources and technologies are brought into Taiwan and injected into Taiwanese startups. Starting in September, Microsoft will be hosting 8 Startup Bootcamp events in Startup Terrace. The event will be attended by Microsoft's technical experts and mentors as well as the accelerator's COO to provide 1-on-1 discussions on cloud structures and business models. Mentors will advise according to their expertise in the 4 areas of smart finance, retail, manufacturing, and 5G applications in hopes of working together with the government to assist startups. For more information, please visit the official website/event page of Startup Terrace: https://www.startupterrace.tw/tw/event/199.
