Taiwan: An Island full of innovations

Тaiwan is staying on the intensive way of industrial innovation development, founding based-technology products with competitiveness for consume market, produces 90 % of computer technology, and occupies the leader positions of high technological development in the world.

Taiwan first transformed itself from a labour - intensive economy to a hi-tech powerhouse during the 1980s. The arrival of the knowledge-based economy era, aided by the application of the Internet, e-commerce and IT, has provided SMEs with a new operating model and has enhanced the speed and efficiency of business operations. After joining the WTO, the economic environment has become more liberalized, making Taiwan a part of the global industrialized system. The government has disclosed its intention to build Taiwan into a Green Silicon Island, thus revealing its vision for national development in the new century.
The 2008 Challenge includes the promotion of innovation-oriented industrial policy, the creation of R&D centers in Taiwan by foreign corporations, the setting up in Taiwan of local innovation and incubation centers for SMEs, the establishment of organizations (for example, Southern Science Incubation Center, and Nankang Biotech Incubation Center), than the economic development emphasizes knowledge-intensive innovation and involves today far more than just traditional manufacturing industry; the key drivers of growth for Taiwan in the future will be the innovation economy and environmental protection-related demand.

Stable foundation for the country's industrial growth could be express due to the following aspects:
1. Taiwan's world-leading position in technology and innovation.
In its most recent report, the World Economic Forum (WEF) ranked Taiwan fourth globally in terms of growth competitiveness, second on the technology index and the innovation index, underscoring the strength of Taiwan's innovative R&D. The World Economic Forum (WEF) categorizes Taiwan as economy that has reached the state of "innovation-driven growth", "Technology and Innovation driven" Industrial Development Policy
2. Taiwan provide a strong support for industrial growth.
3. Promoting Taiwan as a significant R&D center based on its high-tech advantages.
4. Fostering excellence to fully support industrial development.
The incubation of large quantity of professionals that meet the needs of enterprises will fully support Taiwan's industrial development. Now Taiwan has about 13 of such parks spread across the country. They are the country’s Silicon Valley as obtained in the United States. One of the first generation of the parks is the Hsinchu Science Park where innovation is the core concern at the park and is surrounded by various superior academic and research institutes. The park is cultivated with abundant human resources, which efficiently help tenants realize technology breakthroughs.
In response to rapid changes in the industrial environment, to promote forward-looking technology innovation in three major application domains: Smart living, quality health and sustainable environment.

Taiwan has a number of factors that it could use to implement innovation at scale to adapt to the new reality of a rapidly aging population:
• Strong tech background. Taiwan is home to many large hardware manufacturers, such as Acer, Mitac, HTC and, many of whom are starting to explore innovations related to health and aging.
• An easy on-ramp to China. For most people China can be pretty daunting In general things are fairly well organized, efficient, clean, and many people speak pretty good English.
• Friendly, open and humble. A desire to learn best practices from the west, and the government have been engaging experts in the West about their new strategy and proposed compulsory long-term insurance plan.
• Efficient and well-liked health service. Taiwan operates a compulsory government-run health insurance system, established in 1995, which costs around 8% of GDP (compared to 19% in the US).
• Strong family values and structures. Similar to many Asian countries, there is more of a tradition of the family living together across generations.
But some of the suggestions for accelerating Taiwan’s role as an innovator in the space should take place. Among them the following could be mentioned:
• Develop an entrepreneur friendly age-tech ecosystem, because an entrepreneur, as it’s not really considered a viable career path as it is in the US.
• Attract the best companies in the world. Taiwan can attract companies around the world by offering them favorable economic benefits to establishing a base in the state, and helping them with access to the China market – which most ambitious Western entrepreneurs have on their medium term plan. This provides benefit of learning from the best in the world.
• Focus on care in the community. Bringing in technologies to support aging in place and care in the community will allow local and foreign entrepreneurs to develop and improve best practices.
Innovation development in Taiwan today is aimed on society. Taiwan is also one of the top Asia’s Social innovation Hub - Social innovators there have also realized that they are facing similar issues – the lack of communication between grass-root organizations and governmental agencies, difficulties in aligning social and business visions, and shortages of socially-minded business practitioners. The understanding of such problems and gaps also tell us about the vector of future development.
Though a lot of specialists suppose that it is too early to speak about intensive development of innovation culture because of such problems as bureaucracy and strong hierarchy in management system, lack of orientation on innovation necessity in education system, low level of fundamental and applied science development, non-involvement of entrepreneurship in the list of future occupations, but the understanding of innovation implementation and development in all spheres evidences the preconditions of innovative culture origin.

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