Tim Draper: Taiwan is Open for Business

TAIPEI, Nov. 18, 2022 /PRNewswire/ -- Taiwan, after being closed for almost three years, has finally reopened its borders to global travelers. Riding the wave, the renowned Silicon Valley venture capitalist, Tim Draper, has decided to visit Taiwan to engage with business opportunities.

On November 16th, Startup Island TAIWAN co-hosted an exclusive private interview "Taiwan is Open for Business" with Draper Associates, in means to announce to the world that the Covid era is officially coming to an end and that there are vast opportunities in Taiwan for investors and stakeholders to engage with.

Tim Draper: Taiwan is Open for Business

Bloomberg Columnist Tim Culpan Interviews Tim Draper at “Taiwan is Open for Business” Event

In the interview, Tim Draper discussed his optimism about investing in Taiwan in light of the recent geopolitical landscape, and his recent activity in the startup ecosystem of Taiwan along with his views about the direction he sees it going towards. He also shared about his recent issuance of a Taiwan Employment Gold Card.

"My lifelong mission is to be a venture capitalist and to promote entrepreneurship," Draper said. One of the few startups he's invested in from Taiwan includes CancerFree Biotech, which is able to suggest the most suitable treatment strategy in time by providing patients and physicians with personalized tumor cell analysis. The team first participated in Startup Island TAIWAN's Berkeley-Taiwan Health Innovation Accelerator Program and was recommended to pitch at "Meet the Drapers" Season 5, winning the championship with a one million USD investment.

Draper went on to share that after investing in companies from over 70 countries and meeting over 50 key world leaders, he has learned that there are two key factors to a country's prosperity: trust and freedom. "The leaders need to trust their people to do great things, and set them free." It is only through these two factors that people will live up to the trust and freedom set by regulators and continue their path to innovation.

Talking about the future of the investment scene in Taiwan, Draper predicts that new companies will have difficulties raising money, and even if raised, funding will be much lower compared to existing companies because venture capitalists aren't investing as much due to pressure in keeping their portfolios updated. However, he also pointed out that now is a good time to hire talents as many are being laid off from big corporations, but he also recommends startups to be on watchout about their performances and to cut down on team size if they find it hard to get funding.

Jonathan Liao, Project Lead of the Taiwan Employment Gold Card Office, indicates that Taiwan always welcomes foreign entrepreneurs to come to Taiwan and look for opportunities. "The Taiwan Employment Gold Card is an open work-and-resident visa, allowing qualified foreign professionals to visit, work, and stay in Taiwan for up to three years, without a job contract requirement. It is especially convenient for qualified entrepreneurs who are looking to develop their business ideas in Taiwan's thriving startup scene," he said.

Creating an ecosystem gets Draper excited, he will continue to look for supportive governments, good environments, and attractive potential startups to Draper University. Chan Fang Kuan, Director of the Department of Industrial Development thanks Tim Draper for coming to Taiwan and supporting the startups, and hopes that more international resources can see Taiwan's strengths, leading to more collaborations. Startup Island TAIWAN will continue to connect with startup community partners worldwide to help Taiwan startups go global.

Source: Startup Island TAIWAN
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