2016 ANNUAL REVIEW Ministry of Science and Technology

MOST promotes "Industrial Fundamental Technology Projects" in order to enhance basic industrial standards in Taiwan and unite the R&D capabilities of academia and industry. This program chiefly provides funding to universities to establish basic technology R&D centers charged with Industrial Fundamental Technology Projects Ⅴ While Taiwan's scientific and technological expertise and achievements have won extensive recognition in the international sphere, a gap has emerged between these achievements and the value following corresponding industrial applications. The reason for this gap is chiefly the fact that Taiwan's concept of industry-academic collaboration, entrepreneurship policy, culture, environment, and resources have not yet reached a state of maturity, which has caused obstacles along the pathway from innovation to startup. Hoping to overcome this situation, MOST began implementation of the "From Invention to Innovation" (FITI) program (also known as the "From IP to IPO" program) in March 2013 in an effort to establish regular entrepreneurship promotion mechanisms able to help research teams who wish to transform their S&T R&D results or creative ideas into startup companies apply their innovative R&D capabilities to the establishment of budding enterprises and achievement of market value, adding to Taiwan's economic momentum. This program conducts an innovative startup team selection process twice annually, and teams may focus on areas including biotech medicine, innovative technologies and design, and information applications and services. In this process, startup teams consisting of students, professors, and researchers write startup pre-proposals, and the selected finalist teams receive training. Apart from helping the teams with their proposals, the program, also provides key resources at each stage, including assistance with verification of technology, business model guidance, contact with key individuals, professional consulting services (concerning market demand, patents, finance, and marketing channels, etc.), and referral to prototype production and startup funding seed funds, which ensures that the teams receive much-needed startup assistance. During the training period, in order to enhance their business management ability and briefing technique, the entrepreneurial teams receive monthly in-person or online classes and two monthly entrepreneurship immersion training boot camp sessions. And in order to enhance the teams' international outlook and core functions, the program invites successful domestic and foreign Chinese entrepreneurs and venture capitalists to serve as instructors and impart their entrepreneurial knowledge and experience directly to the teams. To provide the teams with concept verification and prototype production assistance and guidance during the initial stage, NARLabs and the three science park bureaus offer supporting equipment, experimental facilities, operating space, and referral to resources. With regard to private participation, since this program was introduced, it has garnered support from 14 leading companies, which include Acer, Hiwin Technologies, Ernst & Young, the Fubon Group, Far Eastern Group, and the Lite-On Electronic Group. Stan Shih, founder of Acer, serves as honorary dean of studies. Apart from providing startup funds for the teams, these industry partners also provide entrepreneurship coaches offering general manager- level insights. Since 2013, the program has gathered 1,385 startup proposals, provided in-depth training to 321 startup teams, assisted 1,795 entrepreneurs, and helped 105 teams accelerate the establishment of startups. Apart from directly creating 450 employment opportunities, these startups had also cumulatively raised more than NT$995 million in funds and had a total of NT$1.04 billion in paid-in capital as of the end of December 2016. From IP to IPO Program Ⅳ Ministry of Science and Technology 88 MOST Ministry of Science and Technology 2016 ANNUAL REVIEW