Taiwan Tech Dispatch

1. 前半段為文章的英文版本
   
2. 後半段為中文版本

Exciting news for Taiwan’s startup ecosystem! The Taiwan Stock Exchange has announced that from 2025, the Innovation Board will remove restrictions on “qualified investors,” expanding the investor base to the entire market of approximately 13 million households. This policy change will significantly lower the barriers for startups to raise funds, providing stronger support for their international development.

Whether you’re a startup founder, investor, or global entrepreneur, this article will provide an in-depth analysis of this policy shift and show you how to seize its opportunities.

Comparing the Original and New Investor Qualifications

Original Investor Qualifications

Before this policy change, Taiwan’s Innovation Board had strict criteria for investors, limiting participation to a narrow group of “qualified investors.” These qualifications included:

1. High Net Worth Individuals: Investors needed to hold a significant amount of assets, including cash, stocks, and other financial resources that met specific thresholds.
2. Professional Investors: Individuals with securities investment qualifications or substantial financial market experience.
3. Certain Institutional Entities: Such as banks, insurance companies, and fund management firms.

Due to these stringent requirements, only about 300,000 “qualified investors” in Taiwan could participate in the Innovation Board. This high barrier restricted funding sources for startups and excluded many individuals who were interested in supporting innovative companies.

New Investor Qualifications After the Policy Change

However, starting in 2025, these barriers will be removed, and the pool of potential investors will expand from 300,000 to approximately 13 million households, effectively including anyone with a securities account. This change means:

1. Low Barriers to Entry: Investors no longer need extensive capital or professional investment experience to participate in the Innovation Board.
2. Broader Participation Opportunities: Ordinary households and small-scale investors can directly support high-potential startups and share in their growth.
3. Enhanced Market Activity: The influx of a diverse range of funds will contribute to a more dynamic and vibrant investment ecosystem on the Innovation Board.

What Will the Policy Shift Bring?

For years, Taiwan’s startups have struggled with the challenge of securing funding, as capital sources were limited to the exclusive market for qualified investors. This policy change not only addresses this challenge but also brings three core advantages:

1. Easier Fundraising

The significant increase in the investor base means more diverse and abundant capital flowing into the market. This not only helps startups attract a wider variety of investors but also reduces their dependence on traditional venture capital. For businesses needing rapid funding to scale, this is critical.

2. Improved Market Liquidity

With an expanded investor base, market activity on the Innovation Board is expected to rise. This influx of funds will attract more startups to go public, further energizing and expanding the ecosystem.

3. Support for International Expansion

With a broader base of financial support, companies can dedicate more resources to international market development, including local market research, localized operations, and brand promotion. Going public also enhances credibility and international exposure, drawing interest from global partners.

A Success Story: Gogolook’s Journey

Gogolook stands as a shining example of how startups can thrive with support from the Innovation Board. As the company behind the Whoscall app, Gogolook has demonstrated the board’s value not only in fundraising but also in fueling international expansion.

Funding Driving Innovation

Through the Innovation Board, Gogolook secured the resources needed to rapidly innovate, enhancing the competitive edge of their core product and enabling steady growth in a highly competitive market.

Accelerated Global Expansion

Empowered by sufficient funding, Gogolook established offices across multiple locations in Asia, building localized teams and rapidly growing its market share. Whoscall has since become a leading caller identification and anti-fraud app in Asia.

Gogolook’s success highlights how the Innovation Board can do more than just provide funding—it acts as a launchpad for startups to achieve global recognition.

How Will Looser Restrictions Energize Taiwan’s Startups?

Lower Fundraising Barriers, More Room for Experimentation

With Taiwan’s limited domestic market, startups often need to expand overseas to achieve real growth. This policy change lowers the threshold for funding, giving startups more opportunities to test ideas and allocate resources effectively.

Flexible Resource Allocation

Freed from stringent investor requirements, businesses can channel resources more efficiently into exploring international markets, localizing products, and driving technological innovation—all of which increase the likelihood of market success.

Accelerated Brand Globalization

Publicly listed companies gain enhanced credibility, making them more attractive to international partners and investors, thereby unlocking larger global market opportunities.

A New Vision for Taiwan’s Startups

While Taiwan’s startup ecosystem remains relatively underdeveloped, leaving many startups to face significant hurdles in securing funding, the Innovation Board represents a meaningful improvement. Although it does not directly address the critical gap in early-stage investments—often the most challenging stage for startups—it plays a vital role in strengthening the broader system.

We eagerly anticipate seeing continued progress in 2025 and beyond, fostering an environment where startups can more easily access capital and excel. Amid a global era defined by the rapid advancement of AI and other high technologies, Taiwan has the opportunity to not only dominate the semiconductor industry but also achieve breakthroughs in diverse fields.

We invite you to join this exciting new wave of startups. By contributing to and seizing this moment, together, we can elevate Taiwan’s innovation and create new possibilities. Take action today—dream big and help shape a bold future for Taiwan!

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台灣新創圈迎來了一個振奮人心的消息！台灣證券交易所宣布，從2025年起，創新版將取消對“合格投資人”的限制，將投資人範圍擴大至全市場約1,300萬戶。這一政策變革將帶來新創企業籌資門檻的大幅降低，為其國際化發展提供更有力的支持。

如果你是新創企業家、投資者、或國際創業家，這篇文章將為你深入解析該政策變革的重要意義，以及如何從中獲得最大效益。

原本與新政策的投資人資格對比

原本制度中的投資人資格要求

在政策變革前，台灣創新版對投資人資格有嚴格的限制，僅限於所謂的“合格投資人”。這些合格投資人的定義涵蓋以下幾種類型：

1. 高資產人士：需具備一定資產規模，包含現金、股票及其他金融資產達到規定的門檻，財力要求須為資產淨值達 1000萬新台幣以上 或最近兩年平均所得達 150萬新台幣以上。
2. 專業投資者：如具備證券投資相關專業資格或經驗的金融人士。
3. 特定法人機構：包含銀行、保險公司、基金公司等。

根據這些嚴格的資格標準，全台約僅有30萬名“合格投資人”能參與創新版的投資活動。如此高的門檻，使新創企業籌資來源受到極大限制，對於有興趣支持新創的普通投資人來說，也無法參與。

政策放寬後的新投資人資格

然而，2025年的政策變革消除了上述的門檻，無需符合財力或專業背景要求，自然人、法人均可自由參與創新板交易，因而將投資人範圍從30萬人擴大至整個市場約1,300萬戶，基本上涵蓋了已經開立證券帳戶的投資人。換句話說，現在只要你有證券帳戶，就有資格投資創新版的新創企業。這一改變意味著：

1. 低門檻進入：不再需要具備高額資本或專業投資經驗，投資創新版向一般投資大眾敞開大門。
2. 更廣泛的參與機會：普通家庭與中小型投資者能夠直接支持具有潛力的新創企業發展，分享其成長成果。
3. 市場活躍度提升：更多資金源的湧入，將有助於創新版投資生態圈的多元化與活躍度增強。

創新版的政策變革帶來什麼？

長期以來，台灣新創企業面臨著籌資困難的挑戰，主要原因在於資金來自於高門檻的“合格投資人”市場。政策放寬後，不僅解決資金瓶頸，還帶來以下三大核心優勢：

1. 籌資更為便捷

投資人基數的顯著增加意味著更多元的資金流入。這不僅幫助新創企業吸引多樣化的投資者，還大大減少對傳統風險投資的依賴。對於那些需要快速融資加速成長的公司，這一點尤為重要。

2. 提升市場流動性

投資人數量增加有望顯著提升創新版的市場活躍度。更多資金進入後，將吸引更多的新創企業掛牌上市，進一步加速生態系的繁榮。

3. 助力國際化發展

更廣泛的資金支持意味著企業能投入更多資源於國際市場拓展，包括當地市場調研、本地化運營與品牌推廣。同時，公開上市也進一步提升了企業的信譽與國際曝光度，吸引更多國際合作夥伴的青睞。

成功案例：Gogolook 的啟示

Gogolook 是台灣新創企業中脫穎而出的典範，其成功案例為我們展示了創新版的價值所在。作為提供知名軟體服務Whoscall 的母公司，Gogolook 在創新版的支持下，不僅實現了資金籌措，還成功運用這些資金加速國際化步伐。

籌資助力創新

憑藉創新版的資金支持，Gogolook 能夠快速完成技術創新，提升核心產品的市場競爭力，助其在激烈的市場中穩步發展。

國際化步伐加快

有了充足的資金，Gogolook 成功在亞洲多地設立分公司，並建立本地化團隊。他們快速擴展市場份額，讓Whoscall 如今已然成為亞洲領先的來電辨識與反詐App之一。

Gogolook 的成功告訴我們，創新版不僅提供資金，更為新創企業提供了一條通往國際舞台的加速器。

政策放寬如何激發新創活力？

降低資金門檻，提供試錯空間

台灣市場有限，新創企業要取得更大的成長，往往需要借助出海市場才能實現。這一政策改變降低了籌資門檻，使新創公司能夠獲得更多試錯空間與資源。

靈活資源配置

資金的自由度提升，企業能將更多資源分配於國際市場的探索、產品本地化以及進一步的技術創新，從而進一步提高市場成功的可能性。

加速品牌國際化

成功掛牌的企業將獲得更高的國際信譽，進而吸引國際合作夥伴與投資人，拓展更大的市場機會。

推動台灣新創生態體系的更加健全

台灣的新創生態圈相對而言仍處於發展階段，這使得許多新創公司常常面臨募資困難的重大挑戰。雖然創新版並非專注於早期投資這一台灣新創生態圈中最缺失的環節，但它的存在無疑為整個新創體系的健全性帶來了積極作用。

我們期待在2025年及未來能有更多的進步與創新版發展的契機不斷涌現，幫助新創企業更輕鬆地獲得資本並提升競爭力。尤其是當全世界正進入AI及各類高科技快速變革的嶄新时代，衷心期盼台灣不僅僅在半導體領域佔得先機，更能在多元領域中實現突破與領先，展現應有的創新實力。