Expansion Strategy of Taiwan Startups
台灣軟體新創的成長邏輯：當 TAM 不足，如何邁向獨角獸之路？
- 前半段為文章的英文版本 (The first half is the English version)
- 後半段為中文版本 (The second half is the Mandarin version)
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In the startup world, everyone dreams of building a unicorn. But for a software startup to reach a billion-dollar valuation, it’s not just about having a great product or cutting-edge tech — it’s about whether the market is big enough.
According to CB Insights and multiple VC studies, the general consensus is:
If your startup wants to reach a $1B valuation, your Total Addressable Market (TAM) needs to be at least $5–10 billion.
This logic is simple. Venture capitalists use a simplified formula to estimate future valuation:
Valuation ≈ TAM × Market Share × Revenue Multiple
So if a company is targeting a $5B market, expects to capture 10%, and gets a 10× revenue multiple, its valuation caps at $5B × 10% × 10 = $500M. To even have a shot at unicorn status, the TAM needs to be much larger.
TAM sets your ceiling. Valuation only tells you which floor you’re standing on.
Taiwan’s TAM Challenge: Is the Local Market Big Enough?
Here’s the problem: Can Taiwan’s domestic software market alone support the rise of a unicorn?
Let’s take a closer look. Most B2B software sectors in Taiwan struggle to hit even $1B in market size — and $5B is practically unreachable.
| Category | Taiwan TAM (annual) | Notes |
|---|---|---|
| Cloud ERP / HR SaaS | $200M–$300M USD | High SME density, low IT budgets |
| MarTech / CRM Tools | $100M–$200M USD | Fragmented market, low ticket size |
| FinTech / Payments SaaS | $300M–$500M USD | Regulatory headwinds, slower adoption |
| HealthTech / Hospital IT | $100M–$300M USD | Dominated by national insurance, B2G focus |
| EdTech (K12, Online Learning) | $300M–$500M USD | Fragmented user base, tough unit economics |
🚫 As you can see, very few sectors even cross the $1B mark, let alone the $5–10B TAM that unicorns demand.
The “Two Home Markets” Strategy: Not Leaving Taiwan, but Doubling Down
Recognizing this structural limitation, former Google Taiwan Managing Director and current Chairman of Innovation Works Taiwan, Dr. Lee-Feng Chien, proposed a transformative idea:
Taiwanese startups need to operate with “Two Home Markets” from day one — one being Taiwan (as a product R&D base), and the other a scalable international market for true growth.
This isn’t about “starting local, then going global.”
It’s about designing for global scalability from the start — product localization, multi-language support, cloud deployment architecture, payment integration, and go-to-market strategy — all aligned with multiple target markets from the beginning.
Case Studies: Appier and 91APP Leading the Way
Two of Taiwan’s most prominent startup success stories — Appier and 91APP — have demonstrated this dual-market strategy effectively.
🔹 Appier
- Started in Taiwan with AI-driven marketing tech
- Quickly expanded to Japan and Southeast Asia
- IPO’d on the Tokyo Stock Exchange
- Today, more than half of its revenue comes from overseas markets
🔹 91APP
- Launched as an OMO SaaS platform for retailers
- Dominated Taiwan first, then entered Hong Kong and Malaysia
- Built regional partner ecosystems
- Marketed itself as a regional brand solution provider during its pre-IPO stage
Capital-Driven Globalization: Gogolook, CyCraft, OEN Tech
More recently, several high-potential startups in Taiwan are using their post-funding momentum to go global.
🔸 Gogolook (走著瞧)
- Known for caller ID and anti-fraud technology
- Started with government partnerships and telecom integrations
- Expanded into Japan, Korea, and Southeast Asia
- Set up its second headquarters in Thailand, focusing on fraud prevention across ASEAN markets
🔸 CyCraft (奧義智慧)
- Cybersecurity company rooted in Taiwan’s deep tech ecosystem
- Secured funding and focused on Japan as its primary expansion market
- Adopted by Japanese financial and enterprise clients
- Participated in MITRE ATT&CK evaluations to prove international-grade capabilities
🔸 OEN Tech (應援科技)
- Initially served nonprofit and event organizers in Taiwan with CRM and payment integration
- Pivoted to serve commercial brands and fan-based communities
- Now focusing on Southeast Asia for growth, particularly targeting SME-led consumer markets
These startups share a common theme:
Global expansion is no longer a bonus — it’s a requirement once capital enters the picture.
What’s Next? Where Are Taiwan’s Startups Expanding?
Now that most Taiwanese software startups recognize the limitations of their local TAM, and embrace the “Two Home Markets” philosophy, the next question is:
Where are they going — and how are they getting there?
That’s exactly what I’ll be exploring in my upcoming post:
📝 Taiwan Startups Path to Unicorn: Overseas Expansion as an Inevitable Strategy
Stay tuned!
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在創業圈，人人都想打造獨角獸。但要讓一家軟體新創成為估值超過十億美元的公司（即所謂的「Unicorn」），並不只是靠產品創新或技術實力，更關鍵的，是市場規模（TAM, Total Addressable Market）是否足夠大。
根據 CB Insights 與多家矽谷創投的研究，一般認為：
軟體新創若想達到 10 億美元估值，其所處市場的 TAM 至少需要落在 50 億到 100 億美元之間。
這背後的邏輯不難理解。創投在評估一家公司的潛力時，會運用一個簡化的估值模型：
公司估值 ≈ TAM × 市佔率 × 營收倍數（Revenue Multiple）
例如，若某公司鎖定一個 50 億美元的市場，預估未來能取得 10% 的市佔率，並以 10 倍營收倍數計算，其估值上限就落在 5 億美元。若想要達到獨角獸等級，市場規模就必須再大上一倍。
這也意味著：TAM 是天花板，而估值只是市場中你站在第幾層樓。
台灣軟體新創的困境：市場規模太小，怎麼辦？
問題來了，台灣本地市場的 TAM，真的夠支撐一間獨角獸的誕生嗎？
讓我們回頭來看幾個台灣常見的軟體應用領域，其實不難發現，多數本地市場規模距離 10 億美元就已經相當吃力，更遑論 50 億或 100 億。
以下是根據目前市場推估的幾個代表性例子：
| 類別 | 台灣 TAM（年） | 備註 |
|---|---|---|
| 雲端 ERP / HR SaaS | 約 $200M–$300M USD | 國內 SME 密度高，但付費意願偏低 |
| MarTech / CRM 工具 | 約 $100M–$200M USD | 台灣品牌主多為中小型企業，單價低 |
| 電子支付與 FinTech SaaS | 約 $300M–$500M USD | 台灣法規限制多，創新緩慢 |
| 醫療 SaaS / 醫院管理系統 | 約 $100M–$300M USD | 台灣健保體系壟斷，B2G為主 |
| 教育科技（線上學習、補教） | 約 $300M–$500M USD | 市場偏碎片化，K12為主力消費者 |
🚫 可以看出，幾乎沒有單一市場能達到 $1B USD 的純軟體 TAM，更不用說 $5B。
簡立峰的「雙主場」思維：不是離開台灣，而是再多一個主場
也因此，前 Google 台灣總經理、創新工場董事長 簡立峰先生 早在多年前就提出了「Two Home Markets（雙主場策略）」的觀念：
台灣新創不能只靠一個市場成長，從一開始就應該同時準備兩個主場市場：台灣作為產品驗證與開發據點，而海外市場則作為真正的成長引擎。
這個策略並不是「先做台灣，再去出海」，而是從 Day 1 就思考國際化、產品本地化、語言版本、雲端架構、支付整合、通路策略等問題。
台灣成功案例：Appier、91APP 的雙主場佈局
這樣的策略，早已在台灣新創圈中有具體的落地範例：
🔹 Appier
- 從台灣起家做 AI MarTech
- 很早就將日本、東南亞視為主戰場，後來成功於東京證交所上市
- 目前超過一半以上的營收來自海外市場
🔹 91APP
- 以 OMO 零售 SaaS 起家，主場在台灣
- 積極拓展香港、馬來西亞市場，建立多元通路夥伴體系
- 在興櫃與 IPO 階段已強調「區域型品牌解決方案供應商」定位
新創出海的現況：Whoscall、奧義智慧、應援科技 等案例
除了少數已上市獨角獸外，越來越多新創在獲得資本市場的助力後，也正積極向海外邁進。
🔸 走著瞧（Gogolook）
- 來電辨識與防詐服務起家，從 LINE 與政府合作累積能量
- 拓展至日本、韓國、東南亞市場，更在泰國設立台灣以外的第二總部
- 積極投入在地電信合作與防詐聯防網絡建設，鎖定整個東協地區的防詐需求
🔸 奧義智慧（CyCraft）
- 台灣技術團隊為核心，產品導入政府與金融資安場域
- 募資後聚焦拓展 日本市場，並已獲得當地金融與企業客戶採用
- 同時參與美國 MITRE 資安標準測試，展現國際技術實力
🔸 應援科技（OEN Tech）
- 初期服務台灣社福與活動主辦單位，提供 CRM 與金流整合工具
- 現已轉向品牌與商業應用市場，並以 東南亞為主要擴展目標
- 聚焦整合金流、會員經營與品牌粉絲互動，切入新興市場的中小企業與社群商務需求
這些案例的共同點是：資本催化後，出海成為必然選擇，而非加分選項。
下一步：台灣新創都出海了，但他們去哪裡？
既然大多數台灣新創都已意識到 TAM 的限制與雙主場的重要性，那麼，海外市場的選擇會是哪些國家？又該如何規劃進入？
這將是我下一篇文章想要探討的主題，文章標題為：
《Taiwan Startups Path to Unicorn: Overseas Expansion as an Inevitable Strategy》
（已完成草稿，尚未發佈）
敬請期待！
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📚 Further Reading
🔹 Related Articles from WhiteHsu.blog
- OEN Tech’s Series A and Southeast Asia Expansion
How a CRM + payment platform evolved from Taiwan’s nonprofit space to regional B2B growth.
Read more → - CyCraft: Taiwan’s AI-Powered Cybersecurity Startup Eyes Japan
A deep dive into CyCraft’s fundraising strategy and international positioning.
Read more → - Taiwan Innovation Board and the Startup Capital Market
Reflections from the Taipei AI Innovation Forum on TIB and capital access for startups.
Read more →
🔹 Global Perspectives on TAM and Unicorns
- What’s the TAM of a Unicorn?
CB Insights – Data-driven analysis of unicorn market sizing. - How to build a global AI marketing company: 5 lessons from Appier’s road to IPO
Tech in Asia – Scaling Taiwan-based AI to global revenue. - Whoscall’s Thailand Expansion Strategy
Gogolook to use new Thai HQ to expand within the region
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