Taiwan Innovation Board：從 CyCraft 登錄創新板，看台灣如何邁向「亞洲那斯達克」
- 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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Taiwan Innovation Board: How CyCraft Signals Taiwan’s Path Toward an Asian Nasdaq
For years, Taiwan’s capital market authorities have articulated an ambitious goal:
to transform Taiwan into an Asian asset management hub,
and to build an Asian version of Nasdaq.
At the center of this ambition sits one institutional mechanism:
the Taiwan Innovation Board.
Yet for a long time, this vision remained largely theoretical. Policy frameworks were in place, but real-world validation was limited. That began to change when a growing number of globally oriented startups started making deliberate listing choices.
One recent case, in particular, stands out.
Why CyCraft Chose the Taiwan Innovation Board
In early 2026, CyCraft, a Taiwan-born AI cybersecurity company, announced plans to list on the Taiwan Innovation Board.
This was not a defensive move driven by financial pressure.
- Projected 2025 revenue: NTD 369 million
- Year-over-year growth: 23%
- More than 90% subscription-based (SaaS) revenue
- Customers spanning government, enterprise, and overseas markets
- Backed by international and strategic investors
Most notably, CyCraft’s chairman was explicit about the motivation behind the listing:
To support acquisitions and accelerate global expansion.
That single statement captures why the Taiwan Innovation Board matters—not just as a listing venue, but as a strategic growth platform.
CyCraft Is Part of a Broader Pattern
CyCraft is not alone in treating the Taiwan Innovation Board as a first-choice destination.
Earlier, Gogolook, the company behind Whoscall, also chose the Taiwan Innovation Board as its primary listing venue. The move strengthened its international credibility, supported overseas growth, and elevated its positioning in global markets.
Different sectors, similar logic.
| Dimension | Gogolook | CyCraft |
|---|---|---|
| Business model | SaaS / Subscription | SaaS / Subscription |
| Market orientation | Global | Global |
| Capital urgency | Low | Low |
| IPO purpose | Expansion & credibility | M&A & acceleration |
| Listing venue | Taiwan Innovation Board | Taiwan Innovation Board |
The implication is clear:
The Taiwan Innovation Board is evolving from a regulatory experiment into a deliberate launchpad for globally ambitious Taiwanese startups.
What the Taiwan Innovation Board Was Designed to Achieve
The Taiwan Innovation Board was created to address a structural gap in Taiwan’s capital markets.
Traditional listing pathways favored mature, asset-heavy companies. What was missing was a market tailored to:
- High-growth
- High-risk
- High-potential
companies operating in AI, SaaS, cybersecurity, biotech, and defense technology.
The goal of the Taiwan Innovation Board is not simply to enable listings, but to allow these companies to:
- Be priced and valued in Taiwan
- Be legible to international capital
- Use equity as a tool for long-term strategic growth
This is precisely the role Nasdaq has played in the United States.
Why CyCraft Fits the “Asian Nasdaq” Thesis
Viewed through the lens of the Taiwan Innovation Board, CyCraft is not just a listing candidate—it is a textbook example.
1. Asset Profile Alignment
CyCraft is an AI-native, software-first company with:
- High technical barriers
- Recurring revenue
- Strong scalability
- Globally comparable metrics
These are exactly the types of assets global capital markets are built to evaluate.
2. Market Structure Alignment
CyCraft’s growth trajectory extends well beyond Taiwan, with meaningful exposure to:
- Japan
- Government and defense sectors
- International enterprise customers
For such markets, public listing status is not optional—it is foundational to trust.
3. Strategic Motivation Alignment
CyCraft’s decision to list on the Taiwan Innovation Board is not about survival.
It is about:
- Using public equity as acquisition currency
- Accelerating overseas expansion
- Scaling organizational and operational capacity
This mirrors the strategic logic seen among growth-stage companies on Nasdaq.
From Being Acquired to Becoming the Acquirer
An often-overlooked detail is that CyCraft’s founding team has already experienced multiple exits in previous ventures.
This time, the ambition is different.
Rather than becoming an acquisition target, CyCraft is positioning itself to lead acquisitions.
Access to public markets—specifically via the Taiwan Innovation Board—provides the liquidity, transparency, and strategic leverage required to execute that shift.
From Policy Vision to Market Validation
For years, skeptics questioned whether the Taiwan Innovation Board could attract truly representative companies.
With firms like Gogolook and CyCraft stepping forward—both SaaS-based, globally oriented, and strategically intentional—that question is finally being answered.
The Taiwan Innovation Board is increasingly becoming:
- A first listing venue for Taiwan’s growth-stage tech companies
- An entry point for international investors seeking exposure to Asian innovation
- A capital platform for companies transitioning from product success to organizational scale
Conclusion: When the Taiwan Innovation Board Starts to Take Shape
Becoming an Asian asset management hub—or an Asian Nasdaq—was never going to happen overnight.
It requires time.
And it requires leadership from companies willing to set precedents.
When a company like CyCraft chooses the Taiwan Innovation Board not as a compromise, but as a strategic launchpad for M&A and global acceleration, the vision moves beyond policy rhetoric.
It becomes visible—through real corporate decisions.
That may be the moment the Taiwan Innovation Board truly begins to take shape.
If you’re interested in deeper analysis on Taiwan-US trade, AI supply chains, and Taiwan’s evolving role in the global technology economy, I share regular insights in my LinkedIn Newsletter Taiwan Tech Dispatch.
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Further Reading
- CyCraft Pre-IPO: Capturing APAC’s High-Growth Markets with AI-Driven Momentum
- CyCraft Technology Corporation received approval from the Listing Review Committee of Taiwan Stock Exchange for TIB primary Listing
- Asian Venture Capital in a Capital Winter: Why AppWorks Fund IV Matters to Global Tech and Investors
- 🌐 Findit: Taiwan’s Official Startup Database — The Local Version of Crunchbase and Dealroom
- 🌟 Taiwan’s AI Cybersecurity Startup CyCraft Technology Secures Funding for Global Expansion
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Taiwan Innovation Board：從 CyCraft 登錄創新板，看台灣如何邁向「亞洲那斯達克」
過去幾年，台灣資本市場不斷提出一個高度戰略性的願景：
打造「亞洲資產管理中心」，並建立屬於台灣的「亞洲版 Nasdaq」。
而承載這個願景的核心制度平台，正是 Taiwan Innovation Board（台灣創新板）。
然而很長一段時間，這個願景更多停留在政策論述層次，市場始終在問一個關鍵問題：
究竟有哪些公司，真的會選擇 Taiwan Innovation Board 作為成長舞台？
直到近期，一個明確的案例，讓這個問題開始有了答案。
為什麼一家 AI 資安新創，選擇 Taiwan Innovation Board？
2026 年初，台灣 AI 資安新創 奧義智慧（CyCraft） 宣布，將於 2 月正式登錄 Taiwan Innovation Board。
這並不是一家「為了活下去而上市」的公司：
- 2025 年全年營收預估 3.69 億新台幣
- 年成長率 23%
- 90% 以上為訂閱制（SaaS）營收
- 客戶橫跨政府、企業與海外市場
- 投資人包含國際資本與大型企業
更重要的是，董事長在上市前說得非常直接——
上市的目的只有兩個：「併購」與「加速」。
這句話，其實正好點出了 Taiwan Innovation Board 存在的核心價值。
CyCraft 並非特例，而是路線開始成形
在 CyCraft 之前，Gogolook（Whoscall 母公司）已率先選擇 Taiwan Innovation Board 掛牌，並以此作為國際化、品牌信任與組織擴張的重要支點。
兩家公司產業不同，但選擇的路線高度一致：
| 面向 | Gogolook | CyCraft |
|---|---|---|
| 商業模式 | SaaS／訂閱制 | SaaS／訂閱制 |
| 市場定位 | 國際市場 | 國際市場 |
| 是否缺資金 | 否 | 否 |
| 上市目的 | 擴張與信任 | 併購與加速 |
| 掛牌平台 | Taiwan Innovation Board | Taiwan Innovation Board |
這意味著一件關鍵的轉變正在發生：
Taiwan Innovation Board，開始被真正具備國際競爭力的新創，視為「成長放大器」，而不是退而求其次的選項。
Taiwan Innovation Board 原本要解決的結構性問題
傳統台灣資本市場，長期更適合：
- 成熟產業
- 製造導向公司
- 資產與現金流已高度穩定的企業
但對於 AI、SaaS、資安、生技、國防科技 這類：
- 高成長
- 高風險
- 高潛力
的新創企業來說，原有制度始終不夠友善。
Taiwan Innovation Board 的設計初衷，正是補上這個缺口。
它的目標不是單純「讓新創上市」，而是讓這些公司能夠：
- 在台灣完成合理定價
- 被國際投資人理解與比較
- 將股權作為長期擴張與併購工具
這正是美國 Nasdaq 在全球科技創新體系中所扮演的角色。
為什麼 CyCraft 是「亞洲那斯達克」願景的關鍵拼圖？
從 Taiwan Innovation Board 的角度來看，CyCraft 幾乎是教科書等級的案例。
1️⃣ 資產型態對齊
CyCraft 是典型的 AI-native 軟體公司：
- 高技術門檻
- 訂閱制營收
- 高毛利、可擴張
- 可與國際 SaaS 公司直接對標
這正是國際資本市場最熟悉、也最願意給溢價的資產類型。
2️⃣ 市場結構對齊
CyCraft 的成長動能並不侷限於台灣，而是來自：
- 日本市場
- 政府與國防應用
- 國際企業客戶
在這樣的市場結構下，「上市公司身份」本身，就是一種必要的信任基礎。
3️⃣ 上市動機對齊
CyCraft 選擇 Taiwan Innovation Board，並不是為了補血，而是為了：
- 以股票作為併購對價
- 加速海外市場擴張
- 放大組織與營運規模
這與 Nasdaq 上多數成長型科技公司的邏輯完全一致。
從「被併購」到「主導併購」
一個常被忽略但極為關鍵的背景是：
CyCraft 的創辦團隊，過去兩次創業最終都被海外公司併購。
這一次，他們選擇不同的終局想像。
不再只是成為被併購的標的，而是站上 Taiwan Innovation Board，成為併購的發動者。
而這樣的角色轉換，唯有透過資本市場，才能真正成立。
Taiwan Innovation Board：從制度實驗走向市場驗證
長期以來，外界對 Taiwan Innovation Board 最大的質疑是：
制度有了，但缺乏代表性公司。
隨著 Gogolook、CyCraft 這類具備國際市場、SaaS 商業模式、明確成長策略的新創陸續進場，這個問題正在被現實回答。
Taiwan Innovation Board 正逐步成為：
- 台灣成長型科技公司的 第一上市地
- 國際資金理解台灣新創的 入口市場
- 新創從「產品成功」邁向「組織級擴張」的 資本平台
結語：當 Taiwan Innovation Board 開始有了輪廓
成為「亞洲資產管理中心」或「亞洲那斯達克」，從來就不是一蹴可幾的事。
它需要時間，
也需要公司用實際選擇來驗證。
當 CyCraft 這樣的 AI 資安新創，選擇 Taiwan Innovation Board 作為併購與國際加速的起點，這個願景終於不再只存在於政策簡報中。
而是開始在真實的公司決策裡，逐漸成形。
如果你關心 台美貿易、AI 供應鏈、半導體與台灣在全球經濟中的角色轉變，
我會在 LinkedIn Newsletter《Taiwan Tech Dispatch》中，持續分享更深入的第一線觀察。
👉 歡迎訂閱，一起追蹤 Taiwan-US trade 的結構性轉折。
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