🇹🇼 從創新板 1.0 到 3.0：我一年多來對台灣創新資本市場的持續觀察
- 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 3.0: A Structural Shift in Taiwan’s Growth Capital Market
In 2025, the Taiwan Innovation Board entered a new phase.
What began as an institutional experiment to support high-growth companies has now evolved into a structural reform of Taiwan’s capital market. From Version 1.0 to 2.0 and now 3.0, the Taiwan Innovation Board reflects how Taiwan is learning to price innovation — not just regulate it.
Having followed the Taiwan Innovation Board for over a year, I see not isolated policy adjustments, but a staged transformation in how Taiwan connects startups to public capital.
Phase One: Taiwan Innovation Board 1.0 — Institutional Experimentation
The original purpose of the Taiwan Innovation Board (TIB) was clear:
Create a public listing platform for high-growth, non-profitable companies.
Inspired in part by the logic of Nasdaq, the Taiwan Innovation Board emphasized:
- Market capitalization over short-term earnings
- Core technology and innovation capability
- Business model scalability
- Flexible profitability requirements
From a regulatory perspective, the Taiwan Innovation Board was progressive.
However, its early structure limited participation to “qualified investors,” including:
- High-net-worth individuals
- Professional investors
- Institutional entities
Only around 300,000 investors in Taiwan met these standards.
The Taiwan Innovation Board had the right framework — but insufficient liquidity.
Phase Two: Taiwan Innovation Board 2.0 — Democratizing Access
In January 2025, the Taiwan Innovation Board entered Version 2.0.
The most important reform:
Ordinary investors could participate simply by signing a risk disclosure statement.
This expanded the eligible investor base from roughly 300,000 qualified participants to nearly 13 million brokerage accounts.
Version 2.0 addressed a fundamental question for the Taiwan Innovation Board:
Who is allowed to participate?
By lowering entry barriers, Taiwan signaled that growth companies should not remain confined to an elite investor circle.
But access alone does not create a fully functioning growth market.
Liquidity depth and trading flexibility remained limited.
Phase Three: Taiwan Innovation Board 3.0 — Integrating Market Mechanisms
In November 2025, the Taiwan Stock Exchange launched Taiwan Innovation Board 3.0.
This reform shifted the focus from investor eligibility to market infrastructure:
- Day trading permitted
- Margin trading and short selling enabled
- Warrants allowed
- Simplified transfer procedures to the Main Board
- Eligibility to apply for transfer after one year
If Version 2.0 democratized participation, Version 3.0 integrated the Taiwan Innovation Board into Taiwan’s core trading ecosystem.
This was liquidity engineering — aligning the Innovation Board with the mechanisms of the broader market.
Without active trading mechanisms, growth companies struggle to achieve stable price discovery. Taiwan Innovation Board 3.0 directly addressed that structural gap.
Taiwan Innovation Board and the Main Board Transfer Pathway
One early concern was whether the Taiwan Innovation Board would remain isolated from the Main Board.
In practice, successful transfer cases have already emerged.
J&V Energy (6869)
- First Taiwan Innovation Board company to transfer to the Main Board
- Demonstrated strong growth during its Innovation Board listing
- Completed transfer in 2024
J&V Energy validated the Taiwan Innovation Board as a staging ground for scaling renewable energy firms.
HD Renewable Energy Co., Ltd. (6873)
- Platform-based smart energy operator
- Leveraged Taiwan Innovation Board capital during expansion
Gogolook (6902)
- Digital anti-fraud and identity verification company
- Sought broader liquidity and enhanced market recognition
PlayNitride (6854)
- One of the earliest Taiwan Innovation Board listings
- Focused on MicroLED technology
- Backed by Samsung
These cases demonstrate that the Taiwan Innovation Board is no longer an isolated experiment. It functions as an operational growth pathway within Taiwan’s broader capital structure.
Early Validation Signals for the Taiwan Innovation Board
By December 2025, two important indicators emerged:
- Fifteen new listing applications — the highest annual total to date
- Unicorn tibit publicly showcased at Taipei 101
These developments suggest increasing entrepreneurial confidence in the Taiwan Innovation Board as a viable IPO channel.
Institutional reform succeeds not through announcements alone, but through voluntary participation.
What the Taiwan Innovation Board Evolution Reveals
Viewed longitudinally, the Taiwan Innovation Board’s evolution reflects three stages of institutional learning:
| Stage | Structural Learning |
|---|---|
| 1.0 | Accommodating non-profitable growth firms |
| 2.0 | Expanding investor access |
| 3.0 | Integrating full market mechanisms |
This trajectory signals a transition from a protective capital market structure toward a growth-capital allocation model.
The Cultural Question Behind the Taiwan Innovation Board
Regulatory reform can move quickly.
Investment culture evolves slowly.
Taiwan’s equity market traditionally emphasizes:
- Stable earnings
- Dividend yield
- Predictable profitability
But AI, SaaS, biotech, and renewable energy firms do not produce linear earnings in their early stages.
For the Taiwan Innovation Board to succeed long term, valuation culture must evolve alongside regulatory design.
2026: The Next Inflection Point for the Taiwan Innovation Board
The coming year will determine whether Taiwan Innovation Board 3.0 achieves structural transformation.
Key indicators include:
- High-visibility Main Board transfers
- Sustainable valuation benchmarks for growth companies
- Diversification of listed industry sectors
Taiwan Innovation Board 3.0 signals institutional commitment to modernization.
Whether Taiwan becomes a regional growth-capital pricing center will depend on how markets behave — not solely on how policies are written.
Final Reflection
In early 2025, I observed ambition in the Taiwan Innovation Board.
In mid-2025, I observed democratization.
By late 2025, I observed market integration.
This is not a single policy cycle.
It is a structural learning process.
And I will continue observing —
because Taiwan’s next strategic pillar may not emerge only from semiconductor fabrication plants, but from how the Taiwan Innovation Board helps the market price innovation.
If you’re interested in deeper analysis on AI, high-tech, and Taiwan’s evolving role in the global technology economy, I share regular insights in my LinkedIn Newsletter Taiwan Tech Dispatch.
👉 Subscribe to follow Taiwan’s high-tech and the industries.
Further Reading
- Attending the Taipei AI Innovation Sharing Forum: Focus on the Taiwan Innovation Board (TIB) and the Startup Capital Market
- Taiwan Eases Investor Restrictions on Innovation Board: Boost for Startup Fundraising and Globalization
- IPOs deliver record fundraising
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🇹🇼 從創新板 1.0 到 3.0：我一年多來對台灣創新資本市場的持續觀察
2025 年 3 月，我參加了一場在台北舉辦的 AI 創新交流分享會。
那場活動中，Taiwan Stock Exchange 的代表專門介紹了「台灣創新板（TIB）」的定位與願景。
當時的論述重點是：
創新板不是過渡市場，而是成長型企業的長期資本平台。
那是一種理想。
一年多過去了。
從 1.0 到 2.0，再到 3.0，我看到的已經不只是制度設計，而是一場資本市場結構的調整。
這篇文章，是我對這段演進的整理與延伸觀察。
一、創新板 1.0：制度正確，但市場冷清
創新板最初的設計，本質上是為了解決一個問題：
台灣是否能容納未獲利、但具有高成長潛力的公司？
它參考了 Nasdaq 的成長市場邏輯，強調：
- 市值導向
- 核心技術
- 商業模式創新
- 不必立即獲利
然而 1.0 時期面臨的最大挑戰是流動性。
當時僅限「合格投資人」參與，門檻包括：
- 高資產財力證明
- 專業投資資格
- 特定法人機構
全台僅約 30 萬人符合資格。
制度是對的，但市場太小。
二、2025 年 1 月：2.0 的「開門」
2025 年 1 月起，創新板正式進入 2.0 階段。
最重要的改變是：
一般投資人只要簽署風險預告書，即可參與交易。
這代表什麼？
投資人基礎從約 30 萬人，擴大至約 1300 萬戶證券帳戶。
這不是小調整。
這是去菁英化。
2.0 解決的核心問題是：
誰能參與？
我當時在文章中提到，這將為新創募資帶來三個影響：
- 資金來源多元化
- 市場活絡度提升
- 國際化布局資源增加
但事實上，2.0 仍然只是第一步。
因為有投資人資格，不代表有交易動能。
三、2025 年 11 月：3.0 的「市場化」
2025 年 11 月 ，創新板 3.0 正式鳴槍。
這一次的改革重點，不再是誰能進場，而是：
- 開放當沖
- 開放融資融券
- 納入權證標的
- 掛牌滿一年可申請轉主板
- 簡化轉板流程
如果說 2.0 是打開大門，
那 3.0 是啟動引擎。
這是流動性工程。
資本市場的本質不是條文，而是交易。
沒有流動性，就沒有合理估值。
四、轉主板，不再只是理論
在討論 3.0 之前，其實創新板早已出現轉主板成功案例。
1️⃣ 雲豹能源（6869）
- 創新板轉主板第一家
- 2024 年成功轉板
- 證明創新板可以成為成長跳板
2️⃣ 泓德能源（6873）
- 智慧電力平台模式
- 展現平台型成長股特質
3️⃣ 走著瞧（6902）
- 數位防詐技術公司
- 積極規劃轉板提升流動性
4️⃣ 錼創科技-KY（6854）
- 創新板首批公司
- 主打 MicroLED 技術
- 獲三星持股
- 展現高技術公司在創新板練兵的潛力
這些案例說明：
創新板已不再是孤島。
3.0 的轉板簡化，是在讓既有成功路徑更加順暢。
五、2025 年 12 月的訊號：制度開始被驗證
12 月出現兩個重要數據：
- 全年度申請上市新家數達 15 家，創歷史新高
- 獨角獸 tibit 於台北 101 亮相
這代表創業圈開始相信：
創新板是一條可行通道。
制度的成敗，不在於政策宣示，
而在於是否有人願意使用。
六、三階段，其實在學三件事
回顧這一年半，我看到的演進是：
| 階段 | 台灣在學什麼？ |
|---|---|
| 1.0 | 如何容納未獲利公司 |
| 2.0 | 如何開放投資人參與 |
| 3.0 | 如何真正市場化交易機制 |
這是一個從「保護型市場」走向「成長型市場」的過程。
七、真正的挑戰：文化
制度可以快速修正。
文化需要時間。
台灣投資文化長期偏好：
- 穩定 EPS
- 高殖利率
- 可預測獲利
但 AI、SaaS、生醫、綠能公司，
前期不會有漂亮財報。
如果市場沒有耐心，
創新板 3.0 再完善，也只是工具。
八、2026 年才是關鍵
接下來真正要觀察的是：
- 是否出現具代表性的成功轉板案例？
- 是否形成成長型公司合理估值模型？
- 是否改變主板的產業結構？
創新板 3.0 的推出，象徵台灣資本市場願意調整。
但它是否能讓台灣從「製造中心」轉向「創新定價中心」，
仍有待時間驗證。
結語
2025 年 3 月，我看到的是制度設計的理想。
2025 年 1 月，我看到的是市場開門。
2025 年 11 月，我看到的是交易機制市場化。
這不是一次改革。
這是一段學習過程。
而我會繼續觀察。
因為台灣的下一個護國神山，
或許不只來自晶圓廠，
也來自資本市場如何為創新定價。
如果你關心 AI 、高科技與台灣在全球經濟中的角色，
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，一起追蹤台灣以及高科技產業。
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