Credit : MU-CHI SUNG / 奇群科技創辦人宋牧奇先生

1. MU-CHI SUNG
May, 2014
The Ecosystem Gap: Taiwan and the World

2. 384,400km
The Distance between Taiwan and Silicon Valley
this is what people usually think

3. The Distance between Taiwan and Silicon Valley
225,000,000km
this is what it actually looks like

4. Sorry, but there’s NO such thing called !
“startup ecosystem” in Taiwan

5. http://www.draperuniversity.com
Draper University 2014 Winter

6. The World Needs More Heroes
Tim Draper!
Founding Partner of DFJ

7. the HERO

8. World-class
Speakers

9. Alex Filippenko!
UC Berkeley

11. Dom Sagolla!
Co-Creator of Twitter

13. Bill Draper!
Founder of Silicon Valley

15. David Sacks!
PayPal Mafia

16. Austen Heinz!
Cofounder & CEO, Cambrian Genomics

20. DFJ Portfolio

21. DFJ Portfolio

22. VC-backed Portfolio in Taiwan

23. Major Differences

24. Vision
vision without execution is daydreaming;
execution without vision is nightmare.
in Taiwan

25. Thinking Process
vision first: what’s your world-changing idea? !
vs.
business model/revenue first: how do you make money?
in Taiwan

26. Vicious Circle
No Big Vision No Big Potential No High P/E Ratio
NoIPOMarketMomentum
TooRiskyforEarly-StageInvestorNoEarlyStageInvestment

27. No IPO Market Momentum Too Risky for Early-Stage Investor
NoEarly-StageInvestment
NoTaiwanese-VC-backedInnovationTaiwaneseentrepreneur…
Vicious Circle

28. No Early-Stage Investment No Taiwanese-VC-backed Innovation
Taiwaneseentrepreneur
hastorelyonthemselvesorgovernmentgrant
Vicious Circle

29. Taiwanese entrepreneur has to rely on themselves or government grant
Revenuehashigher
thenvision
priority
NoBigVisionNoBigPotential
Vicious Circle

30. Taiwanese entrepreneur has to rely on themselves or government grant
Revenuehashigher
thenvision
priority
NoBigVisionNoBigPotential
Vicious Circle

31. Revenue has higher then visionpriority No Big Vision
NoBigPotential
P/ERatioNoIPOMarketMomentum
H
igh
No
Vicious Circle

32. No Big Vision
No Big Potential
No High P/E Ratio
No IPO Market Momentum
Too Risky for Early-Stage Investor (No M&A and No Huge IPO Payout Possible)
No Early-Stage Investment
No Taiwanese-VC-backed Innovation
Taiwanese entrepreneur has to rely on themselves or government grant
Revenue has higher then visionpriority
No Big Vision
Find the weakest spot !
and create leverage

33. No Big Vision
No Big Potential
No High P/E Ratio
No IPO Market Momentum
No Early-Stage Investment
No Taiwanese-VC-backed Innovation
Taiwanese entrepreneur has to rely on themselves or government grant
Revenue has higher then visionpriority
No Big Vision
Find the weakest spot !
and create leverage
Too Risky for Early-Stage Investor (No M&A and No Huge IPO Payout Possible)
Need Really Successful Stories!!
targeting 1B USD IPO or 500M USD M&A (at least)!
to kick start enough momentum for Taiwan capital market!
(please stop proclaiming those “successful startup stories”)

35. Venture Capital
[limited partnership]
general partner (investment professionals) +
limited partner (people who put up the capital)
in Taiwan

36. Venture Capital
Private Equity
Investment based on actual numbers.
Invested in late stage or pre-IPO stage or leveraged buyout (LBO)
in Taiwan

37. Sam Altman, 29 Paul Graham, 49

38. Culture
we don’t embrace failure, but they do;
we don’t respect young professional, but they do;
we don’t believe super-crazy, world-changing ideas, but they do
in Taiwan

39. So, how can government help?
(to really kick start the momentum)

40. 取消大專院校育成中心補助, 集中補助產業界或民間育成機構
與其增加政府補助金額, 不如透過稅制優惠, 鼓勵民間資本投資重點扶植產業,
並訂定明確產業戰略目標, 而不是又是吃大鍋飯的思維;
台灣未來要重點發展的應是高價值知識密集的產業, 如生技/軟體/網路業等,
(Google一年的revenue就幾乎跟台灣一年的稅收差不多…)
淘汰舊時代的創投機構與經理人, 不論是透過國發基金的配合或是引入國外資金
鼓勵天使投資人, 建全天使投資環境(法規及稅務優惠), 鼓勵群 募資平台
引導民間資本投入新創事業, 除特定戰略型中大型企業補助外, 其餘皆可捨棄

41. 鼓勵銀行業之金融創新, 如比特幣或其它分散式貨幣(至少不要禁止)
吸引民間頂尖創業創新人才, 建立創業創新顧問團隊或智庫,
每季檢討政策及法令並提出修正及配套方案
相關政策或補助方案之KPI不應該考量營收與創造就業人口 -> Be Awesome
由上述之創業創新顧問團隊與民間溝通, 並建立跨國之產業或資金連結
鼓勵/ 迫大型企業進行M&A, 而不是什麼都要cost-down,
什麼東西看懂了都要自己做是不行的 -> 增加新創事業之出海口
參考Delaware C-corp相關之公司法與稅務規畫, 否則大家還是把公司擺境外...

42. 邀請矽谷真正知名的、白人圈內的成功/失敗的創業家或知名創投來台,
不能一直待在華人的圈圈裡取暖
鼓勵並補助國內學子或年輕創業家去矽谷參加Singularity University、
Draper University等Entrepreneur Crash Course
共同工作場域(Co-working Space)目前已過於氾濫, 缺乏主軸;
Maker Space、Hacker Space等是較好的選擇;
釋出公有場地是好的, 但必須由有track record之民間團體來規畫與執行,
而非公務員或特定財團;
政府扮演資源(土地/空間/資金)提供者的角色, 交由有執行能力的人來執行
重點在於丟出一顆夠亮的信號彈, 不在於大家一起吃大鍋飯;
唯有 樣才有可能促成民間資本的大量投入, 才有可能創造資本市場的動能,
才有可能有產業升級, 才有可能有長期GDP與薪資的成長

43. so, let’s co-create !
the ”startup ecosystem” in Taiwan

44. “where there’s hardship, there’s opportunity”
Q&A