Models of Taiwanese venture capital activity and paths for the future

Joseph H. Badino, Chiu-Chiang Hu and Chih-Young Hung

Venture Capital, 2005, vol. 8, issue 3, 203-226

Abstract: The Taiwanese venture capital industry provides an intriguing study. The primary objective of this paper is to present a general overview of the industry that captures the realities of Taiwanese venture capitalists' everyday business activities while explaining issues and trends through historical analysis and discussions of future possibilities. Utilizing statistical information, previous research, and extensive interviews with the island's venture capitalists, we discuss the emergence of the four current models of venture capital activity in Taiwan— financial subsidiary, industrial subsidiary, independent and associate companies. This leads to an introduction of the four paths most commonly cited by Taiwanese VCs as roads to future growth: new industries, new markets, the bridge proposition and the real VC . Each of these paths provides a springboard for tackling deeper issues the industry has wrestled with and will continue to wrestle with, including: its relationship with the island's core industries, its ability to successfully operate in foreign markets, the value of potential cross-Pacific synergies, and the value proposition for the variety of business services Taiwanese VCs provide. We conclude with a discussion on the fate of the island's innovation system, specifically the potential for Taiwan to strengthen its new-product innovation capacity and the future of professionalism in the Taiwanese VC industry.

Date: 2005
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DOI: 10.1080/13691060500433678

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