With COVID-19 causing many of us to seriously consider where our lives are heading in the near future, many of us are surely thinking of ways to either expand and grow or start-up new and exciting businesses that are equipped to handle this ‘new normal’ we find ourselves in. But where to look geographically?
In the next decade or so, Taiwan is predicted to become one of the best places for a business to open its doors for a number of reasons, which we’ll explore in detail below.
Tech
Taiwan’s innovative tech community is amongst the bravest and brightest in the world. Not only is it a mass producer of semiconductors, but it’s always been a forward-thinking area with an innovative ecosystem. For decades, major tech companies and investors have been setting up shop in Taiwan and while a lot of that ground has been lost to China in recent years, the country’s history of innovation and affordable tech should set it in good stead in years to come. If you are looking at getting into AI and machine learning, cloud computer or any other number of tech-rated businesses, Taiwan could be your best bet on balance.
Improvement
Since the 80’s, Taiwan has been transforming into one of the world’s most powerful manufacturing hubs. Think about it, how many times have you turned a product over and found a “made in Taiwan” label? This is thanks partly to its central geographic location and thanks to its enthusiastic adoption of the internet. Indeed, more than 85% of the country’s citizens are online and more than 70% of that is smartphone-based. Internet speeds in the country are also amongst the fastest in the world. This makes Taiwan one of the most connected countries in Asia.
Talent
Taiwan is one of Asia’s leading countries in terms of literacy at 98.5% and ranks 4th in the world for math and science education. This means there is a veritable smorgasbord of talent waiting to be lapped up. Indeed, Taiwanese Universities churn out over 10,000 commuter science graduates every year, so if you’re a tech startup looking for local talent, you couldn’t really do much better.
Strong Government
While the population is small at only 23.5 million, it’s a very open market, which makes it incredibly easy for businesses to use Taiwan as a fruitful test market. The government has been very vocal in helping SMEs and Strauss get off the ground with various grants and incentives. The more open marketplace also makes it a popular hub for stock trading and investments and you are unlikely to find yourself blighted by the regulations you might find in many western countries.
