Creating a platform for Taiwanese talent
On numerous occasions, Tseng has been invited to return to Taiwan and work with startups here. Based on these contacts, he observes: “They are not resourceful enough!” If they limit themselves to targeting the Taiwan market, they will have little chance of attracting international venture capital. ASEAN, Taiwan and Hong Kong are all part of the same investment ecosystem, notes Tseng, but thanks to widespread use of English, tax incentives and robust rule of law, many venture capital firms have chosen Singapore as their base, so startup visibility is more evident there than elsewhere. If Taiwanese startups can establish a presence in Singapore, or participate more in the local startup scene and thereby go beyond their “comfort zone,” they will be more likely to attract attention.
Another startup, CloudMile, is an example of a firm that has actively chosen to extend its reach beyond Taiwan.
Founded in 2017, CloudMile mainly provides cloud management application services, and utilizes AI technology and big data analytics to help clients with business forecasting and industrial upgrading.
Spencer Liu, CloudMile founder and CEO and formerly a manager of an international business firm’s technical team, was deeply impressed by the abbreviated “formula” once used by foreign management—1, 3, 7, 10—to rank the pay packages of engineers by nationality. If an Indian engineer was paid $1, a Taiwanese one would get $3, while second-tier European and Americans would be rewarded with $7 and top-tier Westerners with $10. But Liu believes that Taiwanese engineers are second to none, and he hopes to create a marketplace that will help them find their rightful place in the world at large.
CloudMile set up its Hong Kong operations team, which won more than a dozen new customers in one three-month period, and began preparations for setting up an outpost in Singapore—all within 2018.
Startup CloudMile frequently hosts technology forums and seminars in Taiwan, Hong Kong and Singapore to actively expand the international market. (courtesy of CloudMile)