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The Venture Capital StateThe Silicon Valley Model in East Asia$
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Robyn Klingler-Vidra

Print publication date: 2018

Print ISBN-13: 9781501723377

Published to Cornell Scholarship Online: May 2019

DOI: 10.7591/cornell/9781501723377.001.0001

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Private Sector Promoter

(p.78) 5 Taiwan
The Venture Capital State

Robyn Klingler-Vidra

Cornell University Press

Chapter Five explores how Taiwanese policymakers studied the Silicon Valley policy environment in the early 1980s, and then made significant adaptations when implementing their locally-focused, tax-credit centric interventionist VC policies. Most notably, Taiwanese policymakers, led by Minister-without-Portfolio K.T. Li, deployed tax credits geared at encouraging local, corporate VC investment rather than offering funding or regulatory changes that would promote a globally-linked VC market. Taiwan’s marquee VC policy tool (the tax credit) was pursued due to its policymakers’ preferences for using tax credits to promote local technology sector development. Taiwan’s use of a heterodox VC regulatory environment rather than Silicon Valley-like regulations stems from its policymakers’ prioritization of the local environment, particularly local investors’ preference for greater control over investment decisions and the local tax environment, over incentives to attract international fund managers.

Keywords:   Taiwan, Venture Capital, Entrepreneurship, Tax credits, Innovation policy, K.T. Li, Heterodox policy, Technology, Start-up, Autonomy

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