TAIPEI CITY , Nov. 13, 2024 /PRNewswire/ -- To support Taipei-based startups in taking on global expansion, the Taipei City Government has introduced the "Global Pass" program. This initiative offers up to 80% subsidies for co-working space rentals abroad, with an annual limit of USD 2,000, helping startups reduce the barriers to international market entry.
About the Global Pass Program
Taipei City's "Global Pass" program is designed specifically for startups registered in Taipei and established within the past 12 years. The program aims to assist companies in establishing a presence in various countries and regions through co-working spaces, providing them with essential market insights and networking resources to lower initial market entry costs. Startups can apply for the subsidy within 15 days of securing a foreign co-working space; once approved, they can offset their entry costs.
A key feature of this program is that the support provided goes beyond just funding. It also helps companies gain practical information about the local market, quickly establish networks, and better understand market dynamics. This allows startups to swiftly adapt to local needs while expanding their business abroad. The Taipei City Government hopes that by reducing the risks associated with entering unfamiliar markets, this policy will help startups gain confidence in their international ventures and ultimately enhance Taipei's competitiveness in the global startup ecosystem.
Flexibility of Co-working Spaces Provides Diverse Support for Startups
The flexibility, affordability, and networking potential of co-working spaces make them an ideal choice for startups entering international markets. For emerging or expanding companies, co-working spaces offer an affordable entry point to office facilities and quick access to local resources and networks, which is especially crucial for startups needing to test their products and adapt to local market demands quickly. Through the "Global Pass" program, Taipei City harnesses the flexible advantages of co-working spaces to offer startups a cost-effective way to explore new markets, reduce financial pressures, and improve adaptability.
Success Stories: How Startups Are Benefiting from Global Pass
Since its inception in March, the "Global Pass" has supported numerous startups in going global. Eslitec, for example, used the program to enter Japan with its "MantaGO" platform, which enables small businesses to engage customers through chatbots. CEO Janice Hsu highlighted the program's role in providing swift market entry and valuable local networks, which enhanced Eslitec's global competitiveness.
TapPay, focused on cross-border payments, conducted localization trials in Southeast Asia with the program's support, using co-working spaces for adaptive testing. TapPay's manager noted that the flexibility helped them meet local payment needs efficiently, overcoming challenges related to cultural differences.
IHH has leveraged the program to expand in Japan with its video collaboration technology. Founder Aryan Hung appreciated the cost-effective venues provided, which facilitated technology showcases and local partnerships, quickly boosting IHH's visibility.
Similarly, OakMega has established a long-term Tokyo presence through the program. Founder Porsche Tsai shared that co-working resources led to significant milestones, including a contract with a pharmaceutical company and investment from Japan's Nomura Research Institute, enabling OakMega's growth with minimized overseas expenses.
Other Taipei startups participating in the "Global Pass" affirm its benefits and express intentions to reapply, citing enhanced confidence in pursuing international markets thanks to government support.
Global Pass: Supporting Taipei Startups in Global Expansion
The "Global Pass" is a powerful tool for Taipei startups aiming for international success. As more companies achieve milestones abroad, Taipei's reputation as a center for innovation and entrepreneurship continues to grow. The Taipei City Government encourages eligible startups to apply and create new success stories on the global stage.