Startups in Taiwan have huge opportunities, but they tend to be too conservative, says William Bao Bean, Managing Director of Chinaccelerator. Especially, they needs the guts to fail, he tells The News Lens.
The News Lens.
“Taiwan’s startups have a huge opportunity,” (William Bao Bean) says. There is an abundance of highly educated technical and engineering talent with global experience and good command of English. The cost of R&D is also relatively low in Taiwan.
However, generally investors and entrepreneurs tend to be more conservative. There is a culture of disrespect for failure. Taking the risk of failing or embracing international collaboration seems to be a mental obstacle that is hard to get through, which limits the potential of business development. What Taiwan needs are more role models who take risks and achieve success. Taiwan’s market is small, so entrepreneurs should go global, Bao Bean says.
An investor’s support and an entrepreneur’s ambition, it’s a chicken-and-egg problem.
But no matter how, “Young people have to be brave to fail and just don’t make the same mistakes again. Embrace failure. Only through failing will you learn how to succeed,” says Bao Bean firmly.
Are you looking for more experts on innovation at the China Speakers Bureau? Do check out this list.
Earlier we discussed with William Bao Bean how mobile payments are going to hurt traditional banks and credit card companies