Learning and adapting through the dynamic markets right now fosters our ability to innovate and explore bigger potentials in various markets. When considering strategies to drive innovation within the startup ecosystem, we are going to be faced with many compelling options. One you can try is market expansion. Market expansion is like hitting the nitro button for your business. It blasts you into new territories, ignites customer growth, and fuels a surge in revenue. Whether you're a seasoned company or a daring startup, this strategic move unlocks a world of exciting possibilities. Beyond diversification into new industries or geographical expansion, Taiwan, a nation experiencing rapid economic growth, emerges as a particularly attractive target market for startups to explore. Ranked 24th globally in The Global Startup Ecosystem Index 2023, Taiwan also stood at the 7th position in the Asia-Pacific region. This proves that their startup scene has rocketed forward with significant improvement year after year. Boasting a strong foundation for innovation through supportive government and creating a global AI-Tech Hub. In our recent post, Taiwan just recently hit an All Time High record in their market value (TWII) with focus on AI networking through business or customer services. This is very interesting to explore, especially for Indonesian startups who are looking for endeavors abroad. Taiwan’s major tech players like TSMC and Asus creates a fertile ground for Indonesian startups who are focused on hard-ware or developing cutting-edge technologies. Furthermore, their startup network also collaborates with huge investors, especially in tech. Indonesian startups who are hungry for growth, definitely shouldn’t miss this opportunity. So, what are the potentials we’re talking about? - Cultural and Geographical advantage. The same background culture in the Asia-Pacific region also supports adaptability of Indonesia's startup innovations to excel in Taiwan’s market. Other than that, Taiwan’s advanced technology and entrepreneurship infrastructure are perfect for startups to develop their expansion journey. - Bridge to a bigger startup network and expertise for navigating international expansion. For example, China, the US, Japan, South Korea, and many more. Not only that, expansion in Taiwan allows startups to be in 7 Free Trade Zones (FTZ), each with their own industry specialization. These FTZs are also located in ports where international trade passes by. - Being provided with robust policy, well-educated talent pool, tech-driven society and infrastructure. Starting from 2017, Taiwanese Government – National Development Council – released Startup Regulatory Adjustment Platform which enables founders with simple regulations to launch a business also with relatively low tax. Taiwan’s startup ecosystem also has the ease in talent searching because of a technology sufficient and english speaking education. This means every startup who is expanding to Taiwan will be given valuable resources and partnerships with incubators to fuel Indonesian innovations. Taiwan’s startup ecosystem currently is the perfect time and place for Indonesian startups to expand.