Taiwan's economy is adjusting to changing global trends. Innovation and entrepreneurship are necessary to enhance the country's economic growth. Silicon Valley, as a global hub of innovation along with its innovative technology in clean energy, biotechnology, medical devices, and networks, is an ideal partner for Taiwan to expand its impact in the world.
The Executive Yuan on December 18, 2014 issued Resolution 3429, otherwise known as the Innovation and Entrepreneurship policy, which aims to promote connections between local and international talent, capital, and knowledge in order to transform the country into a hub of innovation and entrepreneurship. This policy has four sections: International Links Section, Startup Ecosystem Section, Regulatory Environment Section, and Social Innovation and Youth Entrepreneurship Section.