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CDIB Capital Innovation Accelerator helps start-ups compete on world stage

      2019-06-26

On June 26, China Development Financial (CDF) announced that the CDIB Capital Innovation Accelerator (hereinafter Innovation Accelerator), established by the CDIB Capital Innovation Accelerator Fund, has led a team of Taiwanese start-ups to Japan, where they visited top Japanese enterprises, such as LINE, and other strategic partners of the Innovation Accelerator. The Innovation Accelerator is dedicated to becoming a start-up platform via interaction with Taiwanese start-ups. CDIB understands that Taiwanese enterprises have a strong desire to explore overseas markets. Therefore, CDIB is utilizing the rich resources of the Innovation Accelerator to lead these companies abroad in the first step to being able to compete on the world stage. The first trip to Japan has been a highly rewarding one.

Ryan Guo, President of the CDIB Capital Innovation Accelerator Fund, believes the only way Taiwanese start-ups can grow is by expanding overseas. Japan was chosen as the first stop because it is geographically close to Taiwan. In addition, it has a well-defined supply chain hierarchy between large and small businesses, and a very unique start-up ecosystem, which offers Taiwanese start-ups a niche to break into via technologies and services. Guo said, “We have observed a strong demand from Japanese enterprises for the technologies and service that Taiwanese start-ups can offer. Japan is chosen as a springboard for us to realize the vision to help start-ups compete on the world stage.”

FunNow, KKday, AsiaYo, Viscovery, and Cherri Tech are the five portfolio companies invited to participate in this pioneering trip to Japan, as they come from a diverse group of sectors, including tourism, AI, and FinTech. Via the Innovation Accelerator, they visited not only LINE, but also the largest e-commerce and internet search giants in Japan, but also high-ranking executives of leading companies in Japan’s tourism, transportation, and financial groups. Guo said, through the strong sponsorship and network of the Innovation Accelerator, it aims to connect start-ups with high-level management of Japan’s respective sectors. The goal is to get start-ups to work as a team, instead of fighting alone. The Innovation Accelerator can match start-ups with needed resources, thus creating more investment opportunities.

Guo further noted, the pioneering visit is a whole new experience for the Japanese companies being visited. Jie He, Head of Greater China Area Venture Investment of LINE Group, said that close cooperation with the Innovation Accelerator is an integral part of LINE’s Taiwan investment strategy. For example, LINE Protostar not only cooperate with Innovation Accelerator at the fundraising level, but also join in exploring potential investment opportunities. He pointed out there are many aspects of technology, business models, and market experience in Taiwan and Japan that are complimentary to one another. This event serves as a new opportunity for Taiwanese and Japanese start-ups to exchange ideas with venture capital funds.

AsiaYo, an online Asian accommodation booking platform, is a participating start-up from Taiwan. Cheng Chao-kang, founder and CEO of AsiaYo, said the firm has been focusing on Asia as its target market since its founding. Visiting tier-one Japanese companies and having discussions about business cooperation opportunities would be of great help to its ability to explore the Japanese market in the future. Kevin Chen, CEO of Viscovery, a provider of AI-powered video recognition technology and video big data, said the opportunity to make proposals to many local venture capital firms in Japan during one trip is an efficient way to look for strategic investors, while also helping start-ups rapidly market their services overseas.

The Innovation Accelerator, established in 2017 by CDIB Capital under CDF, is a platform dedicated to matching start-ups with venture capital firms and iconic enterprises with foreign accelerators. CDIB Capital has been aggressively transforming itself into an asset management company. In recent years, it has been engaged in early-stage investment through the CDIB Capital Innovation Accelerator Fund, focusing on four major areas: the cloud, internet of things (IoT), mobile internet, and next-generation e-commerce. The Innovation Accelerator Fund has raised NT$1.29bn.

 

 

 
Legend: Melanie Nan, Senior Executive Vice President of CDIB Capital (third from left), and Ryan Guo, President of the Innovation Accelerator Fund (fifth from left) connected Taiwanese start-ups with Japan industry giants for international business opportunities.

 

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CDF is model of responsible corporate Citizenship. The company leads the way in maintaining good relations with Taiwanese society outside the business community by investing in day-to-day community welfare activities. In doing so, CDF reaches beyond the bounds of its role as a major investment bank and its corporate philosophy of assisting entrepreneurship and creating value for customers.
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