How can you be a part of the Silicon Valley?
On September 5th, TIEC held a Silicon Biotech meetup and invited distinguished guests such as Dr. Ser-Chen Fu of Pacific 8 Ventures, Mr. 吳俊彥 of ITRI, and TIEC Alumni Mr. Ray Chen of LongGood to share their views on the opportunities Taiwan startups have in Biotech, the FDA’s latest regulations, and their experiences in Silicon Valley.
Taiwan is the stepping stone to the Asia-Pacific market
Pacific 8 Ventures is an investment firm located in Silicon Valley, and focuses on startups that use cutting-edge technology to improve healthcare. They have invested in 10 Biotech startups in North America and plan to expand to the Asia-Pacific market in the near future.
Dr. Fu believes that many European and American venture capitalists are interested in the Asia-Pacific market, but are new to the region’s investment environment. Taiwan is the perfect place for investors to test the waters before jumping into the market.
He also recommended two approaches for startups to engage with investors:
First, find a professional with clinical experience – usually attending physicians in their fields – and introduce your product to them. This will help with gathering professional insight and promoting your product.
Second, provide data to hospital administrators that prove your product can reduce medical expenses, risk, cost, and also increase the profit.
Certification is an asset for all startups
吳俊彥, an engineer from the TIEC Office of Medical Device Evaluation, pointed out that the United States is the first country in the world to establish medical device management regulations. Therefore, FDA medical regulations are the guidelines that all countries must follow when formulating laws.
He also advised that when listing in different markets, different strategies must be adopted. For example, by obtaining the FDA 510(K) certification, you have proved that your product has met the regulatory requirements. This also works as an endorsement.
Silicon Valley is Heaven on Earth for startups
“For investors, it is the most important thing to know that your product has established trust from the market. To do that, you need to engage the market. Your products need to be recognized and have market value,” said Ray Chen, the alumnus of TIEC and CEO of Long Good, when sharing about his recent trip to the Silicon Valley.
In the past four years, the TIEC program has sent a total of 99 startup teams to the Silicon Valley, and has linked them with international resources that assisted in the further development of their businesses. This Biotech meetup was a great opportunity for entrepreneurs to connect with industry professionals, share market information, and network. Most importantly, this event brought the entrepreneurial spirit and experience of the Silicon Valley to Taiwan’s startup ecosystem, encouraging more Taiwanese startups to take the leap into the international arena.