The Economic Times
Date: 16 Aug, 2015
By: Malini Goyal, ET Bureau

Taiwan is ranked among the most innovative countries in the world. According to the

Taiwanese industry thrives on innovation.

global rankings of IMD and World Economic Forum, it ranks ninth on technological infrastructure and on scientific infrastructure, and 13th on innovation.

How did a tiny country with barely 2 per cent of India’s population and very little natural resource manage to do this? Taiwan’s economic growth story is built around the way it has nurtured an innovative culture among people and its companies by building a robust ecosystem, thanks to its ministry of science and technology. The ministry has set up few critical bodies like science parks, and the Industrial Technology Research Institute.

With an annual budget of $1.4 billion (in 2014), it supports academic research, promotes industry R&D and also manages the National Science and Technology Development Fund to incubate innovative ideas. From electronics to semiconductors, nanotechnology to biotechnology, energy to genomic medicines, the ministry has rolled out programmes to nurture and build industry around it.     [FULL  STORY]