台灣創業融資環境之初探

Abstract

根據Global Startup Ecosystem Report(2019)，全球新創企業數量逐年攀升，全球創業型經濟之發展，相較於2017年增長20%之產值，由此可見新創產業已成為未來之趨勢，而在台灣目前新創產業發展與世界趨勢相同，創業家數量逐年攀升，政府也透過更改法規與設立圓夢基地之方式改善新創環境，並且設立獎項與補助之方式提供資金援助。\n但創業前期之企業生存不易，前期新創企業以募資最為困難，前期資金因資訊難以透明化容易造成企業家與投資者之資訊不對稱難以獲得投資者之肯定，新創企業家必須利用各種方式尋找資源，傳遞出正向之訊號，較容易獲得企業家之肯定，才能夠讓嶄新之商品或是營運模式持續經營，而台灣目前主要卓著於研究群眾募資或是創業投資等部分，對於天使投資之部分則相對較少，因此本研究將專注於天使投資階段。\n本研究透過訪談獲得國家新創事業獎之微型企業，以了解該企業之創設動機與主要新創前期之問題點和透過何種方式募取資金之面向為核心，根據訪談內容進行統整與分析，搭配訊號理論，以提出未來新創產業之企業家如何募資與政府單位如何改進之建議。\n研究發現，以台灣現況來說天使投資人接觸不易，新創企業必須善用說故事之方式，拉近企業與投資者之距離，並且利用新創獎項與詳細計算之財務數字傳遞出有質量之訊號，降低投資人和創業者間的資訊不對稱，以期能夠提升前期融資之成功率。

According to the Global Startup Ecosystem Report (2019), the number of global startups is increasing year by year. The development of the global entrepreneurial economy has increased its output value by 20% compared to 2017. This shows that startup industries have become the trend of the future. The current development of new startup industries is the same as the world trend. The number of entrepreneurs is increasing year by year. The government has also improved the environment for startups by changing regulations and setting up “dream bases”, and providing financial assistance by setting up awards and subsidies.\n\nHowever, it is not easy for early-stage ventures to survive. Early-stage startups are the most difficult to raise funds. The difficulty of transparent information in the early stage of capital can easily cause information asymmetry between entrepreneurs and investors and it is difficult for investors to evaluate the quality of new ventures. Entrepreneurs must use various ways to find resources and send positive signals, and it is easier to get the affirmation of entrepreneurs so that brand-new products or business models can continue to operate. Current research has mostly focused on the role of crowdfunding or venture capital, while little attention has been paid to the role of angel investors.\n\nAgainst this background, this research aims to explore the role of angel investors in entrepreneurial financing in Taiwan. This research aims to understand the motivations of the company, the main problems in the early stage of the startup, and the way to raise funds. This research uses interviews with one micro-enterprise that have won the National New Venture Award as the focus of analysis. The content of the interviews is integrated and analyzed. From the perspective of signaling theory, this research proposes that signals are important in raising funds for entrepreneurs in new industries and receiving awards from government organizations.\n\nThe study found that in the current situation in Taiwan, it is not easy to contact angel investors. Start-ups must make good use of storytelling to narrow the distance between the company and investors and use the new start-up awards and detailed financial numbers to deliver quality signals, reducing information asymmetry between founders and investors. This will significantly increase the success rate of early-stage financing.