As a Group B economy, Taiwan has managed to achieve a top three positioning for NECI with an overall score of 6.2. While Taiwan-based entrepreneurs prove cautious due to rising costs, the level of business incubation activities remain relatively high on the global stage.

10 of its Framework Conditions scored among the top 10 of the 51 GEM economies, with three conditions ranked first: Government Policy: Taxes and Bureaucracy (7.1), Commercial and Professional Infrastructure (6.9), and Physical Infrastructure (8.4). On the flipside however, Entrepreneurial Education at School was rated an insufficient 4.3.

In terms of investment, just six per cent of adults said they had invested in someone else’s new business, with this low figure being explained by high-quality entrepreneurial finance being available elsewhere in Taiwan. Less than three in 10 adults in Taiwan in 2022 knew someone who had recently started their own business – down slightly from one in three in 2020 – and almost two in five adults agreed they have the skills and experience to start their own business. Meanwhile, nearly half saw good opportunities to do business locally.