Innovation financing policies for entrepreneurial development — Cases of Singapore and Taiwan as newly industrializing economies in Asia

This paper is concerned with the innovation financing policies for entrepreneurial development of Singapore and Taiwan, the first tier countries/newly industrializing economies (NIEs) in Asia. In particular, the study focuses on the venture capital and capital market funding policies. The study has shown that the government intervention model is successful in Singapore and Taiwan as a result of having clear cut agencies responsible for carrying out policy implementation. Both countries also have stock markets for high-tech industries with flexible market-entry regulations to support technology development. The study offers empirical reasons on effective innovation financing policies to support the national economic development.