Business Angel Investment Program
Funds Taiwanese high-risk startups by matching sovereign capital with angels and accelerators before year-three.
The Business Angel Investment Program is a sovereign co-investment initiative of Taiwan's National Development Fund (NDF), which operates under the Executive Yuan and was established in 2006 through the merger of the Development Fund and the Sino-American Fund for Economic and Social Development. The NDF's statutory mandate, grounded in Article 29 of Taiwan's Statute for Industrial Innovation, is to speed up industrial innovation, promote economic transformation, and improve the value-added capacity and R&D capabilities of Taiwanese enterprises by investing, financing, or assisting relevant projects. The Business Angel Investment Program channels NT$2 billion of NDF capital into relatively high-risk Taiwanese startups, with the explicit policy goal of establishing a sound startup investment ecosystem rather than maximizing financial return.
NDF co-invests alongside qualified angel investors, domestic and foreign venture capital enterprises, angel investment organizations, angel clubs, accelerators, and incubators. Target companies are registered in Taiwan or overseas startups with principal business operations in Taiwan, established for less than three years and with paid-in capital or fundraising not exceeding NT$80 million (a restriction waivable by the investment review committee). Angel co-investors must provide at least one mentor — drawn from an angel investment fund, VC enterprise, angel organization, angel club, or accelerator — and commit to providing ongoing guidance, advice, and network linkages to the invested company in addition to capital.
This is an equity co-investment instrument — not a grant. Applications may be submitted by qualifying angel investors or by eligible startups; startups that have already secured angel investor participation are considered on a priority basis for NDF co-investment. The selection process is governed by NDF's investment review committee. Companies must be registered in or primarily operating in Taiwan. Prospective participants should apply through the NDF's official program portal at df.gov.tw.
Co-invests NT$2 billion of sovereign capital alongside qualified angel investors, VC enterprises, and accelerators in high-risk Taiwanese startups less than three years old.
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