新創企業應是經濟系統的創新根源，然而根據經濟部中小企業處做業諮詢服務中心 的統計，創業一年內就失敗的機率高達 90%，而能夠繼續經營的 10%新創中，90% 的企業會在五年內失敗。台灣積極地推動工業 4.0(包含雲端設備、物聯網、大數據 與智慧設備)，如何提升新創公司的存活率便為其中需解決的問題。若欲提高新創 公司之存活率，則需深入了解新創生態圈中的重要角色。本研究為質性研究，訪談 了四間具代表性的企業，包含之初加速器與創投(AppWorks)、中華開發資本 (CDIB Capital Group)、微軟 (Microsoft) 以及愛酷科技 (Accuhit)。透過本研究的個案 分析結果發現，新創企業、加速器、創投、雲端服務以及政府之間的相輔相佐在生 態圈中形成良性的循環，而新創因受到加速器、創投、雲端以及政府的協助，可以 獲得技術、導師、商業機會、知名度、資金等資源。尤其是雲端服務的技術，大幅 地減少新創公司初期所需要的成本。故本研究希望能由加速器、創投、雲端和政府 的角度以探討台灣數位科技導向的新創公司之現況，共同協助台灣未來的新創產業。

Startup innovation plays an essential role in a country’s Economy Development. However, Taiwan’s Ministry of Economic Affairs reports that only one out of a hundred start-ups are able to survive and make profits after five years. Taiwan actively promotes Industrial 4.0, including AI, the Internet of Things (IoT), Smart Manufacture in the past years; therefore, it is critical to understand the startup ecosystem in Taiwan to increase the survival rate of start- ups. This qualitative study provides a viewpoint of the relations and interactions among start- ups, accelerators, venture capitalist (VC), cloud servers, and the government. Through collected information from interviews, the result shows that these actors create a virtuous circle within the ecosystem, and start-ups can receive resources such as technical support, mentorship, business opportunities, brand recognition, and capital. This study contains four cases, including Microsoft, AppWorks, CDIB Capital Group, and Accuhit.

Table of Contents
論文審定書 i
摘要 ii
Abstract iii
Table of Contents iv
List of Figure vi
List of Table vii
1. Introduction 1
1.1 Research Background 1
1.2 Research Motivation 2
1.3 Research Objective 4
2. Literature Review 6
2.1 Startups and Strategy 6
2.2 Corporate Accelerator 7
2.3 Accelerator and Evaluation System 9
2.4 Venture Capital 10
2.5 Cloud Server 11
2.6 Government 12
2.7 Resource-based View 12
2.8 Business Ecosystem 13
3. Methodology 16
3.1 Research Approach 16
3.2 Interviewees 17
3.2.1 Microsoft 17
3.2.2 AppWorks 18
3.2.3 CDIB Capital Group 19
3.3.4 Accuhit 20
3.3 Research Process 21
3.3.1 Interview Procedure 21
3.3.2 Interview Design 21
3.4 Data Analysis 22
3.4.1 Analysis Approach 22
3.4.2 Analysis Method 23
3.5 Research Ethics 23
3.5.1 Privacy Issue 23
3.5.2 Informed Consent 24
4. Analysis and Result 25
4.1 Overview of main findings 25
4.2 The Business Ecosystem of Startups 25
4.2.1 Accelerator 25
4.2.2 Venture Capital 32
4.2.3 Cloud Service Provider 39
4.2.4 Government 41
4.2.5 Start-up 49
4.3 Other Findings 56
5. Discussion and Conclusion 57
5.1 Summary of the result 57
5.2 Managerial and Practical Implication 60
5.3 Limitation 60
5.4 General Conclusion and Suggestion 60
5.5 Recommendations for Future Research 61
References 63
Appendix 69

English Reference
1. Aljabre, A. (2012). Cloud Computing for Increased Business Value.
2. AppWorks. (2020). Yummy Corp Raises $12M in Series B Funding Amidst Global
Recession. Retrieved from https://appworks.tw/yummy-corp-raises-12m-in-series-b-
funding-amidst-global-recession/
3. Anggraeni, E., Hartigh, E. D., & Zegveld, M. (2007). Business ecosystem as a perspective for studying the relations between firms and their business networks.
4. Barney, J. B. (1991). Firm resources and sustained competitive advantage. Advances in Strategic Management Economics Meets Sociology in Strategic Management,203-227.
5. Barney, J., Wright, M., & Ketchen, D. J. (2001). The resource-based view of the firm: Ten years after 1991. Journal of Management,27(6), 625-641.
6. Bliemel, M. J., Flores, R. G., Klerk, S. D., Miles, M. P., Costa, B., & Monteiro, P. (2016). The Role and Performance of Accelerators in the Australian Startup Ecosystem. SSRN Electronic Journal. doi:10.2139/ssrn.2826317
7. Baldridge, R. (2021). What Is A Startup? Retrieved from https://www.forbes.com/sites/natalierobehmed/2013/12/16/what-is-a- startup/?sh=728f6f4f4044
8. CDIB Capital Innovation Accelerator. (n.d.). Retrieved from https://www.cdibh.com/en/OurBusiness/CDIBCapitalGroup/OurFundsInfo/18
9. Danshina, V. (2019). Algorithm for Corporate Startup Accelerator
Implementation. Proceedings of the International Scientific Conference "Far East Con" (ISCFEC 2018).
10. Davari, A., & Farokhmanesh, T. (2017). Impact of entrepreneurship policies on opportunity to startup. Management Science Letters,431-438.
11. Duchesneau, D. A., & Gartner, W. B. (1990). A Profile of New Venture Success and Failure in an Emerging Industry. Entrepreneurship as Organizing,78-93.
12. Fowle, Michael. (2017). Critical Success Factors for Business Accelerators: A Theoretical Context.
13. Gkikas, D. (2014). The Impact of Cloud Computing on Entrepreneurship and Start-ups : Case of Greece (Dissertation). Retrieved from http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-147767
14. Grant, M. (2021). What You Should Know About Startups. Retrieved from https://www.investopedia.com/terms/s/startup.asp
15. Hsu, D. K., Haynie, J. M., Simmons, S. A., & Mckelvie, A. (2013). What matters, matters differently: A conjoint analysis of the decision policies of angel and venture capital investors. Venture Capital,16(1), 1-25.
16. Hargie, O., & Tourish, D. (2009). Auditing organizational communication: A handbook of research, theory and practice. London: Routledge.
17. Hayes, A. (2021). Venture Capital Definition. Retrieved from https://www.investopedia.com/terms/v/venturecapital.asp
18. Kohler, T. (2016). Corporate accelerators: Building bridges between corporations and startups. Business Horizons,59(3), 347-357.
19. Kupp, M., Marval, M., & Borchers, P. (2017). Corporate accelerators: Fostering innovation while bringing together startups and large firms.
20. Kennon, J. (2020). A Look at the Many Benefits to Forming a Limited Partnership. Retrieved from https://www.thebalance.com/top-6-reasons-to-form-a-limited- partnership-357534
21. Miloud, T., Aspelund, A., & Cabrol, M. (2012). Startup valuation by venture capitalists: An empirical study. Venture Capital,14(2-3), 151-174.
22. Meriläinen, K. (2016). Success factors in corporate startup accelerators.
23. Moore, James. (1999). Predators and Prey: A New Ecology of Competition. Harvard
business review. 71. 75-86.
24. Peltoniemi, M., & Vuori, E. (2008). [PDF] Business Ecosystem as the New Approach
to Complex Adaptive Business Environments: Semantic Scholar. Retrieved from https://www.semanticscholar.org/paper/Business-Ecosystem-as-the-New-Approach-to- Complex-Peltoniemi-Vuori/586407b38cc3bb0560ff9941a89f3402e34ee08b
25. Pidun, U., Reeves, M., & Schüssler, M. (2021, March 18). Do You Need a Business Ecosystem? Retrieved from https://www.bcg.com/publications/2019/do-you-need- business-ecosystem
26. Regmi, K., Ahmed, S. A., & Quinn, M. (2015). Data Driven Analysis of Startup Accelerators. Universal Journal of Industrial and Business Management,3(2), 54-57.
27. Radojevich-Kelley, N., & Hoffman, D.L. (2012). Analysis of Accelerator Companies: An Exploratory Case Study of Their Programs, Processes, and Early Results.
28. Salamzadeh, A., & Kesim, H. K. (2015). Startup Companies: Life Cycle and
Challenges. SSRN Electronic Journal.
29. Seitz, N., Lehmann, E., & Haslanger, P. (2019). Corporate Accelerators and Start-up Performance – Evidence from Germany. Academy of Management Proceedings,2019(1), 15052.
30. Schulte, Reinhard. (2007). Pre-startup planning sophistication and its impact an new venture performance in Germany.
31. Snieska, Vytautas & Venckuviene, Vitalija. (2011). THE ROLE OF GOVERNMENT IN VENTURE CAPITAL MARKET: LITHUANIAN CASE. ECONOMICS AND MANAGEMENT. 16.
32. Singh, M. (2020). Singapore's micromobility startup Beam raises $26 million. Retrieved from shorturl.at/dqswQ
33. Startup Genome. “The Global Startup Ecosystem Report 2020 (GSER2020).” Startup Genome, 2020, startupgenome.com/reports/gser2020.
34. Wani, K. C. (2018). Strategies to Sustain Small Businesses Beyond 5 Years. Retrieved from
https://scholarworks.waldenu.edu/cgi/viewcontent.cgi?article=6174&context=dissertati
ons
35. Åkerman, G., & Szemberg, J. (2018, May). Configuring the Corporate Accelerator for
Synergies: A Multiple Case Study on the Relation Between Configurations of Corporate Accelerators and Potential for Synergies with Startup Support Institutions. Retrieved from https://lup.lub.lu.se/student-papers/search/publication/8980772

Chinese Reference
1. 微軟新創加速器第二期 18 家新創團隊名單正式揭曉. (2020). Retrieved from https://news.microsoft.com/zh-tw/startup-accelerator-microsoft/
2. 徐慶柏、劉聖元. (2020, September 24). 【新創園地-加速器盤點】58+3! 不是升 溫中的愛情，也不是辣口的高粱;是加速器的.... Retrieved from https://findit.org.tw/researchPageV2.aspx?pageId=1527
3. Tsai, A. (2020). 3 個 H，AppWorks 如何評估創業者?. Retrieved from https://appworks.tw/appworks-3h/
4. AppWorks. (2019). AppWorks Demo Day #19 登場，18 支國際新創備受矚目! AppWorks 生態系募資突破 10 億美元、總估值達... Retrieved from https://appworks.tw/demo-day-19/
5. Accupost. (2021). 專訪 AccuHit 創辦人 Jason - AI 與 MarTech 研究. Retrieved from https://blog.accuhit.net/2020/12/12/專訪-accuhit-創辦人-jason/
6. Accupost. (2020). 為何選擇 MarTech 作為創業項目? - AI 與 MarTech 研究. Retrieved from https://blog.accuhit.net/2019/09/25/為何選擇martech作為創業項 目?/
7.《台灣金融科技發展 100 個關鍵問題》 - KPMG Taiwan. (2020). Retrieved from https://home.kpmg/tw/zh/home/insights/2020/07/tw-100-questions-fintech- development-in-taiwan.html
8.《2020 台灣新創生態園區大調查》- PwC Taiwan. (2020). Retrieved from https://www.pwc.tw/zh/publications/download/download-2020-taiwan-startup- ecosystem-survey.html
9. 優化新創事業投資環境行動方案. (n.d.). Retrieved from https://www.ey.gov.tw/Page/448DE008087A1971/21460cec-06ba-4441-bf26-
d76391a5b093
10. 方至民. (2015). 策略管理:建立企業永續競爭力 (四版.). 前程文化事業股份有限 公司.