“Several factors have driven Taiwan's innovation success, including: targeted public funding for research and development, successful integration into global supply chains, and the development of a 'knowledge-based economy'. This is the description of Taiwan. However, I couldn't find my country in that website. It's hard for me to find the latest index anywhere, not everyone had recent data on Taiwan. The only one I can find is the Global Innovation Index 2009-2013. I therefore choose Hong Kong, right next to Taiwan, to compare and describe the role of innovation and entrepreneurship in both countries, and some innovation situations I have experienced in Taiwan. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay The case of Taiwan is particularly interesting, as GDP per capita has increased more than twenty-fold since 1960 (IMF, 2012). In 2009-2013, Taiwan ranked 6th in the Global Innovation Index and 1st in the Geneva International Exhibition of Inventions and INPEX. Technology has grown rapidly in Taiwan and plays a vital role in economic transformation with strength in developing “knowledge-intensive industry”. Taiwan's industries are transforming from high-efficiency mass production, such as manufacturing, to application innovation of products, systems and services. High tech industry is playing an important role in Taiwan, because Taiwan is really small compared to other countries and the range of industries is narrower. And the territories that high technology needs are much smaller. Therefore, it is suitable for Taiwan. The report states that due to the source of research and development funds, businesses and enterprises occupy the highest percentage (67.15% in 2006) and then the government apparatus (31.41%). This shows that the role played by businesses and enterprises is becoming increasingly important. High technology is the new industry of the 21st century, so many new ideas are needed to develop it. I think this is why innovation was very popular at that time in Taiwan. Some statistics can prove this opinion. In Taiwan, 268 US invention patents can be obtained per million people. This performance is superior to that of the United States and Japan and ranks first in the world. Even though I didn't have the last place in Taiwan's Global Innovation Index, our country's government continues to attach importance to innovation and entrepreneurship. The government established the Taiwan Innovation and Entrepreneurship Center to provide the resources to realize your idea and the platform for investors and startup teams to exchange ideas and get to know each other. Recently, Taiwan has used its formidable technology and engineering talent to focus on virtual reality, robotics, artificial intelligence, Internet of Things, smart healthcare, smart logistics, smart machinery, green energy and smart cities...etc. To compare with Hong Kong, ranked Sixteenth in 2017, Taiwan has used its engineering expertise to enter software and hardware technology, as Hong Kong becomes a global financial and shipping center. The role played by innovation in their country is to diversify economic growth and offer new quality jobs. The next step for Hong Kong is to develop the future of information and communications technology. Please note: this is just an example. Get a custom paper from our expert writers now. Get a custom essay Le.