IT firms remain most creative in Taiwan

IT and electronic firms, which have brought Taiwan fame and revenue from the global market for years, remain the most creative in an annual official ranking list issued Thursday.

Nearly half of the top 20 innovative enterprises in Taiwan are IT and electronic firms, said the island's economic department in a press release.

Taiwan Semiconductor Manufacturing Co. (TSMC), the world's largest contract chip maker, ranked first on the list for the second consecutive year, while the second, third and fourth places went to PC maker Asustek Computer Inc, Hon Hai Precision Industry Co., the world's largest contract electronics maker, and smartphone camera lens supplier Largan Precision Co.

The rest of the list included machinery firms, a convenience store chain operator, restaurant, auto part supplier and bank.

Most firms in the service sector were chosen because they applied big data and cloud computing technology to their products and services, the statement said.

Taiwan firms have increased their input in long-term research and development but are facing challenges such as lack of skilled and talented research personnel, it said, adding that the traditional industrial sector is lagging behind in innovation.

The annual innovative enterprise list has been jointly compiled by the island's economic department and the U.S.-based management advisory firm Boston Consulting Group since 2011. The rankings look at four factors: overall development in a company, the company's innovation strategies, investments in innovation and innovation management. Endi