91APP's IPO: A Capital-Market Example for Taiwan's SaaS Transformation

This differs somewhat from the definition of a unicorn. A unicorn generally refers to an unlisted startup less than 10 years old with a valuation exceeding US$1 billion. But 91APP's achievement is truly remarkable. Founded in July 2013, it worked for eight years to complete an IPO while remaining in Taiwan. Through cloud-based software as a service (SaaS), it helps Taiwan's retail industry transform digitally and face future challenges. Today, it also reached a market capitalization of US$1 billion, becoming a model for Taiwanese startups that remain rooted in Taiwan, build deeply here, and then look to the world. It has set a new example for Taiwan's startups and given a substantial boost to early-stage investment, venture capital, and the capital markets alike. I hope it can keep moving forward and take on more seemingly impossible challenges. not because they are easy but because they are hard. Precisely because the challenges are many and the difficulties great, there is value in overcoming them. Through that process, we have a chance to become better versions of ourselves.