S73 Step rows — TDW spread

The missing steps

Factories alone are not enough

The world is investing billions to build semiconductor industries. Those investments matter.

But Taiwan’s story suggests that factories alone are not enough.

Capability first

Step 1Build institutions(Often skipped)

Step 2Train engineers(Often skipped)

Step 3Learn from others(Often skipped)

Step 4Shape a culture

Step 5Grow an ecosystem

Step 6Start companies

Step 7Lead an industry

Factory first

Step 1Announce a plan

Step 2Fund a plant

Step 3Buy the tools

Step 4Hire to run it

Step 5Make chips