By investing 8% of its sizeable revenue into R&D, TSMC's tech leadership is guaranteed. Operating on the foundation of its core competence, TSMC is able to keep making profit year after year and secure more than half of the foundry market. It was also at this time that TSMC started to shake off UMC. Taiwan's own IC design sector served as not only a good test field but also a steady revenue stream for TSMC.
With Taiwan's tech industry gradually maturing, its IC design sector started to enjoy growing business opportunities as manufacturers were replacing imported parts with those made locally, which fueled TSMC's revenue while it was gaining ground in international markets as well. It was not until the 1998 Asian financial crisis did TSMC undergo significant changes in its business model and corporate culture. However, it was just one of the slew of outstanding semiconductor firms at the time. TSMC in this phase had gotten the knack of corporate operation and persisted in building its core competence. During this phase, TSMC was a small potato who wished it might rival Intel someday. By not meddling with customers' business and upholding the core value of neutrality, TSMC concentrated on creating values for customers. Its focus was on making chips and its message to customers was that they could completely trust TSMC. Like most other companies in Taiwan, it was seeking to gain a foothold in the semiconductor manufacturing sector. The first phase saw it stress its position as a pure-play foundry. Since its founding in 1987, TSMC has undergone three phases of development.
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