在這各國金融科技快速發展的時期，台灣已在起步當中，「推廣機器人理財顧問及完成基金網路銷售平台等自動化交易機制」亦是國內推動金融科技發的優先發展目標。而目前台灣有一群人投入國內金融科技發展上，致力於財富管理方面的創新，這些機器人理財新創公司除了透過將技術創新應用於金融業之外，也不斷發展出具備特色的商業模式。
本研究除了整理金融科技與理財機器人不同定義之外，由文獻了解到企業如何創新與新創公司如何尋找市場切入的機會、如何設計整體商業模式、如何進一步讓此商業模式上不斷創新，以達到商業模式的永續性；而當中發現到以機器人理財新創公司的永續經營議題是比較少被提出的，由各報告也僅能看出對金融科技整體產業的建言，相對之下，本研究相當具備前瞻性。
本研究主要目的在於使用Johnson,Christensen, Kagermann(2008)提出的『商業模式再創造』為分析架構，透過個案研究方法，從「顧客價值主張」、「關鍵資源或資產」、「關鍵流程」、「利潤公式」各項要素詳盡地描述個案，以深度訪談的方式側寫兩間由國內金融科技創新基地首批所培育出來的機器人理財新創公司：T公司及F公司；這兩間不僅具備先驅指標性，也多次獲得創新創業競賽獎項。
本研究研究發現二個案公司各有其強項，在技術運用上，T公司主要用在改善產品，而F公司用在分析其使用者行為；在商業模式上，二個案的驅動方式不同，T公司由「顧客價值主張」出發、由市場驅動，而F公司則是以「關鍵資源或資產」、「關鍵流程」、由技術驅動。
雖然F公司並沒有表達立場要取代現有理專，其無人券商的做法某種程度和T公司取代理專，希望達到「去中介化」的效果，且兩者也相當重視「商業結盟」以取得相關資源。
新創公司要具備永續性，必須不斷動態調整商業模式；而新創企業更需對其商業模式上採取保護措施，避免與其他新創公司直接競爭；而新創公司更需優先重視「顧客價值主張」與「關鍵資源或資產」之間的連動關係，因為企業在複雜、多變的商業環境裡，必須不斷適應、調整，才能永續經營。

In the rapid-developing period of financial technology (FinTech), compared to other countries, Taiwan is at the starting stage of FinTech. According to the FinTech Development Strategy White Paper, published by the Taiwan government, Robo-Advisors and online fund-trading platforms are top priority in the development of Taiwan FinTech. At the same time, there are some new start-up companies making their effort to develop their unique business models.
This study adopts the business model proposed by Johnson, Christensen, and Kagermann (2008) to analyze Robo-Advisor new start-up companies in Taiwan via the four elements, “Customer value proposition”, “Key resources”, “Key process”, and “Profit formula”.
We use multi-case studies to gain much understanding about how those robo-advisor new start-up companies can develop sustainable business models. We choose two notable cases from FintechBase. One is Company T, and the other one is Company F, both of which have received many awards recently and been the leading robo-advisor start-up companies in Taiwan.
This study found that the two companies have their own strengths. Taking their usages of technology for example. Company T uses an algorithm to predict the ETF price, but Company F uses the A/B testing to track its user’s behaviors. Besides, as for developing their business models, Company T is marketing-driven, while Company F is technology-driven. Although Company F claims that its business model is not designed to replace the original financial advisors but aims to be an Unmanned Securities Dealer, implying the concept of “disintermediation”, as Company T has done. They have a lot in common. They put much emphasis on allying themselves with other Fintech companies to acquire external resources.
In order to develop a sustainable business model, start-up companies must recognize that the best business model is not fixed, but in fact should be flexible and dynamic. In addition, they should protect their business models from competing with others directly in the market.
From the case studies mentioned above, robo-advisor start-up companies should pay attention to the relationship between “Customer value propositions” and “Key resources” to adapt themselves in this complicated changing market.

摘要 i
Abstract ii
致謝詞 iii
目錄 v
圖目錄 vi
表目錄 vii
第一章、 緒論 1
1.1. 研究背景 1
1.2. 研究目的與研究動機 2
1.3. 章節架構 7
第二章、 文獻探討 9
2.1. 金融科技與機器人理財 9
2.2. 企業創新與新創公司 12
2.3. 商業模式理論與應用 15
2.4. 機器人理財的商業模式研究 20
第三章、 研究方法 22
3.1. 個案研究方法 22
3.2. 個案選擇 22
3.3. 資料蒐集 25
3.4. 觀念性架構 27
第四章、 個案研究 29
4.1. 產業背景：Fintech與機器人理財 29
4.2. T公司 36
4.3. F公司 52
4.4. 個案研究成果與討論 78
第五章、 結論與建議 81
5.1. 個案中商業模式四模組互動關係 81
5.2. 機器人理財界的Airbnb與Amazon 82
5.3. 個案公司表現評析─以創新成功的六大因素判定 82
5.4. 結論與建議 82
參考文獻 84

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