Founded as a national agency to support the startup businesses and its ecosystem based on the policy of the National Startup Committee (NSC), Startup Thailand operates under the Ministry of Science and Technology in collaboration with related organizations, helping startups to utilize local resources for their product and service development, and local employment and revenue distribution, leading to new target industries in driving the country forward.
The NSC was initiated by Prime Minister General Prayut Chan-o-cha, who is reorganizing the country’s economic system by fostering an environment that promotes the development of startups so that they can serve as the “new economic warrior” (NEW). Thailand therefore is set to play a pivotal role in the growth of Asean. The startups promotions are as follows:
1. Open for talent: To increase the competitiveness of Thai startups in the global market, Thailand needs to draw talented people who have experience and capability, and who understand global business development.
2. Open for business growth: The promotion of innovation and entrepreneurship beginning even at the university level is crucial to creating a climate where startups can successfully develop their products and services. In Thailand, startups can take part in an acceleration program that prepares them for international fundraising so that they can expand their business overseas and compete in the global marketplace.
3. Open for investment: At every stage of growth, startups require new or additional funding for their innovative products and service development and for business expansion abroad. Thailand can link startups to a host of local and international investors including individual investors, joint venture capitalists, organizations and public funding, while also offering an innovative financial sector that provides material support for the expansion of startups to the global market.
4. Open for Ecosystem: To maintain a sustainable startup ecosystem, Thailand needs to implement the “area-based innovation economy”, in where key urban areas, or “clusters”, are developed and set aside as “innovation districts”. These communities become a sort of one-stop shop dedicated to the development of startup businesses. These areas are focused on the well-being of the business and its talent, promoting a high quality of life and connecting startups to the resources needed for these businesses to thrive. It also should have a system of privileges supporting every related party in the startup ecosystem.