NIA outlined “3I”strategies to spark Thailand a startup nation of Asia

The National Innovation Agency (NIA) outlines strategies to help Thailand become a startup nation of Asia by 2021employing 50,000 high-skilled workers and economy warriors to create 5% of GDP.

Pun-arj Chairatana, executive director of NIA, said the second phase of Thai startups development plan (2018-2021) will focus on the “3I” strategies.

First, build more “innovative” startups and a greater variety of startups, especially in advanced technology, or deep tech and service-based business model, in areas of defense technology, tourism, government, and public health.

Second, increase “investment” by VCs to US$10-100 million per deal instead of the current US$3-5 million. At present, the funding size from VCs investing in Thailand is estimated at US$1.2 billion, up from US$600 million in 2016

Third, make Thailand a destination for “international” startups.

By which NIA has extended collaboration with many countries including Finland, Japan, France, Israel, Chile, Singapore, Austria, Hong Kong in a bid to make Thailand a landing pad for global startups to launch business in Thailand. The NIA will join forces with True Digital Park in the Punnawithi area, setting up a “landing pad for global startups” that will provide co-working space and smart visas.

The investment and collaboration with global startups will lead to have more joint-venture between the Thai and foreign startups.

Mr Pun-arj said that if the National Startup Act becomes effective, startups will have more incentives and the government will offer two funding channels for grants and investment in select startups.