Somkid seeks startup ecosystem support

Thailand’s Deputy Prime Minister Somkid Jatusripitak urges all sectors to join forces in building up a thriving startup ecosystem to push the country to be the startup hub of Southeast Asia.

Mr Somkid gave a speech at Southeast Asia’s most prominent startup event ‘Startup Thailand 2018: Endless Opportunities yesterday in Bangkok where over 400 startups come to showcase with over 500 speakers at panels.

The event hosted by Ministry of Science and Technology running from 17 to 18 May 2018.

Mr Somkid said despite only three years of development, Thai startups have been proliferating, the government acknowledges that it is essentially pushed them to develop further to achieve its mission to be the startup hub of Asia, with the biggest challenge is the incomplete ecosystem.

“The startup is different from small and medium enterprises (SMEs), they are the technology-driven businesses; hence, they need the comprehensive ecosystem to make their brilliant ideas become the real business.” Said Mr Somkid.

He stressed that all sectors such as public, private firms and all stakeholders are required together put most laborious efforts in materialising the startup hub.

Mr Somkid reasoned the needs of forming national outreach teamwork for startups that the disruptive technology has shaken the economic landscape all over the world, Thailand needs to catch up with the trend to survive economically.

The crisis allows the opportunity to arise. The disruptive technology has created the new economy platform where a startup can beat the giant firms by developing the unique idea

“The rising of ‘Unicorn’ such as Alibaba, Tesla and Uber whose businesses hastily expanding across the world has shown us the way how one country could survive in the storm of changes,” he added. “We need to put highest efforts to grow Thai startups with ideas to be our ‘New Economic Warrior’.”

Mr Somkid is confident that Thailand has a high potential to be the startup hub of Asia given the fact that the capital now ranks as the best city for startups in Asia and No.7 in the world despite only three years of development.

At the event, Suvit Maesincee the Science and Technology Minister reveals the plan to complete startup ecosystem through its seven policies comprising of imposing three laws; the Startup Act, Regulatory Sandbox Act and the Bayh-Dole Act.

Apart from the new bills, it has policies to create a market for startup, with amending the government’s procurement process and also improving infrastructure including Smart Visa scheme and Innovation Districts.

“The startup ecosystem is the crucial element in succeeding the startup hub in the region.”

Under the theme of endless opportunities this year, the MOST has pulled off the event were features as much as 18 tech conferences, a Hackathon to find the best software developer and a pitching stage where the prominent startups could showcase their potential.