Thai-Japan setups new VC to promote Thailand as a startup hub
The startup thinks their business is unable to survive because of lack of funding, but for investor, the venture capital is a risky business. So, it’s the government’s role to support them.
Like other country, the government sector put an effort to help out. Thai Industry Ministry plans to set up a new venture capital (VC) to support startups, thanks to the Thai-Japanese governments’ collaboration in building Thailand as an innovation hub of Asean.
The startup’s innovation hub is so-called ‘Open Innovation Columbus’ project, says the Industry Minister, Uttama Savanayana.
The feasibility study of the new VC will be conducted by the industry and the Stock Exchange of Thailand (SET) who will look into the potential of establishing the new VC to financially support the startups with focusing on the innovation business entrepreneurs.
“The government assigns the SET to study about a venture capital fund a few weeks back. We are looking forward to seeing the outcome of study soon.” Said Mr Uttama.
The government expects the venture capital fund will be a great tool to help startups access capital.
“We aim to push the development of innovation especially the deep technology whereas both Thai and Japanese governments have seen benefits of the cooperation if we can make Thailand as a hub of Asean.”, said Mr Uttama.
The Japanese government wants to bring in the national tech-driven startups into Asean through Thailand, with choosing to use Thailand as a hub of infrastructure including innovation and capital to service them as well as Thai startups and neighbouring countries.
The Open Innovation Columbus project will be launched officially from 8-11 May 2018 as a part of the Transformation Week event hosted by Thailand’s Industry Ministry.
The project is a result of the recent discussion between the Japanese Ministry of Economy, Trade and Industry(METI) and Thailand’s Industry Minister on the potential to make the close tie between two countries through the startup’s project.
“Japan will choose the Japan startup to partner with Thai’s startup,” Mr Uttama said.
At the Transformation Week, Mr Uttama said it would have 55 innovation-driven firms from Japan and 210 Thai companies.
“Thai businesses are most interested in the development of automation and Internet of Things (IoT) as well as the smart-tech which enhance the efficiency of production and logistic, for instance.” Said Mr Uttama.
This event will help match the supply and demand and help them find the right partners.