6 June 2024

Thailand’s start-up sector is increasing its opportunities and reinforcing its strength by cooperating with international funds in Southeast Asia and Middle East. During a recent forum discussion on Thai start-ups, the ‘’5 findings’’ strategy was identified as a way to incentivise the sector’s development and innovation on the international stage.

The ‘’5 findings’’ strategy includes market, funding, talent, community and solutions.

Executive Vice President of the Thai Start-up Association, Casper Sermsuksan, told Thai PBS World that start-ups could increase their impact in ASEAN via international organisations, including the ASEAN Start-up network. Cooperating with the Thai Chamber of Commerce, Casper emphasised that Thai start-up ventures would expand rapidly if the eco-system for start-ups in the country could be reshaped, with more funds and less bureaucracy.

At the forum, called ‘’Thailand’s New S-Curve of developing a strategy and innovation ecosystem’’, Chairman of the Thai Chamber of Commerce, Sanan Angubolkul, said that opportunities on the global stage are abundant. The collaboration between Thailand and the Middle East could be golden opportunity, enabling Thai start-ups to access funding for growth. The forum’s four workshops included vision and challenges. Participants shared their views on public policy, funding and media support.

Attendees split into numerous study groups to tackle issues that start-ups may face and find solutions. In South-East Asia, new businesses initially tend to focus on their domestic market. Their rapid growth can be attributed to the national regulatory frameworks of countries in the region, which are usually beneficial to local ventures. It could also come from having an in-depth knowledge of the country’s culture and preferences, which foreign competitors may lack.

This advantage in and focus on the home market could, however, be hindering innovation and, therefore, expansion into new markets abroad. The guests gathered at the forum concluded that a search for originality, innovative approaches, a focus on ‘’deep tech’’ and the profound bonds between each national market are what would allow Thailand and its neighbours to rebrand themselves and become major technology centres.

 

By Franc Han Shih and Aymen Belkadi, Thai PBS World