BANGKOK, THAILAND, Radar Seluma.Disway.Id, - For several years now, "startups" have been designated as a national-level economic growth strategy. Legal frameworks and benefits have been promoted to support business entrepreneurs and innovations stemming from startups with diverse capabilities have been witnessed. Of particular interest in another dimension is the soaring rise of unicorn groups, whether it's Flash Express, LINE MAN Wongnai, or the Ascend Group that can raise billions of baht in funding. Moreover, Thailand remains a significant landmark suitable for establishing startups, with strengths that facilitate and align with new global investment directions. It has a location in the heart of the region, close to big markets such as ASEAN, China, and India and this enables startups operating in Thailand to connect with a variety of countries. At the same time, it has one of the best infrastructures with a cost of living, lifestyle, and government support in various dimensions, all of which will help drive the emergence of new startup businesses. Here are some of the intriguing highlights:
Thailand's global ranking for startups
The National Innovation Agency (Public Organization) (NIA), has revealed Thailand's Global Startup Ecosystem Index ranking for 2023 by StartupBlink, a comprehensive startup ecosystem map and research center. The index ranked 100 countries and 1,000 cities with the best startup ecosystems worldwide and Thailand is ranked 52nd globally, rising by one ranking over the previous year. Meanwhile, Bangkok has surged to 74th place globally among the top 1,000 cities with the best startup ecosystems, making an impressive leap of 25 places and surpassing neighboring cities like Kuala Lumpur in Malaysia, which is ranked 3rd in ASEAN. Additionally, Chiang Mai, Phuket, and Pattaya are among the top 1,000 cities with the best startup ecosystems. Notably, they are highlighted by their remarkable performance in the transportation industry, securing the 43rd global ranking. This underscores the growth of Thailand's startup ecosystem.
Non-stop growth with giants that are ready to provide support
Another important factor for startup businesses that is indispensable is capital. Thailand has many large companies ready to serve as Corporate Venture Capital (CVC) providers that focus on investing in startups with interesting technologies and innovations. It is also another way to strengthen the strategy and competitiveness of parent companies, such as SCB 10X, one of the first banking groups that adapt to situations where innovation and technology is constantly changing.
With the goal of becoming a leading VC in the country and in the Southeast Asian region ready to drive the creation of new startup businesses and to push them to the unicorn level, AddVentures by SCG aims to find innovation from startups around the world. This is in order to enhance SCG's efficiency through the search for innovation and the development of new businesses. In addition, Krungsri Finnovate, that is moving ahead to support fintech startups and technology that involves banking in Thailand and the Southeast Asian region, aims to make as many startups become unicorns as possible and is aiming to build a sustainable economic ecosystem in Thailand and Southeast Asia.
There is also a Technology and Innovation-Based Enterprise Development Fund (TED Fund) of the Ministry of Higher Education, Science, Research and Innovation (MHESI) that supports and promotes technology and innovation entrepreneurs, especially new entrepreneurs, to be able to conduct business on the basis of the knowledge of technology and innovation. It is also a catalyst to increase the amount of research and innovation for commercial use which will create value for investment and create a progressive and sustainable economic value.