BANGKOK, 11 September 2019(NNT) - To strengthen Thai start-up operators, the government has established InnoSpace (Thailand) as a center for comprehensively promoting and developing startups to promote Thailand as the hub of innovation and startups in ASEAN.
The Ministry of Industry has signed a memorandum of understanding (MOU) with 13 investment partners to promote Thai startups without expecting returns. InnoSpace (Thailand) has mobilized initial funding worth 515 million baht to promote and nurture Thai startups at an early stage, and continuing until they reach a unicorn status or are worth one billion US dollars or above. (Bt30.62 billion). It will gather experts and research, and link financial support and investment from the private sector. Government agencies will provide policy-driven support.
Mr. Somkid Jatusriphithak, Deputy Prime Minister, said the partnership is a starting point for economic structural reform in order to create a future for the country. It is aimed at attracting more new industries which focus on innovation and technology especially in the Eastern Economic Corridor (EEC) to see Thailand become established as the hub of innovation and startups in ASEAN.
Mr Thewin Wongvanich, chair of InnoSpace (Thailand)’s advisory committee, disclosed today that there are currently about 1,000 startup operators but only 100 of them are truly successful. Initially, InnoSpace (Thailand) will have to increase the number of start-ups by as much as 10 times, and provide training on various methods to start-up operators. Then, it will form a working group to select start-ups with potential and develop them until they are able to jointly make an investment with InnoSpace (Thailand). In addition to this cooperation, there will be further cooperation with foreign start-up agencies such as those in Japan and Israel which are already successful in developing start-ups in their own countries.