1680X726

POLICY & STATEGY

by Govsupport

WHITE PAPER

This report has been prepared with the objective of serving as a guideline for proposing startup-related policies for Thailand. It compiles insights from various relevant associations, startup entrepreneurs in Thailand, and both domestic and international venture capital firms. The focus is on identifying what Thailand’s goals should be in developing its startup ecosystem and determining the areas in which the government should provide support and promotion in order to achieve those goals.

Downlaod White-Paper 

1680X726

ORGANIZATION

by Govsupport

ABOUT US

Startup Thailand is a national agency established to support and promote startups and the startup ecosystem in line with the policy of the National Startup Committee (NSC). The Ministry of Science and Technology serves as the main responsible agency, working in collaboration with relevant organizations to develop startups that utilize the nation’s resources to produce goods and services. The focus is on creating added value, generating local employment, distributing income to regional areas, and fostering the emergence of new target industries as a driving mechanism for the country’s development.
The National Startup Committee was born from the vision of Prime Minister General Prayut Chan-o-cha, who sought to restructure the country’s economic system by developing **startups** into **New Economic Warriors (NEW)** and positioning Thailand as an open platform for ASEAN growth. The Committee has laid out the following guidelines for promoting Thai startups:

1.Open for Talent – To enhance the competitiveness of Thai startups so they can expand into the global market, Thailand must attract and develop skilled individuals from around the world who have the experience, capability, and understanding of global business development.

2.Open for Business Growth – Startup development involves creating products or services alongside developing innovative business models. Therefore, it is essential to foster entrepreneurial skills from the university level and among general startups, as well as to systematically implement acceleration programs to boost competitiveness. This will prepare startups to participate in international fundraising and expand their business base overseas.

3.Open for Investment – At every growth stage, startups need to raise capital to develop innovative products and services and to expand into foreign markets. Since funding needs vary by stage, Thailand must create incentives for both domestic and international investors, including individuals, venture capital firms (both fund-based and corporate), as well as public fundraising. In addition, the country must develop financing innovations to support the growth of Thai startups into the global market.

4.Open for Ecosystem – For a systematic and sustainable development of the startup ecosystem, Thailand must pursue a strategy of building an “Innovation-Driven Economy by Area”. This involves urban planning and designing to develop cities or districts into clusters of innovative businesses and startups, known as Innovation Districts. Such districts will have the necessary infrastructure, tools, and mechanisms to facilitate business operations and enhance the quality of life for residents and stakeholders. They will also foster community connections, promote innovation co-creation, and provide platforms for knowledge sharing among startups, communities, businesses, and local organizations. Additionally, incentive mechanisms must be implemented to support all sectors involved in the startup ecosystem.