The Success Formula of Thai Startups:
How They Survived Against All Odds
When most people think of a startup, they picture a vibrant group of young people with fresh ideas, ample funding, and groundbreaking technology, scaling their business exponentially. Only a small percentage of startups ever get to experience this glamorous picture. The path is often full of pitfalls, uncertainty, and obstacles of all kinds.
At the “Startups: Tough, Resilient, and Enduring” panel at SITE 2025, three Thai founders shared their real stories of staying strong in the business world despite facing one crisis after another. They are:
- – QueQ: a queue management system for restaurants that expanded to include hospitals and public services.
- – Golfdigg: a golf booking application that turned a niche market into a global opportunity.
- – FoodStory: a POS system that helped Thai restaurants survive the transition to a digital era.
The COVID-19 Test: “Staying Still” Meant “Dying”
The COVID-19 pandemic became a crucial test for all three companies.
- – QueQ: When their revenue from restaurants came to a halt, the team pivoted to a queue management system for hospitals and government agencies, developing new solutions to meet society’s needs.
- – Golfdigg: The team was split into three groups: one to maintain the existing business, a second to generate new revenue, and a third to develop innovations that could expand on their existing business. This led to new services like E-Coupons, Cashless payments, and golf cart tracking to enhance the golf course experience and create future business opportunities.
- – FoodStory: The Mobile Ordering feature they had developed back in 2017 became relevant at just the right time, when the market needed it most, leading to explosive growth for the company.
The Tough Road of a Startup
QueQ: From Restaurants to Hospitals and the Government
With lockdown measures bringing the restaurant queueing business to a standstill, the QueQ team didn’t waste any time. Instead, they made a smart pivot by developing queue management solutions for hospitals and government agencies.
Expanding into new sectors not only helped the business survive but also opened the door to new markets with genuine demand. This also helped the team build resilience to handle future uncertainties.
Golfdigg: Turning Niche into a Big Market
Although Golfdigg appeared to be operating in a small market, their different perspective was that the “golf market” is integrated into both the sports and tourism industries, with a combined global value of over $30 billion. They chose a “do more” approach, contacting as many golf courses as possible, developing a product that truly met their needs, and allowing the first course to test it out rigorously.
They tracked daily results for both on-time bookings and payment collection to build long-term trust and credibility. Their commitment and honesty became Golfdigg’s strengths, enabling them to grow even in a market most people overlooked.
FoodStory: Building Customer Trust
For FoodStory, becoming the “backbone of a restaurant’s system” wasn’t just about selling an innovation; it was about offering a system that was reliable.
Even with tablet technology for managing restaurant systems from the beginning, customers were hesitant. They weren’t willing to risk using a system they weren’t sure was stable enough.
Therefore, FoodStory had to prove itself thoroughly, not just technically, but also in terms of the team’s trustworthiness, accountability, and deep understanding of the restaurant business. When they integrated with a large organization of over 1,500 employees, the different expectations and culture forced the team to adapt, develop systematically, and focus even more on the business.
“No matter how fast we develop a product, if the timing isn’t right, it won’t work.”
All three companies agreed that the founder’s passion is the most important factor in keeping the team together. They all shared a common vision: that what they were doing had value and a positive impact on both business and society. Most importantly, it was about creating genuine value for their customers.
What Makes a Business Survive?
When asked for a single word to describe why their businesses have survived, here’s what they said:
- – QueQ: Impact – A business must create a genuinely positive impact on society.
- – Golfdigg: Goal – A clear goal keeps every decision on track.
- – FoodStory: Value – The value that customers receive and see in their daily lives.
Key Lessons Every Startup Must Know
- – Never stop developing your product. You must always improve, even if no one is using it yet.
- – Don’t just wait for the right moment. If waiting is your only option, you might be too late.
- – Diversify your business. Don’t put all your eggs in one basket; a business needs an escape route.
- – The team must share the same vision. Not just the founder, but every team member must see the impact they are creating.
- – Don’t get stuck on one plan. Every plan can change if it doesn’t align with reality.
- – Innovate to always meet the needs of your customers and users.
Anyone who wants to be an entrepreneur or is currently building a business should ask themselves every day:
“What value is our business creating for people?” “Does what we are doing have a positive impact on society?” “Is our goal clear enough?”
If you can’t answer these questions, your journey might not go far, and you might not survive and stand tall like these three “tough, resilient, and enduring” Thai startups.
