In the environmental startup space, Mr. Suphapong Kittiwattanasak, Co-Founder of MuvMi, discussed his vision for the company. MuvMi is more than just a ride-hailing app; it’s an alternative public transport system designed to reduce urban pollution. It focuses on using domestically produced electric tuk-tuks, emphasizing clean energy and designing routes that align with the needs of local communities and users.
A key challenge for this type of startup is simultaneously managing technology, investment, and market acceptance. Startups need a commercially scalable business model and must forge partnerships with government agencies, the private sector, and communities to bring their projects to life and scale them up. Additionally, startups must effectively educate investors, as GreenTech and Energy Tech businesses require time to prove their results and need sustained support to create widespread change.
Opportunities for Startups
Environmental issues are a global agenda, and while many countries are making progress with systematic startup scaling, Thailand is still in its early stages, especially with new regulations taking effect. However, Thailand has significant growth opportunities through Green Transformation.
There is a high potential for Thailand to create at least one “Unicorn” if it can seriously and continuously support startups in this ecosystem.
Currently, companies seeking to be listed on the stock exchange are required to prepare a greenhouse gas emissions report and set clear Net Zero targets. This presents a “gap” that startups can fill.
Startups and SMEs can develop technologies to reduce greenhouse gas emissions, not just by cutting energy consumption but also by developing alternative energy sources, providing carbon measurement and tracking services, and offering comprehensive offset or carbon management solutions. With their technological diversity and flexibility, startups play a crucial role in driving Thailand toward a sustainable low-carbon economy.
Investors Emphasize the Synergy of Technology and Business
In the panel discussion, “Funding the Next Wave of Climate Solutions,” leading investors shared their views on opportunities and investment trends in GreenTech and Energy Tech startups.
Mr. Worapot Kingkaewkanthong, Head of Investment at Beacon Venture Capital, stated that an investable startup must have the potential to create value, both technologically and commercially. The startup and its team must demonstrate a clear path to generating revenue and expanding into the market. He stressed that sustainable GreenTech development is not just about creating good technology; it must also address clear societal and environmental problems while generating sustainable returns for investors.