Startups in Thailand - statistics & facts
Thai startups have developed drastically in recent years. Many companies have achieved amazing success with over one million users. However, the number of startups in Thailand still lags behind despite the country having ranked second in terms of GDP among ASEAN countries. On the road to establishing itself as a major startup hub, the Thai government rolled out a national economic plan for digitalization, pushing more growth toward the tech startup scene. With a business infrastructure that allows small firms to enter the market easily, the country is building the proper tools to promote startup growth. As of January 2024, Thailand is home to three successful unicorns, setting an example for the potential development that startups in Thailand could achieve. Additionally, given its vibrant talent pool at a fraction of the cost when compared to those in Europe and the USA, Thailand is an ideal location for starting a startup.
Various Thai government agencies have created programs and initiatives to help promote startups. The National Innovation Agency (NIA) oversees the country’s startup ecosystem. Startups registered with the NIA have access to government grants, incubator and accelerator programs, and the chance to grow internationally. Meanwhile, the Technology and Innovation-Based Enterprise Development Fund (TED Fund), under the direction of the Thai Ministry of Higher Education, is an accelerator or incubator that provides financial support, networking opportunities, and knowledge to Thai startups. The TED Fund aims to match 20 startup funding deals in 2024. Furthermore, through the Digital Economy Promotion Agency (depa), the Thai government would grant up to one million Thai baht to 15 early-stage startup companies registered within three years. Private organization True Digital Park has also started an incubator program, the Startup Booster Program, that provides the know-how and expertise to drive startups. They also hold Talk with VCs sessions, where startups or entrepreneurs can discuss products and solutions with VCs from specific industries. VCs that invest in Thai startups include 500 TukTuks to Expara and Openspace Ventures and corporate venture capital such as InVent, Beacon Venture Capital, SCB10X, and Krungsri Finnovate.
Thailand’s startup ecosystem
In recent years, the number of startup deals in Thailand has fluctuated, reflecting challenges in the startup and venture capital environment. Due to the variety of characteristics, startups require specific types of support. The expansion of the Thai startup ecosystem was propelled by an array of government support, a burgeoning digital landscape, and a lively entrepreneurial culture.Various Thai government agencies have created programs and initiatives to help promote startups. The National Innovation Agency (NIA) oversees the country’s startup ecosystem. Startups registered with the NIA have access to government grants, incubator and accelerator programs, and the chance to grow internationally. Meanwhile, the Technology and Innovation-Based Enterprise Development Fund (TED Fund), under the direction of the Thai Ministry of Higher Education, is an accelerator or incubator that provides financial support, networking opportunities, and knowledge to Thai startups. The TED Fund aims to match 20 startup funding deals in 2024. Furthermore, through the Digital Economy Promotion Agency (depa), the Thai government would grant up to one million Thai baht to 15 early-stage startup companies registered within three years. Private organization True Digital Park has also started an incubator program, the Startup Booster Program, that provides the know-how and expertise to drive startups. They also hold Talk with VCs sessions, where startups or entrepreneurs can discuss products and solutions with VCs from specific industries. VCs that invest in Thai startups include 500 TukTuks to Expara and Openspace Ventures and corporate venture capital such as InVent, Beacon Venture Capital, SCB10X, and Krungsri Finnovate.
