Thailand’s strategic focus on startups has led to remarkable achievements, including improved global rankings and the emergence of unicorn groups. The nation’s supportive ecosystem, government policies, and strong geographical advantages position Thailand as a fertile ground for startups, offering abundant opportunities for investors and
29 August 2023 – In recent years, the strategic elevation of “startups” to a national-level economic growth strategy has yielded remarkable results in Thailand. This commitment is reflected in robust legal frameworks, fostering innovation-driven entrepreneurs, and witnessing the rapid ascent of unicorn groups like Flash Express, LINE MAN Wongnai, and the Ascend Group, which have successfully secured substantial funding. Moreover, Thailand’s geographical advantage, positioned at the heart of the region and in proximity to major markets such as ASEAN, China, and India, serves as a fertile ground for startups, offering access to diverse countries. The nation’s commendable infrastructure, coupled with its supportive government policies, cost-effective living, and vibrant lifestyle, collectively fuel the rise of new startups. Here are key highlights:
Thailand’s Global Startup Ranking
According to the National Innovation Agency (NIA), Thailand has ascended to the 52nd spot globally in the Global Startup Ecosystem Index ranking for 2023 by StartupBlink, a respected startup ecosystem research center. Notably, Bangkok has made an impressive leap of 25 positions to secure the 74th place globally among the top 1,000 cities with the best startup ecosystems. This achievement underscores Thailand’s progressive growth in the startup landscape. Chiang Mai, Phuket, and Pattaya are also recognized among the top 1,000 cities with thriving startup ecosystems. These cities stand out in the transportation industry, securing the 43rd global ranking.
Unwavering Support and Non-stop Growth
Capital infusion is a crucial component for startups, and Thailand enjoys support from large corporations ready to function as Corporate Venture Capital (CVC) providers, focusing on investing in startups with innovative technologies. This strategic alignment enhances parent companies’ competitiveness, as exemplified by SCB 10X, a banking group that adapts to the ever-evolving innovation landscape. AddVentures by SCG strives to propel startups to the unicorn level, aiming to bolster the startup ecosystem and fuel innovation from global startups.
Government Policies and Big Campaigns
Thailand’s government agencies actively champion the growth of startups, both domestically and on the global stage. The National Innovation Agency (NIA) acts as a “Focal Conductor,” fostering an ecosystem conducive to innovation and investment. Collaborating with partners such as the Office of the Board of Investment (BOI), the Office of the Science Research and Innovation Board (TSRI), and the Digital Economy Promotion Agency (depa), NIA is integral to driving Thailand toward becoming an innovation hub.
Thailand’s overarching economic strategy underscores its commitment to the startup ecosystem. The BCG Model guides the nation’s economy through Bioeconomy, Circular Economy, and Green Economy, aiming for sustainable growth, reduced inequality, and increased self-reliance. Notably, the Eastern Economic Corridor (EEC) invests in infrastructure and modern industries, offering significant support to startups.
Abundant Opportunities Ahead
The trajectory of startups in Thailand remains exceptionally promising. Supported by both public and private sectors, the ecosystem and infrastructure are primed to nurture swiftly growing business models. Coupled with attractive lifestyles and favorable geography, Thailand warmly welcomes investors, both domestic and foreign, to partake in the ever-evolving landscape of innovation and entrepreneurship.