Thai startups proposed 7 guidelines to the government to make Thailand a ‘Startup Nation”
2 November 2018 Uncategorized
More than 600 Thai startups has recently joined together to propose seven guidelines to the government in a bid to push Thailand a ‘Startup Nation’ and enhance competitiveness of Thai startups to compete with other countries. The goal is to make the economic impact by 5% of Thailand’s gross domestic product (GDP), create 50,000 jobs and increase the number of innovative start-ups to more than a thousand.
Dr. Suwit Maysinsee, Minister of the Science and Technology Ministry, said about the growth of the Thai startups that the government support over the past three years has helped to build up more than 8,500 Thai startups, create more than 15,000 jobs, create startup incubators in 35 universities, and joint investment with startups worth more than 6,000 billion baht.
The Prime Minister’s welcome of startups has shown its emphasis on the importance of the new generation people. The National Innovation Agency (NIA) led more than 600 representatives from the startup groups including startup representatives from the Thailand Tech Startup Association, Thai Venture Capital Association (TVCA), Thai Fintech Association, Thai Health Tech Thai Trade Association, Thai Programmer Association, Electronics Logistics Association, new generation startups and representatives of university students and youths from STARTUP Thailand League to submit seven proposals for government’s consideration.
The seven proposals include
1) convenience in doing startup businesses such as reducing restrictions in doing startup businesses such as holdings of shares by foreigners, granting Employee Stock Ownership Plan (ESOP);
2) Support of innovation development by issuing laws that allow regulatory sandbox as well as establishment of fully-integrated startup service center;
3) marketing and business expansion overseas by encouraging government agencies to hire startups to create the markets. They also requires that the government adjust the employment contract that fit with startup’ businesses as well as ask for government’s support to expand their businesses into CLMV and regional markets in form of B2B;
4) develop Deep Tech startup initiative by supporting of startups to work with university researchers or research institutes as to create cluster in various business sectors and develop other ecosystems that contributes to Deep Tech development;
5) access to funding and startup funding by developing new generation investors to understand the business of startups and also promotes continuous investment in startup through the development of both the Matching Fund and the Impact Fund, and the networking of investors and startups;
6) creating an entrepreneurial society so that young kids can meet with startups and learn from each other by developing areas to create entrepreneurial society; and
7) attracting high-skilled personnel from whom start-ups can learn and develop themselves. The government can provide support through investment in training and education.
A representative of the startup said there are many aspects that Thai startups need help from the government to improve its competitiveness. If Thailand wants to promote the growth of startup’s ecosystem, then it needs to encourage investors.
Prime Minister Gen Prayuth Chan-Ocha is glad to learn of these seven proposals as it shows the enthusiasm of the startup groups. He viewed that it was an essential opportunity for them to exchange ideas with each other. The PM pointed out that it is a good opportunity for startups to take part in driving the national strategy and master plans of the country. The government is willing to help and support the proposed ideas as much as possible and will assign relevant agencies to implement the ideas wherever they can. This include the setup of one-stop service center, amendment of laws and regulations, startup funds and more. So far, the government has already implemented various aspects such as Smart Visa development. However, the government cannot do everything on its own but would need to work with all relevant sectors in order to achieve the challenging goals as planned.
