NIA Helps Struggling Startups Through Covid-19 Eith Financial Package Of 100 Million Baht

Startups driving innovation will be helped through the Covid-19 coronavirus pandemic with 100 million baht financial support package by National Innovation Agency (Public Organization)

“NIA allocates budget to support struggling startups and entrepreneurs driving innovation for society and economy affected by Covid-19 outbreak,” said NIA executive director Pun-Arj Chairatana.

The package covers financial support and marketing opportunity and knowledge creation. The financial support package has already allotted to some 10 innovation projects with total amount of 39.8 million baht such as SabaiDee which is the platform taking care ones’ health during the Covid-19 outbreak, innovative transport service for patients or those who are vulnerable, demand-supply chain management for Covid-19, and reusable face masks.

More 70 million-baht financial aid is also prepared to offer for the post Covid-19. NIA, in collaboration with Government Saving Bank (GSB), will provide 3-year loan of 5 million-baht packages with zero interest for startups. The GSB and Siam Commercial Bank will also offer 2% interest of 20 million-baht loans.

NIA also promoted the new markets and growth potential for startups, especially the public market and during the Covid-19 outbreak, 12 startups in HealthTech and other sectors have been working with 9 hospitals.

A public relation space opened for startups on the website startupthailand.org, and NIA also has the network with large corporates such as CP Group, Thai Union, Siam Kubota, and CH Karnchang which are ready to invest and work with startups.

Educating and developing startups, especially university students and general startups is another key area that NIA is now working more online via the NIA Academy which more than 10 online courses available in May.

The executive director added that prior to the Covid-19 outbreak, Thai startup business was growing up, there were some big deals and investments by corporate venture capitals (CVCs) was also strong.

Deep tech in the sector of medical tech will be growing very much with artificial intelligence and bio technology taking bigger role in universities and large corporates. Startups in the sectors of government, civil, health, and education will become the public services serving more users because people are acquainted with them during the lockdown period. Meanwhile, the CVCs will invest more in the IP-based startups and digital platform.