Narongpon Boonsongpaisan, 44, a professional engineer, is the elder son of former acting prime minister and commerce minister Niwatthamrong Boonsongpaisan, though Mr Narongpon declined to get involved with politics.
He began his work at InTouch Plc in 2012, the year the business development department was set up (it was split into venture capital and business development units in 2013).
He jointly built up InVent, a strategic brand of the venture capital unit.
Known for his innovation knowledge and devotion to dharma (ordained three times), Mr Narongpon sets himself a strict goal of learning one new thing a day to deal with a fast-changing world. He spoke to the Bangkok Post about his approach to business and life.
Why did you study only engineering, from bachelor's to PhD?
I spent almost 12 years working on three degrees before going in for a job. Studying all three degrees consecutively has the advantage of being able to gain knowledge.
After graduating in industrial engineering, I earned a master's degree with a focus on laser tech, which was innovative at that time for easing production procedures and reducing operating costs in the industrial sector.
I decided to continue with a PhD in engineering to fulfil my knowledge of laser tech implementation.
In high school, I studied abroad at 12 years old in Japan for one year and in the US when I was 16 and 17 years old to follow my father, who worked abroad. Learning abroad after a short time helped me adapt to others.
Today I don't want to take any additional specific certification. I prefer short courses related to business ecosystems. There are many categories of knowledge available on many digital platforms, so you don't have to waste too much time.
What is your perspective for business in the long run?
I am eager to see Thai startups evolve to become unicorns, either via our network or even outside the network, but it's not easy for Thai startups to achieve that goal. Almost all startups in the country have a valuation of less than US$100 million, while a unicorn needs to have more than $1 billion.
What are the limitations and how can they be overcome?
First, many local startups began their businesses with too localised business models.
Second, Thailand's market does not have enough population for startups if they want to scale up the market.
Third, very few startups in the country operate business through emerging tech, especially artificial intelligence, big data and blockchain.
Local startups have to set their business mindset to go regional at the beginning stage of business concept formation.
For InVent, we have a business network of both domestic and regional players such as Singtel Group and its alliance, which could widen the marketing channel internationally and facilitate operational management.
What is your business management motto?
Long-term organisational benefits must be the first priority for any decision. I believe that if an organisation grows sustainably, everyone in every sector will benefit: society, customers, investors and employees.
Short-term benefits are also considered important for management. But management must balance it by inserting solutions into operations such as using innovation for cost savings.
The current world is changing very fast. I set a goal for every working day that I have to learn one new thing. I write it out and ask myself the questions that force me to synthesise. It trains my thinking process.
How do you handle a problem and resolve it?
Problems are the general friends of all management, but we have to realise and determine the priority of those problems. Is it a real problem? What effect will it create for the company and how long to resolve it?
Management must address the problem at its cause and choose the right person to help ease it.
Why were you ordained three times and what did you learn from it?
The first time was a novice ordination when I was a child, but in the latter two I entered the monkhood. The reason was for my good luck.
Ven Arayawangso Bhikku, a good observant monk in Lamphun province, also led my father, Niwatthamrong, who was ordained and even followed Ven Arayawangso to India and Nepal.
A one-month ordination may seem like a short time, but it is not just prayer, meditation or even listening to dharma. Being a monk has many practices. There are 227 precepts that always force you to be mindful and conscious.
I still go to pray, listen to the dharma and meditate with Ven Arayawangso when I have time.
Who is your role model?
I have several ones. Each person has pros and cons different from the others.
It is the same when someone asks me what character or leading actor I like most in Romance of the Three Kingdoms; I would answer that no one is my favourite, but I like several characters.
Today I enjoy studying from a variety of role models, through their families, businesses and working management styles.
What is your target for business positioning after retirement?
I have yet to determine when I will retire or what exactly to do in the distant future. I am enjoying working daily and pursuing digital tech business.
The digital tech business will continue influencing and changing all industries and organisations. I used to think that I wanted to run my own business, but I have not found it yet.