Bangkok Ventures joins startup scheme

Bangkok Ventures joins startup scheme

The Industrial Promotion Department is teaming up with Bangkok Ventures Co in launching the Startup Ready campaign to support local startups with training courses and financial resources.

The move follows the creation of InnoSpace Thailand, a venture between the public and private sectors.

Wijak Ratanasuwan, the department's director-general, said the programme will support startups accessing new innovation and venture capital.

"They can improve their competitiveness from this programme, and the department's intention is to bring them to the global market, as these startups are new to the digital era," he said.

The department has worked on the programme for Thai startups since 2016, and 200 startups have joined.

In 2019, 160 more startups are expected to sign up.

"We expect our programme to develop startups to do their business plans and pitch presentations successfully, with many investors, both domestic and overseas," Mr Wijak said.

InnoSpace Thailand was set up in January 2019 with an initial budget of 500 million baht to connect local startups with fresh capital funds and increase value-added products offered countrywide.

This venture company is located in the Eastern Economic Corridor of Innovation (EECi) in Wang Chan district, Rayong province, adjacent to Kamnoetvidya Science Academy School and Vidyasirimedhi Institute of Science and Technology, both educational institutes under PTT.

Charapat Santimakorn, Bangkok Ventures' chief sales and marketing officer, said Thailand has huge opportunity for startups with the government policy to position Thailand as a centre for startups in Southeast Asia.

He said new economic perspectives are driven rapidly by startups and their business environment.

"The Startup Ready campaign will increase the number of startups in Thailand to expand; more importantly, it is a free-of-charge programme," Mr Charapat said. "Bangkok Ventures has joined the global startup platform from the US's World Startup Festival, coming from Silicon Valley to provide know-how, share ideas about startups on the global level and train local startups."

Fazil Irwan, regional director of the World Startup Festival, said the government has a policy to promote and support startups because startups are fundamental to the digital era and the Thailand 4.0 initiative.

Thailand offers opportunity for startups, combining booming innovation, the young generation and technology disruption.

"We will cooperate with the government to support and help the local startups conduct business on the global level," Mr Irwan said. "Our startup network encompasses Malaysia, China and Senegal, so we can conduct business matching across the world."


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