The National Innovation Agency (NIA) is gearing up to support local startups associated with space technology to serve the government's target to make Thailand among the 10 countries capable of launching satellites into orbit within seven years.
The NIA is now proceeding with the "Space Economy: Lifting off 2022" project aimed at supporting local startups linked with space technology.
The move is meant to create a supply chain of domestic space technology innovation and enable Thailand to take part in the US$1-trillion manufacturing supply chains of the global space industry.
"Our goal of space startups is in line with the government's target to put Thailand among 10 countries with the capability to launch satellites into orbit within seven years," said Pun-Arj Chairatana, executive director of NIA.
Mr Pun-Arj was speaking on Wednesday at a pitching event involving 15 final teams for the Space Economy: Lifting off 2022 project. This is the project's second year.
Mr Pun-Arj said space technology is a strong trend attracting the interest of many countries, similar to how virtual reality and the metaverse have gained attention.
New kinds of space economy driven by the private sector are different from the traditional space economy dominated solely by governments or their agencies, he said. Developing space-related products and services will add value to the manufacturing sector.
It will stimulate investment in high-tech industries under the new S-curve, which attracts foreign investment of 400-500 billion baht per year to areas such as industrial robotics, aviation and logistics, and the digital industries, he said.
Thailand has more than 1,000 operators in the space industry in the upstream and downstream stages with a combined economic value of 30 billion baht and an annual growth rate of around 10%.
"In the Eastern Economic Corridor, there are dozens of factories making components for satellites. Some facilities making parts for robots have turned to make satellite parts," said Mr Pun-Arj.
He said NIA has worked with the Thai Space Consortium to proceed with the Space Economy: Lifting off 2022 project, aimed at mentoring a new breed of space startups to enter the business sector, thereby creating a supply chain of domestic space tech innovation.
More than 120 teams applied for the project this year and 15 of them passed the selection round to the final pitching. These 15 teams have received the funding for their projects.
The competition is divided for three categories -- technologies in the primary stage, technologies in the prototype stage and the team winning the popular vote.
The winner in the first category was Solutions Maker, which developed a satellite-based high accuracy time card. The winner in the second category was Gaorai, which developed a system of agricultural technology connecting growers with drone pilots.
Meanwhile, the Spacedox team won the popular vote for its space traffic management system, which detects and monitors satelites.
The three winners will get the chance to present their projects at the Startup x Innovation Thailand Expo 2023.
According to Mr Pun-Arj, NIA intends to serve as a bridge connecting space-related startups with fundraising from investors.
Last year, investment in space-related startups and businesses grew more than 50% year-on-year, representing a 3% share of investment from venture capital funds, he said.
Funding will enable each startup to expand their market and develop more innovation while also being an accelerator for more firms to enter the space industry, he added.