Startups with high growth potential in targeted industries will be given financial support, worth up to 50 million baht each, under a new fund recently launched by the Board of Investment (BoI).
The fund, named the "Matching Fund", comes under another fund managed by the competitiveness enhancement board, chaired by Finance Minister Pichai Chunhavajira.
The Matching Fund will work together with venture capital, which is also aimed at supporting startups, said Narit Therdsteerasukdi, secretary-general of the BoI.
The board wants to further improve the capability of startups specialising in businesses that use high technology.
They are new-generation cars, including electric vehicles (EVs), smart electronics, biotechnology, agriculture, food and medicine.
Mr Narit said the BoI will offer between 20 and 50 million baht to each startup meeting financial aid criteria.
They must clearly show their business direction and plans in order to introduce themselves to the international community, he said.
The BoI is eager to know whether the startups have plans to raise funds abroad and how they will export their products and services.
"Financial sources and human capital are two key factors that will drive the growth of startups. The BoI will launch measures to support these two factors through the competitiveness enhancement fund," said Mr Narit.
A startup eligible for financial help under the Matching Fund is required to have Thai persons holding at least a 51% share of its business.
The fund is expected to help the government grow 12 targeted S-curve industries which are set to be housed within the Eastern Economic Corridor (ECC).
The EEC covers parts of Chon Buri, Rayong and Chachoengsao, which will be developed into the country's high-tech industrial hub.
Zero-emission cars are new-generation vehicles being promoted by the government in the EEC.
Authorities set a goal for battery EVs to comprise 30% of total car manufacturing by 2030 through the production of 725,000 zero-emission cars, 675,000 electric motorcycles and 34,000 electric buses and trucks.