The Industrial Promotion Department is teaming up with SET-listed Delta Electronics Thailand to provide financial tools in 2019 for 50 startups under the government's angel fund scheme, with a combined value of 4 million baht.
The angel fund has taken place for four consecutive years, helping small and medium-sized enterprises (SMEs) and startups who have been in business for less than five years.
Each chosen startup can receive up to 500,000 baht in assistance.
Kobchai Sungsitthisawad, the department's director-general, said the ministry expects the angel fund scheme to provide access many startups who would otherwise be unable to avail financial resources from commercial banks to start their own companies.
"The ministry will increase its budget from 1 million baht in 2018," he said.
The partnership with Delta, a maker and distributor of power management solutions and electronics components, has assisted 122 participants over 2015-18.
For the 2019 scheme, the department will provide funding for any startups who invest in the government's S-curve policy.
Under this policy, there are 12 targeted industries -- new-generation automobiles; smart electronics; affluent, medical and wellness tourism; agriculture and biotechnology; food; robotics for industry; logistics and aviation; biofuels and biochemicals; digital; medical services; defence; and education.
Mr Kobchai said the department plans to propose the ministry to connect all startups to join the angel fund to be a part of InnoSpace Thailand, a public-private venture meant to support new startups in the country.
Anusorn Muttaraid, Delta's executive director, said it has provided 12 million baht over four years to the angel fund, helping 30 startups.
"Delta wants to promote the new targeted industries in line with the company's strategy," said Mr Anusorn.
"In 2019, Delta will promote the water management and automation system for the angel fund, and expects all joining startups can become more competitive in the near future."