Incubator seeks startups for synergy with True, CP
True Incube, a startup incubator under True Corporation, has embarked on a new round of the programme aimed at selecting and grooming startups to form synergies with True and CP Group.
True Incube Scale Up Program Batch 6 opened for registration on Thursday. It will close on Sept 9.
Teerapon Tanomsakyut, chief innovation and sustainability officer of True Corp, said potential startups are critical as a new species of warrior for the digital economy.
True Corp and CP Group can help promote and support startups, he said.
"The success rate for startups averages 10%," Mr Teerapon said. "The group wants to see that figure improve to help drive the country's competitiveness."
True Incube will partner with Rise, a regional corporate innovation firm, to help move the programme forward.
Charoen Pokphand Foods Plc, an affiliate of CP Group, also participates in the scheme to widen opportunities for business matching.
Founded in 2013, True Incube selects high-potential startups to help scale and work with True and CP.
The goal is to drive a thriving startup ecosystem by providing support and opportunities to connect and expand startups wanting to take their business to the next level.
Up to 30 operators have taken part in the programme. True Incube has invested 50 million baht in the project.
For the latest batch, True Incube is focusing on startups in eight sectors: artificial intelligence/big data/machine learning; agriculture and food tech; Internet of Things and robotics; advertising and media tech; logistics; medical; fintech; and energy technology.
Startups that are selected will be offered a scale-up programme with 10 weeks' incubation, plus mentorship and training.
They will also be entitled to 1 million baht in minimum funding and have the opportunity to gain access to up to 10 million baht in funding by corporate venture capitalists.
Participating startups will be supported with co-working facilities and partnership opportunities with True and CP business units.
Mr Teerapon said 10 startup teams will be picked first on Sept 10. The final five will be announced on Sept 25. The whole programme will run from next month to November.
The selected startups will be provided with smart visa support, one year on the accounting platform by PEAK, Rise Innovation Week tickets, an opportunity to attend the Web Summit in Portugal and startup networking with True Incube alumni.