Let’s look at Thailand and the boom in the startup sector. With over 1,400 tech start-ups, including over 400 state-owned, Thailand is the nerve center of Southeast Asia’s startup ecosystem in the new millennium world order.
Around 300 start-ups were registered in Thailand in 2014, which quickly grew to 2,500 in 2015. expansion of startups from 200 in 2016 to 1500 companies and growth in 2019. These efforts paid off in the form of increased investment in 2017-2019 (mostly foreign investment from China) and an increase in the number of foreign fintech companies that have expanded their activities in Thailand.
Support in the form of incubation programs set up by telecom operators has contributed to the success of Thai startups, allowing those who receive funds to accelerate and take off faster. These factors, plus the cost of living and labor in Thailand, have led to a booming start-up market with a lot of local innovation and foreign investment. In fact, many tech start-ups in Thailand set up overseas businesses to avoid regulation and benefit from attractive tax structures. There are many goals for developing this type of business in Thailand and even establishing links with international companies in your country.
As a purchasing agent in Thailand, Startup in Thailand offers a sourcing and operations team with a dedicated Thai specialist to help you start or continue your business smoothly. As Thailand’s leading consulting firm, Startups in Thailand can help you find the right resort to take over or start the new business you need, providing you with all the legal assistance you need. The government can seek more support for Thai startups using their services, products and solutions in Thailand, both from the government itself and through politics.
The country has been effectively converting its investments in innovation into innovation outcomes to jump-start its economy. Thailand has a thriving start-up ecosystem supported by key factors such as Thailand’s location, access to sea lanes with modernized ports, low inflation and the availability of cheap, skilled labor. Many aspects of the ecosystem contribute to our startup market, which is inferior to the markets of Singapore, Indonesia and Vietnam.
Although it is visible, startups in Thailand, especially in the tech sector, are still lagging behind some of Thailand’s closest neighbors. It is still difficult to say whether Thai startups will be able to fully compete with the powerful and established technology industries of their neighbors. Tech startups in Thailand have seen huge growth in recent years and have maintained that momentum during global lockdowns despite other industries suffering huge losses.
Thailand is still weak when it comes to partnerships between companies and startups. The numbers continue to show that investment in the Thai startup ecosystem has grown. Despite these changes, Thailand’s trade rules are still an obstacle to a resource-limited ecosystem.
If you need more details, stay tuned for the 2019 Thailand Tech Startup Ecosystem Report. In this edition, we have Soonicorn Club of Thailand Tech 2020, an exclusive list of the most promising Thai tech startups that have also achieved significant valuation milestones in previous years.
Professor Anek Laotamatas, Minister of Higher Education, Science, Research and Innovation, said it is considered good news for the startup community in the Global Startup Ecosystem Index 2021 that Thailand is still in 50th place with 4 cities in the ranking. Top 1000 cities with the best startup ecosystem. In the Top 1000 Best Startup Cities, Bangkok climbed 19 places from 90th to 71st in the world, while Chiang Mai, Phuket and Pattaya also made the rankings.
Thailand’s Economy Thailand is ranked 22nd in the world with a nominal GDP of $529.1 billion. This statistic alone should give confidence to Thai venture capitalists and investors. The success of Pomelo, a Thai fashion, retail and e-commerce startup that managed to enter Series C by raising US$52 million in funding, shows that Thailand is ready to support startups in a higher growth phase, and perhaps success Pomelo highlights. the strength of Thailand’s fashion and retail sector. E-commerce E-commerce offers great growth opportunities in Thailand thanks to companies such as aCommerce and Pomelo.
Its parent company, SYNQA, followed the traditional Thai start-up path, focusing on building a strong foothold in Thailand and then expanding into neighboring countries. Finnomena, a leading Thai fintech asset management startup and one of the strongest startups in Thailand, plans to expand Finnomena’s business to ASEAN member countries and has set a target to increase assets under management (AUM) from over $270 million to $3 billion (90 billion baht) by 2023. In addition, SPACE-F, Thailand’s first global food technology incubator and start-up accelerator, is launching Package II of SPACE-F’s first-class Acceleration and Incubation Program, bringing together leading companies and start-ups in the food sector. NIA also has its first regional office and Global Startup Hub ready to serve the needs of people who want to start a business, both Thai and foreign.
The IT security startup we created 2 years ago, Arahant Thailand, has built its reputation in the securities industry, and IT consulting has achieved 200% growth in the last year. Notably, well-known startups in Thailand are either all foreign companies or are subsidiaries of foreign companies (mainly Singaporean and Indonesian companies). HipFlat launches in Thailand, where it tackles a highly fragmented market.
There is no single source of syndicated property listings in the country, no MLS, no market data. The US$52 million funding sealed by Thailand’s fashion e-commerce platform Pomelo was the highest ever for a Thai startup in 2019.