Building Southeast Asia’s startup ecosystem through True Digital Park

Once overshadowed by the vibrant startup ecosystems in Singapore and Indonesia, Thailand is becoming an attractive market for entrepreneurs. The country is bolstered by a myriad of government-led initiatives and private-sector investments, and both the amount of startup funding and the number of active investors and accelerators in the country have almost doubled from 2015 to 2018 as well.

These developments demonstrate Thailand’s progress in achieving its ambition of evolving into a global startup hub.

Different parties working together

Part of the Thai government’s goal is developing 1,000 startups and 50,000 high-skilled workers by 2021. To do this, it’s introduced national initiatives and funding schemes.

Launched in 2016, Thailand 4.0 is a nationwide program that seeks to transform the country into an innovation-based economy that is driven by technology. It aims to help entrepreneurs through policies that support the incubation and growth of fledgling businesses. Startup Thailand, one of the projects under Thailand 4.0, was also launched to encourage startup growth in the nation.

To augment this effort, the administration has earmarked a US$570 million venture fund, which would finance around 2,500 existing startups in the country.

But support isn’t just coming from the government. In 2018, a group of 600 startup representatives proposed seven guidelines for the administration, suggesting ways to push the nation’s startup agenda. These included points such as making legal processes more flexible, creating ways to make funding more accessible, and attracting skilled tech workers.

The government was reportedly receptive to the proposal and has already implemented the SMART Visa program to enhance Thailand’s attractiveness in bringing in startups, science and technology experts, and investors. With the initiative, people who apply for the visa get special privileges like longer validity dates and visa extensions to spouses and children.

Equally vital in promoting startup growth is the private sector. Various entities have been set up, including 500 Startups’ US$10 million 500 Tuktuks fund, which has invested in more than 50 companies in Southeast Asia, such as office catering startup Kinkao and car listing platform SiamCarDeal. In addition, Thailand’s Ministry of Science and Technology, in partnership with various venture capital firms, have also set up a US$16 million fund to provide financial support for businesses.

A convenor for open innovation

On top of the slew of national policies and funding schemes for startups, it’s also important to spark interdisciplinary collaboration and partnerships between private and public enterprises.

Startup campus True Digital Park aims to do this by putting all of the ecosystem players in one location. The park fosters collaboration between startups, multinational companies, small- and medium-sized businesses, investors, VCs, universities, government agencies, and R&D centers. Set up by local communications conglomerate True Corporation, True Digital Park’s goal is to accelerate Thailand as a key startup hub in Southeast Asia.

Its official launch is on September 18, and to celebrate its grand opening, the park will be hosting the “T.O.P 2019: Togetherness of Possibilities” conference in Bangkok. At the event, attendees will hear from technology and innovation experts on recent trends in entrepreneurship, innovation, and strategies to uplift the startup ecosystem in Southeast Asia.

The conference is free of charge and refreshments will be provided. Click on the button below to register.

Event Details

Date: September 18, 2019 (Thursday)
Time: 12:00 pm to 9:00 pm
Location: True Digital Park, True Auditorium Level 6