Founders! Here Are Resources That Offer Support for Startups in Thailand

Startups in Thailand have grown considerably since it emerged in the 2000s. The startup sector in the country, according to the Asian Development Bank's "Thailand's Evolving Ecosystem Support for Technology Startups" report on September 2022, started in the early aughts with small software firms, although their founders weren't without its struggles, receiving sparse attention from the government. It was in 2011 that the Advanced Info Service (AIS) put up the AIS Startup Weekend to promote startups in the country.

The industry can be termed a late bloomer, with initiatives supporting the ecosystem only having been established in recent years. In 2016, the Ministry of Digital Economy and Society (MDES) was created from the former Ministry of Information and Communication Technology. The report added that the National Startup Committee was also organised to improve the startup industry. In the same year, the government's Startup Thailand was pivotal in raising awareness of startups in Thai society. In 2017, the Digital Economy Promotion Agency was launched under MDES to support startups.

If you want to learn more about some of the resources for startups in Thailand to get funding and other support, read on!

500 TukTuks

500 TukTuks is considered as one of the pioneers of Thailand's startup ecosystem committed to empowering and investing in local seed-stage in the country and the Mekong Region (Cambodia, Laos, Myamar, and Vietnam) to attract tech investors. 500 TukTuks, established in 2015, is led by Krating and Moo and has funded more than 70 startups, across 10 countries, and over 150 founders in its portfolio since its inception, ranging from sectors like fintech, health and biotech, and IT and security to retail and e-commerce, real estate, marketing, and more. Under its portfolio, it has startups called "centaurs" that are over US$100 million in valuation, such as Omise, finAccel, Pomelo, and Trusting. It also has "ponies" or startups with US$10 million worth of valuation, such as Freshket, Ricult, Interkat, Favstay, T2P, and more.

Thai Venture Capital Association

The Thai Venture Capital Association (TVCA) was founded in 1994, with members comprising of ordinary ones who lead international and local venture capital (VC) and private equity (PE) firms, as well as extraordinary members like companies that operate ventures like accounting, law, and finance firms. TVCA, whose members have investment domains in IT, biotech, and infrastructure, collaborates with the public and private sectors to give advisory and promote VC and PE businesses, practices, and policies in the country. Among its members are Bangkok Venture Club, SME Development Bank, Sansiri, Baker McKenzie, and more. For details about how to apply as an ordinary or extraordinary member, go here.

The SMART Visa Program

To attract potential talents and innovation into the country, the government introduced the SMART Visa Program on Feb. 1, 2018, in a bid to "enhance Thailand’s attractiveness in drawing science and technology experts, senior executives, investors and startups." It is a new visa type focused on attracting human capital and investors to help bolster the development of various industries in Thailand, such as agriculture and biotech, smart electronics, food for the future, environmental management and renewable energy, tourism, and more. It is reserved for foreign specialists, executives, entrepreneurs, and investors who want to work in Thailand or invest in the mentioned industries.

There are five types of Smart Visa, namely Smart T (Talent), Smart I (Investor), Smart E (Executive), Smart S (Startup), and Smart O (Other). To learn about the qualifications required for each visa type as well as how to apply, go here.