The Minister of Digital Economy and Society presented his vision for enhancing the competitiveness of Thai digital startups at the depa TECH GALA NIGHT. The ambitious goal is to position Thailand as a ‘Friendly Country’, fostering an environment for startups to not only initiate but also flourish on the global stage. With a strategic emphasis on the first engine of growth, dedicated to amplifying digital capabilities to enhance the country’s competitive edge, as outlined in the policy “The Growth Engine of Thailand”. It is estimated that this event will stimulate digital startups and facilitate fundraising of no less than 500 million Baht.
Mr. Prasert Jantararuangtong, the Minister of Digital Economy and Society, preside over the opening ceremony for depa TECH GALA NIGHT, Asst. Prof. Dr. Nuttapon Nimmanphatcharin, President/CEO of the Digital Economy Promotion Agency (depa), Mr. Chatchai Khunpitiluck, Deputy Director, Dr. Chinnavuth Chinaprayoon, Assistant Director, Dr. Warin Ratchananusorn, Director of Startup Institute along with executives from various public, private sector organizations, and representatives from the Thai digital startup ecosystem.
Mr. Prasert stated that the growth of the Thai digital startup ecosystem faces challenges from various factors, whether from mechanisms for funding that is suitable business operations, the shortage of labor in crucial field, and the lack of promotion on business initiation. The Ministry of Digital Economy and Society has outlined a strategic approach to drive the digital economy and society through three key engines under the policy “The Growth Engine of Thailand”, comprising: 1. elevating digital capabilities to fortify the nation’s competitiveness (Thailand Competitiveness) 2. Ensuring the safety and security of the digital economy and society (Safety & Security) and 3. Advancing human capital in digital capabilities aspect (Human Capital).
“The Ministry of Digital Economy and Society, in collaboration with depa, has outlined strategies to enhance the competitiveness of digital startups. The primary focus lies in fostering innovative mechanisms to open new financial avenues such as Co-investment and promoting the establishment of fund for the development of digital startup to the global level. Additionally, comprehensive plan is in place to address the scarcity of digital talent by attracting highly skilled individuals through the Global Digital Talent Visa and create a market for digital startups, including cooperation with the Board of Investment (BOI) to develop tax incentives. This includes a remarkable provision allowing a maximum 100% corporate income tax exemption on investments and the purchase of products or services registered by digital startups, with no restrictions on the exempted amount These strategic measures collectively aim to nurture the growth of digital startups and strategically position them for success in the global stage. The ultimate goal of enhancing country’s competitiveness to give Thai’s startup an edge when competing at the global stage under the policy ‘The Growth Engine of Thailand’. This aims to position Thailand as a ‘Friendly Country for digital startups’, facilitating their initiation and growth on the global stage, with the expectation of stimulating fundraising of no less than 500 million Baht”. stated the Minister of Digital Economy and Society.
Asst. Prof. Dr. Nuttapon discussed the establishment of the origin of Startup Institute under the supervision of depa, officially began its operations in 2018. Currently, the agency has supported and nurtured over 150 Thai digital startups through both direct investment and partnerships, amounting to a cumulative investment of more than 1.2 billion Baht and has concurrently generated an impressive economic value surpassing 15 billion Baht.
Asst. Prof. Dr. Nuttapon further stated that depa has prepared an ecosystem to support the development of digital startups, including the Digital Service Account and the Thailand Digital Valley initiative. The latter, functioning as an ASEAN Digital Hub, stands as a pivotal center for the design, development, analysis, and testing of cutting-edge digital technologies and innovations. Located in Si Racha district, Chon Buri province, which located the Digital Startup Knowledge Exchange Center, the second building of the project, renowned as being The Paradise of Every Nationality Startup. This innovative space is envisioned as a large community that gathers most digital startups and digital enthusiasts from around the world. Additionally, it is designed to be a hub for various digital innovations, including 5G, AI, Blockchain, Digital Service, Digital Content, E-SPORTS, Drones, Software Convergence, and more. depa aims to transform this building into a space for networking, information exchange, and creating a collaborative group ready for the expansion of businesses for Thai digital startups.
“For the depa TECH GALA NIGHT, it is organized to serve as a platform to showcase the vision for the development of the digital economy through the promotion of Thai digital startups which is considered to be the crucial engine for Thailand digital economic growth. Additionally, this event opens opportunities for investors, collaborative units, governmental and private entities, as well as digital startups to engage in discussions, exchange ideas, build networks, and expand collaborations in investment on technology and digital innovation to create added value for the country’s digital economy.” stated the President/CEO of depa.
While Dr. Warin discussed the objectives of investing in Techsauce Co., Ltd. (Techsauce), stating that depa’s investment in Techsauce, a Tech Ecosystem Builder will enhance the operations of both entities while also plays a crucial role in the intense development of Thailand’s digital startup ecosystem and the digital industry.
Furthermore, within the event, there is a pitching session providing an opportunity for representatives of digital startups including Daywork, Edvisory, Foodie, Futureskill, Graffity, Huap, Ioaday, VISAI, Vounder, Vulcan Coalition, Weserve Platform, Ztrus, ZWIZ.AI, and 24 Solutions to present information about their businesses, including business strategies, suggestions, and policy’s demand for relevant sectors.
