Bangkok – President of Thai Startup Trade Association points to “unarmed colonization” by foreign platforms, proposes 3 strategies: “skilled workforce, risk-taking capital, Thailand First market” to create growth opportunities in the AI Economy
- – Thai Startup Trade Association Launches ‘Thai Startup Directory’
- – NIA Partners with Industry Leaders to Drive SPACE-F Batch 5
Tanawit Tonekunya, President of the Thai Startup Trade Association, addressed the launch of the ‘Startup Business Encyclopedia’, stating that Thai startups are currently facing a form of “unarmed colonization” from foreign platforms that are seizing market share in Thailand. This, he argues, is leading to a significant outflow of capital from the country.
“Today, it’s not just Thai startups, but all industries in Thailand are facing this unarmed colonization,” Tanawit stated. “In the past, wars involved tanks and fighter jets, but today they come in the form of foreign platforms. Billions of baht of our money is flowing out of the country every year.”
Tanawit highlighted the disparity in starting conditions for Thai startups compared to competitors like Singapore, particularly regarding investment. While Singapore invests 50 million baht in early-stage startups, Thai startups receive only 5 million baht, reflecting a reluctance to invest from both the public and private sectors.
“We want to see innovation, but we are afraid to take risks,” Tanawit said. “Innovation doesn’t happen overnight. It requires constant improvement and adaptation until it succeeds. There are risks along the way. How can we become more daring and embrace those risks?”
The President of the Thai Startup Trade Association proposed three key strategies to develop Thai startups to be competitive in the AI Economy:
1. Develop People: Organizations need to prioritize developing human resources and transferring knowledge from senior to junior generations to enhance competitiveness.
2. Risk-Taking Capital: Tanawit cited China as an example, where massive investments are made in various platforms, even at a loss, to retain their SME customer base.
3. Market Access: Thai businesses should adopt a “Thailand First” policy, supporting and prioritizing goods and services from Thai startups to create growth opportunities.
Furthermore, Tanawit emphasized the importance of “Accelerators” in nurturing startups. He pointed out the limited number of accelerators in Thailand and suggested attracting world-class accelerators like Y Combinator or Google Accelerator to help develop the potential of Thai startups.
“Bringing in global accelerators is like bringing in talented individuals to build the country,” Tanawit explained. “Government agencies should support this because it’s an investment in human resources, not just funding for early-stage startups.”
Regarding future trends for startups, Tanawit believes that startup entrepreneurs need to have a vision, see opportunities in the future, and avoid simply following in the footsteps of foreign companies. They must identify their own strengths and create unique innovations.
“Today, the world has shifted from the Analog era to the Digital Economy, and is moving towards the AI Economy,” Tanawit concluded. “We need to have a vision, see opportunities in the future, not just imitate others. We need to find our strengths, where our opportunities lie.”
#ThaiStartups #DigitalEconomy #AI #Innovation #Investment #Accelerator #YCombinator #GoogleAccelerator #ThailandFirst #ThaiStartupTradeAssociation
