The Thailand Science Research and Innovation (TSRI) joined forces with the National Economic and Social Development Council (NESDC), the Office of Industrial Economics (OIE), and the Federation of Thai Industries (FTI) to host a significant forum aimed at propelling Thai small and medium-sized enterprises (SMEs) and startups towards becoming full-fledged innovation-driven enterprises (IDEs). The initiative focuses on leveraging science, research, and innovation (SRI) to enhance competitiveness and expand market reach both domestically and internationally.
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The transition towards an innovation-driven economy is a crucial step in elevating Thailand’s competitiveness on the global stage. This shift promises to add value to products and services, create high-quality jobs, reduce reliance on traditional manufacturing, and foster long-term sustainability for the Thai economy.
Challenges and Solutions
The forum highlighted key challenges in developing IDEs in Thailand:
- Understanding Innovation: Many entrepreneurs lack a clear understanding of innovation and its practical application in business development.
- Skill Shortage: Thailand faces a shortage of skilled professionals in STEM fields,digital technology, and English language proficiency, which are essential for innovation-driven businesses.
- Access to Funding: Thai startups, particularly in their early stages, struggle to access funding.
- Support Mechanisms: Existing government support mechanisms are not comprehensive enough and do not fully address the needs of entrepreneurs.
To address these challenges, forum participants proposed the following solutions:
- Raise Awareness: The government and relevant agencies should continuously raise awareness and understanding of innovation among entrepreneurs.
- Develop Talent: Accelerate the development of highly skilled professionals in innovation-related fields.
- Increase Access to Funding: Create mechanisms to facilitate startups’ access to funding sources, such as establishing co-investment funds.
- Improve Support Mechanisms: Review and enhance government support mechanisms to be more effective and responsive to the needs of entrepreneurs.
Representatives from the private sector expressed their desire for government assistance in various areas, including consulting, financial support, and market expansion assistance.
Thailand’s Next Steps
Elevating Thai SMEs and startups to become innovation-driven enterprises is a critical mission that requires collaboration from all sectors, including the government, private sector, and educational institutions. With concerted efforts, Thailand has the potential to become a regional leader in innovation and achieve long-term prosperity.
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