Thailand is Southeast Asia’s second largest economy, with a population of 69 million and a GDP per capita of US$6,361 (S$8,728) in 2018. The country’s central location allows businesses to access the growing economies in the Mekong region – Cambodia, Laos, Myanmar and Vietnam (CLMV).
It is an attractive market for startups, with the launch of the Thailand 4.0 initiative transforming the country towards a more innovation-driven economy. The funding scene is rapidly growing – the ecosystem raised US$105.6 million (S$143.3 million) in 2017, up from US$3 million (S$4 million) in 2011 and 2012. The top five funded sectors are e-commerce, e-logistics, fintech, payment solutions and food and beverage (F&B) services.
The rapid growth of Bangkok’s tech ecosystem has positioned Bangkok as an emerging hub for startup development. The development of startups in Bangkok is supported by a growing amount of financing, with the emergence of close to 100 venture capital firms, corporate investors and accelerators, as illustrated by cumulative investments of about US$280 million (S$384 million) from 2013 to 2018.
Bangkok is also strategically located near two innovation-led business parks: Software Park and Thailand Science Park, the country’s largest science and technology research facilities. Thailand is also home to more than 60 software companies. Singapore-based startups can use Bangkok as an entry point to plug into the Thai tech ecosystem and tap its digitally savvy population.
RISE is Enterprise Singapore’s Global Innovation Alliance (GIA) partner for Bangkok. It is a regional corporate innovation accelerator that aims to establish Southeast Asia as the global hub for corporate innovation due to its eminent potential and impact towards society. With the mission to lift up Thailand and Southeast Asia through its corporate innovation platform, RISE works with corporates and governments through their accelerator, venture builder and corporate innovation program.
RISE is the largest corporate innovation accelerator in Southeast Asia with more than 1000 startups from over 20 countries that have graduated from the programme within two years, contributing to a combined valuation of over US$900 million (S$1.2 billion).
RISE also partners with technology leaders, corporate partners, governments, and other ecosystem partners to integrate startup thinking into their organisations. Corporates which RISE have a close working relationship with include Krungsi Bank, Thailand’s leading bank for SMEs, and PTT, a state owned oil and gas company.
For more information on RISE and its programmes, please visit www.riseaccel.com or email firstname.lastname@example.org.
RISE is partnering Enterprise Singapore to run a GIA Acceleration Programme to support global startups in entering Southeast Asia through Bangkok.
Global AI startups keen to venture into Thailand and explore co-innovation opportunities in Southeast Asia can apply for the RISE.AI Programme.
Interested applicants can visit www.riseaccel.com or contact the key personnel below for more information on the application process:
RISE can also provide tailored support for Singapore corporates, SMEs and startups interested in engaging the Thailand startup ecosystem. Please reach out directly to email@example.com to find out more about their tailored service offerings.