“They say it takes a village to raise a startup. But first we need to build that innovation village in Thailand,” says Dr. Metinee Jongsaliswang, Deloitte Thailand Country Consulting Leader.
Thai startups are facing significant challenges in their quest for success, according to a report from Deloitte. The study, titled “Future of the Thai Startup and Venture Capital Ecosystem,” revealed that the local startup ecosystem is operating in an extremely competitive environment.
The report showed that startups in Thailand are facing a lack of access to early-stage venture capital financing, limited support from the government, and a shortage of mentoring opportunities for new founders.
This has created a “chicken-and-egg conundrum” where startups need capital to grow and become unicorns, but many venture capital firms are hesitant to invest in an ecosystem without proven success stories.
Dr. Metinee suggests that the Thai government can play a key role in addressing these challenges in the innovation space. “Many success stories globally include positive collaborations between the public and private sector,” she said. “And the availability of more adequate funding opportunities like launching a well-funded equity matching, co-investment program.”
In addition to increased government support, the report also highlights the need for greater investment in research and development to help foster innovation and spur growth in the startup ecosystem.
The findings of the report are critical for policymakers and investors seeking to support the growth of Thailand’s startup and venture capital ecosystem.