Editor’s note: True Digital Park is a winner of ORIGIN Innovation Awards 2022 – the Most Active Community Builders award category
Startup Booster Program by True Digital Park is a startup incubator program that provides startups and entrepreneurs with the knowledge and expertise needed to drive their business capabilities. Build connections with top mentors and business experts provided by True Digital Park and its partners and also get a 1-year smart visa type S to stay and work in Thailand.
In an interview with TechNode Global, True Digital Park Business Development Manager Chanon Pattrathiranond shared details about the benefits a startup can enjoy through the program and the objectives it wants to achieve.
“We have the objective to assist tech startups and talented entrepreneurs to work and start businesses in Thailand as we understand the challenges that come with starting up a business as a foreigner in Thailand. We wanted our startup members to grow and scale up eventually becoming a successful startup. Currently we have around 30 startups and 20 alumni. We target to have 100 qualified startups come through our program,” he said.
He also shared about Thailand’s competitive edge against other countries in the region in attracting startups, among others.
Below are the edited excerpts:
Could you explain more about the benefits a startup can enjoy by joining the Startup Booster Program?
Startup Booster Program is a 1-year Incubation program that’s especially created for international startups who want to start a business in Thailand. Apart from the 1-year SMART visa, we offer some other benefits. We provide top-of-class working space facilities, knowledge-based courses to help the startup integration, networking events and consultation with experts all in the goal to help the startups succeed.
Here are the list of benefits in detail:
– 1-Year Thailand Visa, SMART Visa Type “S” allowing you to live and work in Thailand
– 1-Year Workspace Facilities at True Digital Park, True Space and Partners 10+ locations
– Join Our Business Matching Event for Potential Startup Business Partnerships
– Consultations session with Startup Incubator Experts
– Access to on-demand materials made to help your startup business succeed
– Startup Business Funding Opportunities
– Monthly Networking Event
What is the Startup Booster Program wants to achieve? Do you have any target how many startups you would wish to attract?
We have the objective to assist tech startups and talented entrepreneurs to work and start businesses in Thailand as we understand the challenges that come with starting up a business as a foreigner in Thailand. We wanted our startup members to grow and scale up eventually becoming a successful startup. Currently we have around 30 startups and 20 alumni. We target to have 100 qualified startups come through our program.
Who is eligible to join the program? Is there any particular sector True Digital Park is in favor or prioritize when it chooses the applicants? Who is your targeted audience?
Currently we target the 13-S Curve industries aligning with the Board of Investment of Thailand (BOI). They include:
– Next-generation automotive
– Smart electronics
– Affluent, medical and wellness tourism
– Agriculture and biotechnology
– Food for the future
– Automation and robotics
– Aviation and logistics
– Biofuels and biochemicals
– Digital
– Medical hub
– Alternative dispute resolution
– Human resource development in science and technology
– Environmental management and renewable energy
We accept from ideation stage as long as your idea is interesting and you have taken steps to verify your idea. Moreover, we also accept companies that may not classified as a ‘startup’ but hopes to expand their products or services to Thailand.
How long it takes for the application to be approved?
We take seven working days to review the application and The SMART Visa application takes a maximum of 30 working days to get approved, after which you will be officially enrolled on the program.
How is the startup ecosystem in Thailand? Are there sufficient support from the government and private sector?
Currently there are around 1,000 Thai startups with the VC landscape in Thailand being dominated by corporate venture capitals (CVCs). Surprisingly during the height of the covid-19 pandemic three unicorn startups have emerged from Thailand being Bitkub, Ascend and Flash Express.
True Digital Park is the leading private organization in conjunction with the Thailand’s Board of Investment and the National Innovation Agency (NIA) to co-launch the Startup Booster program to help push the Thai Startup Ecosystem forward.
What is Thailand’s competitive edge against other countries in the region? Why should startups choose Thailand?
There’s a reason why Thailand is one of the most visited countries in the world.
Great Healthcare: More than 300 private hospitals in Thailand. General care for private patients is good and affordable, although emergency and special procedures are often pricey.
– Education: 158 international schools in Thailand.
– Low cost of living: $1,000 a month is sufficient.
– Amazing food: Thai food ranked top 10 in the world cuisine ranking by CNN.
Business wise we have:
-Sizable consumer markets: Domestic consumer market of more than 69 million people with average economic status rising.
– Approximately 49 Million internet users.
– One of the most active media uses in the SEA economy.
– Ease of Doing Business: Ranked 21st among 190 among other economies By World Bank
– Indicating how easy it is to set up, pay tax, trade across borders etc.