Startups are the future. In the last few years, numerous startup companies have grown to international brands and have revenues in millions. Startup companies are being promoted by the government of several countries and Thailand is one of the most eminent of them all. With innumerable startup companies getting backed by the Thai government, Thailand has turned into the biggest Asia business consulting hub in Southeast Asia. The startup sector in Thailand has grown beyond the billion-dollar industry market and is continuously showing signs of improvement.
The best thing about developing startups is that it can allow people of all age groups to participate. Older and much more experienced people can come together with young and fresh minds to develop a successful business model and strategy. The collaboration of both age groups allows the people to connect with the required contacts and helps the company to grow and generate revenue. Starting a business in Thailand is difficult for a foreigner but it is not impossible, especially if you are planning to build a startup company.
There are around 8,500 startup brands in Thailand now and most of them have their own success stories. Startup companies have not only helped people get their hands on better and more sophisticated products, but their contribution to the economy has also been massive. That is why Thailand is often known as the “Startup Nation”. So, what does it take to build such a startup nation? We’ll have a look at some points now that tell us what takes it to build such a nation.
What contributes to the rise in startups in the nation?
The Thai government has successfully, over the years, allowed the Thai people to work and develop a business strategy that is not only helping them now but will help them even more shortly. Investing in startups will take nations ahead of their time, and the Thai government understood that well. The Prime Minister of Thailand stated that the country should be focusing largely on new technologies and also work to uplift the all-round economic well-being of the people.
The startup companies should be working mainly for the economic well-being of farmers and other lower-income groups in the country. So, what are the main pillars of building a Startup Nation? Have a look at them in the list below –
- The first and foremost thing required to establish a successful Startup Nation is to set up a proper and convenient legal and regulatory framework, which will allow foreign nationals and tech talents in the nation to get permission to work in the country without too many hassles. The national government should establish a one-stop-service agency which will give the task to register and promote the startups which seems promising. At the same time, tax and other incentives should also be provided to the wide range of private-sector efforts on incubation and all the related programmes.
- Now, coming to human resources, the government should set aside a significant amount of the nation’s budget in promoting and backing startup companies. This budget will help the companies to work and function effectively during their early stages of development. This is the time when the entrepreneurs are short of market capital and the government must help them. Moreover, is even more important for the state governments to invest in colleges and universities to promote new technologies and human talent that will help to drive growth.
Out of all the startup businesses in Thailand, around 25 – 30 % of them do get a chance to succeed majorly and become a multinational company in the future. But that does not take away the fact that investing in startup companies is a bad idea. To allow the nation to be prepared for the future, to develop a friendly and successful business model, and to allow fresh young minds to work for a better tomorrow, startup companies are a must.
Final Words – if all the rules and regulations are directed properly, then it becomes really easy to facilitate the growth of startups in the nation. There are several startup consulting firms available in almost every nation and you must check out how to establish a new business step by step. For those of you who are interested in developing a startup business firm in Thailand, you must read and understand all the rules and regulations that the government has set.
Interesting Reads :
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Unlocking Success: The Power of Networking in Business
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Business Restructuring and Turnaround
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Exit Strategy and Succession Planning
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Weighing the pros and cons of startup and established companies
