Published on October 13, 2005

A young entrepreneur has cashed in on his collapsible refrigerated coffin invention by using his petty patent to secure a Bt500,000 soft loan from the Small and Medium Enterprise Development Bank of Thailand (SME Bank). “The loan provided working capital and I have subsequently created a marketing strategy that involves renting out the invention,” said Panuphol Peamsirimongkol.

The 28-year-old inventor said he received the loan in July after he put forward his petty patent as collateral to apply for the funds.

SME Bank launched the Intellectual-Property Capitalisa-tion project two years ago, allowing anyone with intellectual property such as patents, petty patents, trademarks, service marks, certification mark, collective mark or copyrights, to seek loans to help set up businesses.

“I consider it an extremely good project,” Panuphol said.

Graduating from Chiang Mai University with a BSc, Panuphol went straight into managing a coffin shop owned by his father. The shop is located in Chiang Mai’s Muang district.

“I am familiar with the business. I have seen how my father has run it since I was young,” the young entrepreneur said.

While working full time at the coffin shop five years ago, he noticed a demand for more convenient and affordable refrigerated coffins.

“The refrigerated coffin that was available was very large and became impractical when buyers needed to bring it into their homes. People in the North usually keep the remains of loved ones at home before the proper cremation ceremony,” Panuphol explained.

Priced between Bt30,000 and Bt70,000, refrigerated coffins are an alternative for anyone who wants to avoid using formalin. Such coffins have to be large because they also have to contain the traditional coffins.

“So, I experimented with ideas of how best to make refrigerated coffins that were more convenient,” he said.

After years of trials, he eventually came up with the collapsible concept, where each part of the coffin can be easily assembled using magnets. Realising the potential marketability of his invention, he requested a petty patent for his idea two years ago and created a prototype last year.

“My invention is an improvement on the previous type of refrigerated coffins because it is more convenient and very transportable. I have also improved the refrigerating system. A client informed me that a monk’s body was kept in my refrigerated coffin for up to 100 days before cremation without any problems,” Panuphol said proudly.

He added that he had already sold 20 of the coffins over the past two years at a cost of more than Bt80,000 each.

“Though I use resins as the main material, I have managed to decorate the refrigerated coffins with attractive engraved patterns, the kind you would see on elaborate teakwood coffins,” he said.

Panuphol also believes that he can improve his business prospects by offering a refrigerated coffin rental service.

“I have started looking for business partners - other coffin shops across the country - and I expect to be able to rent out 50 of the coffins in the near future,” Phanuphol said.

According to his marketing plan, his business partners would be required to pay a Bt60,000 deposit for each refrigerated coffin as well as paying Bt2,800 monthly rent. Phanuphol’s shop would then take care of the coffin’s maintenance and any repairs as part of the service.

“My shop usually rents refrigerated coffins for Bt800 per night,” Phanuphol said.

Kantawat Kuharuengrong, a PR official for SME Bank, said the bank approved loans for more than 20 entrepreneurs under the Intellectual-Property Capitalisation project and all of them had proved to be excellent customers.

Under the project, individuals who are granted loans are required to complete repayments within three years.

Urisara Kowitdamrong

The Nation

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