CORPORATE accelerator Rise plans to steer the startup ecosystem in Thailand towards a US$4 billion valuation in 2020 under efforts to promote new ventures in the domestic and overseas markets.
Rise founder Supachai Parchariyanon said that the achievement of the US$4 billion target would equate to 1 per cent of the country’s gross domestic product.
To support this goal, Supachai said the company would pursue three strategies. First, it will collaborate with the private sector and government agencies – including banks and energy companies - to set up startup accelerators. This will help startups to use innovative and disruption technologies to boost the private and public sectors.
The company has worked with PTT Group to help develop 15 startup teams from many countries, such as Thailand, the United States, the Philippines, Malaysia, South Korea and Singapore, with a bootcamp offered under a project called D-Next by PTT Digital x Rise.
The teams will participate in the project for three months in order to maximise their potential in their chosen fields.
The startups are: Barghest Building Performance, Classwin, EcoWorth, Evercomm, Glueck Technologies, HelloGold, HitKey, NP Core, Onewatt, SalesCandy, Synaptik, Stonelab, TrackerHero, WisePass and UpUpApp.
The bootcamp will enable the teams to meet experts from a range of business fields who will share their knowledge with them. With this assistance, the startups will present their prototypes at Demo Day in July.
Second, the company has set up an academy aimed at changing the attitudes of businesses and organisations towards startups.
It has worked with businesses and organisations to establish an intra-entrepreneurship programme under which organisations will help their workers to become entrepreneurs. These organisations include Siam Cement Group and the Electronic Government Agency (EGA).
Lastly, it has created Rise Venture as a vehicle to facilitate co-creation between the public sector and startups.
“The startup market in Thailand has high potential for growth and is well regarded,” Supachai said.
“We are also partners with international governments and private companies such as those from the US, Britain, South Korea and Singapore in our efforts to drive the development of startups.
“Additionally, we feel that Thai startups should focus on the core competencies of the country, including agritech, tourismtech, and healthtech.”
He said that the company has helped |to develop around 1,000 startups in the country.
It is working towards building a startup ecosystem that will create an economic value of around US$300 million by the end of this year, Supachai said.