Supporting essential agencies such as NIA, depa, and the Thai Venture Capital Association (TVCA) is anticipated to establish a stronger funding mechanism.

BANGKOK, THAILAND - Media OutReach - 30 November 2023 - The National Innovation Agency (Public Organization) or NIA, under the leadership of the Ministry of Higher Education, Science, Research, and Innovation, is partnering with the Digital Economy Promotion Agency (depa) under the Ministry of Digital Economy and Society, Thai Venture Capital Association (TVCA), and Beacon Venture Capital to host the "NIA x depa VC NIGHT" event. This collaborative effort aims to build a robust investor network and foster investment in Thai startups, preparing them to play a significant role in advancing the country's economic and social landscape through the power of innovation. Ms. Supamas Isarabhakdi, Minister of Higher Education, Science, Research and Innovation, emphasized the ministry's commitment to propelling the nation's economy and society through an innovation-driven approach, with a particular focus on startups and young entrepreneurs. The ministry actively plays a supportive role in integrating new generations into the Thai startup ecosystem and facilitating the expansion of business operations for startups, fostering their growth. This is achieved through the Alpha Program within the Startup Thailand League, in collaboration with over 50 educational institutes across Thailand. The initiative has resulted in the registration of more than 61 companies from participating student teams, representing an economic value exceeding 100,000,000 baht. She also said that, presently, numerous universities have established funds dedicated to investing in student startup ventures. Examples include CU Enterprise at Chulalongkorn University, M Venturer at Mahidol University, and Angkaew Holding at Chiang Mai University. These initiatives actively encourage the incorporation of innovation and cutting-edge technology in business operations, with a steadfast commitment to ongoing expansion and development. Therefore, organizing today's "NIA x depa VC NIGHT" event serves as a commendable starting point, with NIA and depa as the primary hosts, along with partner agencies such as the Thai Venture Capital Association (TVCA) and Beacon Venture Capital. The event aims to fortify the investor network and stimulate investment in Thai startups. This initiative underscores the collaboration between government agencies and the private sector, demonstrating their shared commitment to propelling the country's economic and social systems forward through the capabilities of innovation and technology entrepreneurs, commonly referred to as startups. Recognizing that a crucial element in building a robust and globally competitive Thai startup ecosystem is the alignment of goals and concerted efforts across all relevant sectors. It is vital for stakeholders to consistently communicate, support one another, and work together seamlessly. The guidelines for public-private cooperation in future market development, presented today, constitute important and intriguing proposals that the Ministry is committed to advancing and translating into tangible actions in the future. Dr. Krithpaka Boonfueng, the Executive Director of the National Innovation Agency (Public Organization) or NIA, highlighted that NIA aspires to serve as the guiding force and facilitator in innovative finance. The goal is to foster the development and support of innovative businesses within specific industries, generating economic and social impacts, promoting environmental sustainability, and enhancing the overall quality of life for citizens. This is to be achieved through the implementation of unconventional financial support mechanisms and by establishing connections with partners in innovative finance, investment, and the innovation market, ultimately driving the growth of innovative business entrepreneurs. This year, there has been a comprehensive overhaul of the mechanisms aimed at promoting and supporting SMEs and startups across various dimensions. A notable enhancement pertains to financial support for market expansion and investment opportunities. This includes the introduction of a new subsidy funding mechanism known as "Corporate Co-funding," developed through collaboration with the Technology and Innovation-based Enterprise Development Fund (TED Fund). Additionally, there is an emphasis on activities like Invest Startup Thailand, strategically designed to stimulate increased investment in startups within the country. For instance, there is a dedicated effort to cultivate knowledge about investing in startup enterprises, commonly referred to as the "Angel Investor" initiative, the development of investor networks, encompassing both Venture Capital (VC) and Corporate Venture Capital (CVC), as well as business matching activities and the provision of a platform for startups to present their business plans to potential...