3 Reasons Why There is Start-Up Boom in Thailand
In the last four years, the business ecosystem in Thailand, especially for start-ups has grown rapidly. The growth is almost hundred times in relation to total funds raised. Well, this could be because of many reasons. One of the biggest reasons is improving quality of the Thai founders. Next is the relocation of investments, meaning more number of foreign investments. It is likely that 2017 would be the year for e-commerce, fintech, and marketplace. In fact, they were also attractive in 2016, focusing more on commercialization. In the coming days, more of artificial intelligence, blockchain technologies, agritech and deep learning machine are expected to be trending.
Let’s have a look at the signs that make Thailand an attractive prospect;
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Favourable Environment:
The regulatory environment in Thailand is quite favourable allowing the country to rank 26th on the ‘Doing Business Index’. Be it a local firm or a foreign business, anyone can operate with ease in the country. Moreover, the Thai government has made the tax payment less costly for the businesses by reducing profit tax alongside social security contribution rates.
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Social Media Usage:
Thais spend more time on mobiles while accessing social media sites, listening to the radio and watching videos. According to the National Broadcasting and Telecommunications Commission, almost 97 million mobile subscribers and 26 million internet users represent browsing rates of 144.8 and 38.8 percent, respectively.
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Opportunities for Funding:
Big companies in Thailand are working to promote more numbers of businesses, particularly start-ups. It doesn’t really matter if you are a local or a foreigner if you have the right business idea you get a chance. These days a lot of networking seminars are conducted where potential entrepreneurs are asked to give a presentation of their business. If the biggies happen to like that they may end up funding. Besides, the banks have made it easy to derive loans for businesses.
You must have heard about the Echleon Ignite Conference in Thailand, wherein many startups emerged as promising companies. That event was a big hit. Such events will be organized further to promote more start-ups
