Thailand Advances In Global Startup Ecosystem Index According to StartupBlink

Based on StartupBlink’s Global Startup Ecosystem Index 2023, Thailand has demonstrated positive momentum this year, rising one position to 52nd globally after falling three spots in 2022.

StartupBlink is a worldwide startup map and research center that provides information on global startup ecosystem trends. Its research spans over thousand cities, one hundred countries, eleven industries, and dozens of subindustries.

The report shows Thailand has been ranked eleventh in Asia-Pacific and fourth in Southeast Asia for three years.

As the only city in Thailand to reach the global top 100, Bangkok marks the country’s leading startup ecosystem. This year, Bangkok climbed 25 spots to rank 74th worldwide. Additionally, it is the third-best ecosystem in Southeast Asia.

Three more Thai provinces made the top 1,000: Chiang Mai (591st), Phuket (640th), and Pattaya (849th).

Phuket has dropped 93 spots and is no longer among the top 600 cities in 2023. In contrast, Chiang Mai has reclaimed its place as the second-best startup ecosystem in Thailand, replacing Phuket.

Numerous reforms and social innovations, as reported by StartupBlink, have propelled Thailand over the past four decades into a more economically developed nation.

The pandemic prompted the public sector to prioritize startup ecosystem development as an essential step in assuring future economic growth in a region primarily viewed as a tourist destination.

According to the report, these efforts are less severe and determined than those of Singapore or Malaysia. Still, they are a solid start towards assuring that the Thai ecosystem can reach its full potential.

Thailand attracts not only tourists but also crowds of digital nomads who move to Chiang Mai and Bangkok.

Using innovative policies, the public sector could draw into this enormous pool of resources. The goal should be to facilitate connections between foreign and local entrepreneurs in the hope that viable projects emerge, thereby strengthening ties to Thailand and local talent. This still needs to occur at a satisfactory level.

Although the connection between foreign and local talent still needs to be improved, the public sector is innovative regarding visa programs and other measures that permit expatriates to remain for an extended period.

Based on the report, the value of funding and the number of venture capital transactions in Thailand exceeded US$1.25 billion and 38 deals in 2022, compared to over $548 million and 41 deals in 2021 and over $437 million and 26 deals in 2020, respectively.

Thailand, like other Asian countries, would benefit from a cultural transformation that made the young population less risk-averse and more entrepreneurial.

In past years, the country has produced numerous unicorns, including Line Man Wongnai, Flash Express, and Ascend Money, which all surpassed a valuation of $1 billion. According to the report, Thailand could yield more unicorns in the future, given its strong economy.

According to Pun-Arj Chiratana, executive director of the National Innovation Agency, Thailand has the most business-friendly environment in Asean. Since 2016, startup development has been Thailand’s important economic reform strategy.

In addition to several new startup incentives, he stated that the thriving business climate had been enhanced. The emphasis is on Bangkok and other innovation districts throughout the country to make Thailand an attractive market for businesses, innovative entrepreneurs, and investors.

Mr. Pun-Arj stated that the most recent StartupBlink index demonstrates that Thailand’s ongoing efforts are transforming the startup ecosystem, the country, and its localities.

SOURCE: Bangkok Post

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