On February 5, 2019, Deputy Prime Minister Somkid Jatusripitak revealed during his visit to the Ministry of Industry that he has instructed the ministry and related agencies to shift their role from regulation and enforcement to support and promotion. This includes amending laws and ministerial regulations, with a focus on developing new entrepreneurs (startups) to keep pace with international standards. Within three months, we should start seeing operational guidelines, as in the coming years, Vietnam is expected to develop rapidly and may surpass Thailand.

          "The development of Thai SMEs and startups is extremely important, so we need to adjust the roles of the agencies directly involved in this matter. I don't want anyone to think like a dinosaur, as that will only produce more dinosaurs. We need to think forward and progress more effectively," Somkid stated.


          Additionally, he has ordered the acceleration of establishing InnoSpace (Thailand), with a memorandum of understanding (MOU) to be signed with Hong Kong on February 28. This platform aims to comprehensively promote and develop Thai startups, helping them grow into unicorns—businesses that grow rapidly and have high valuations—and drive the country towards a sustainable innovation-based economy. It will coordinate efforts with both public and private sectors, domestically and internationally, to promote the growth of startups and facilitate their entry into the MAI and the Stock Exchange of Thailand (SET).


          The promotion of startups will encompass various industries, not just focusing on the Hong Kong model, but fostering diversity in agriculture, healthcare, and value-added businesses to help reduce inequality in the future. New entrepreneurs are the group that can effectively develop modern technologies. The government's role is to leverage these technologies for commercial development and create value and income.


          "Those who will manage InnoSpace must be capable individuals with expertise in this area. They should not be scientists, as this is not a scientific agency but one that supports entrepreneurs. There are many qualified individuals in the country, such as Mr. Tevin Wongwanich, former CEO and Managing Director of PTT, or Mr. Veerapong Malai, Vice President for Innovation Development and Creative Entrepreneurship at Bangkok University," Somkid remarked.


          Mr. Santi Kiranant, Assistant Minister of the Ministry of Industry, stated that InnoSpace was registered in mid-January and has already attracted at least five startups. In the initial phase, with the registration alongside Hong Kong on February 28, at least 20 entrepreneurs are expected to participate, and in the first year of operations, it is anticipated that 40-50 entrepreneurs will join.


          “We need to assess what kind of support startup entrepreneurs require or what new innovations they have that we can transform into businesses. We must expedite our efforts to ensure the success of Thai startups,” Somkid emphasized.

 

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