Techsauce cooks up new strategy to incubate new start-ups
Techsauce Media, a top knowledge-sharing platform, is partnering with 25 companies to incubate 10 start-ups in Thailand and the region.
The objective is to be part of an ecosystem that seeds start-ups and turns them into engines to drive the Thai economy.
Oranuch Lerdsuwankij, co-founder and CEO of Techsauce Media, said the project was launched after the company realised that funding was the most difficult issue for most start-ups.
As per the Techsauce Start-up Directory, Thai start-ups attracted less investment this year compared to 2021, even though the total value of investments in 2022 had been pushed up by one huge deal.
Data shows that most venture capitalists prefer to invest in start-ups that have grown to some extent instead of those in their early stages.
“This trend is bad for Thailand in the long run,” Oranuch said. “As a tech ecosystem builder, Techsauce has established the Thailand Accelerator project to help start-ups in Thailand and Southeast Asia raise funds and grow their businesses sustainably by using our resources and a global network built over a decade.”
Charle Charoenphan, Thailand Accelerator's programme director, said the accelerator is one of the key cogs for building an ecosystem of young entrepreneurs across the world. This ecosystem, he said, will help them grow faster in terms of customer base and revenue.
Start-ups interested in joining the accelerator program should be prepared to expand their market in Southeast Asia and already have products or services available. The start-up should also be in the Seed or Pre-Series-A funding stage.
Batch 1 of the project focuses on four business groups: impact and climate, tech, Software as a Service (SaaS), and AI and machine learning technology.
Charle said the programme was not just limited to Thai businesses because Techsauce wants local companies to learn from their foreign counterparts.
This is the first step for the participants to experience true competitiveness as well as widen their outlook, which will help in the development of their business internationally, Charle explained.
Techsauce’s new venture was applauded by nearly all bigwigs in the start-up industry, including Sarun Sutuntivorakoon, Thai Venture Capital Association president; Chinawut Chinaprayoon, executive vice president of Digital Economy Promotion Agency; Yutthana Srisavat, Thai Start-up Association president; and Pariwat Wongsamran, director of Startup Thailand.
At a discussion on “Elevating Start-up Ecosystem”, they agreed that more accelerating and incubating programmes are necessary to boost the number of start-ups and help in their development in Thailand and the region.
Most start-ups in the early stages are weak in doing business, and accelerators usually help them close those gaps.
Meanwhile, Oranuch said those interested have until December 31 to apply and the list of qualified candidates will be announced in January.
Those selected will receive three months of training from world-class mentors before they pitch their ideas to investors in May.