Tech firms on the rise: CMMU
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SMALL- AND MEDIUM-sized businesses that are propelled by technology and innovation will be on the rise this year, according to an academic at the College of Management of Mahidol University (CMMU) in Bangkok.
Three leading areas of growth will be financial technology, healthcare and wellness, and food innovation, said Kittichai Rajchamaha, a lecturer in the CMMU entrepreneurship innovation department.
The first sector will benefit from increasing financial transactions. The second relies on Thailand’s goal to be a medical hub for the region, with 1.2 million foreigners seeking treatment worth Bt107 billion in the past year, he said.
Food innovation will grow because of Thailand’s potential to compete in the Asian market, providing that technology and innovation are applied to add value to products, and because of the government’s food-industry promotion measures, he said.
Stay “fresh and unique”
Small and medium-sized enterprises in this fast-paced, ever-changing and competitive environment should adopt a start-up principle to keep their products and services “fresh and unique”, while increasing their use of innovation and technology, Kittichai said.
They should emphasise accommodating consumers using technological advancements such as mobile applications that |serve as additional marketing channels, he said.
Kittichai added that successful business operators were identified by four key factors: having an entrepreneurial intention; initiating a practical business idea; having a value-added business model; and being a lover of both the risk and the challenge.
