GSB SMEs Start-up Contest kicks off

The contest provides an opportunity for students and others aged 16-30 years to create a new business idea and participate in driving the government’s “Thailand 4.0” policy, with prizes worth a total of more than Bt3 million on offer. Applications are being accepted until August 11.
Chatchai Payuhanaveechai, president and chief executive of GSB, said a committee would select 100 teams and shortlist them down to only 10 for the final round.
The three components of the concept “Get started. Move fast. Be practical” are as follows.
- Get started. “The business plan is perfect in every dimension, ready to operate.”
- Move fast. “The Government Savings Bank is ready to be a sponsor for loans, joint ventures and business incubation.”
- Be practical. “The business plan is tactical and practical.”
For this project, the bank aims to help improve the potential of young people to have their own business and make it competitive domestically and in overseas markets. 
GSB is ready to promote business incubation and to provide joint-venture opportunities through the bank’s venture capital where start-ups can access the bank’s loan services; improve skills in business planning, financial management, investment, marketing, creative idea; and build financial discipline. 
The project will also encourage a participation network comprising the bank, its customers, society, the community and the environment to create entrepreneurship opportunities as well as develop and extend existing businesses. 
This will increase the potential for creating businesses that can enhance, develop and revive the Thai economy, promoting the Thailand 4.0 policy based on sufficiency-driven business aligned with the late King Rama IX’s philosophy of sufficiency economy.
The fund for the GSB SMEs Start-up Contest is worth Bt3 million, which comprises an initial fund worth Bt1 million for the first prize, Bt500,000 for first runner-up, Bt200,000 each for two second runners-up, and Bt50,000 each for seven honourable-mention prizes. All of the 100 business plans that are qualified will get an initial fund of Bt5,000 each.
In addition to the funds for business start-ups, knowledge will be given throughout the contest. The 100 qualified contestants will receive a business guideline session in the “GSB Real Start-up – Boot Camp” round. 
The 10 finalists will receive one-on-one intensive coaching in the “Guru Coaching” round, which will enhance skills in every dimension including funding, marketing and inspiration motivation.
The finalists can learn how to do business from businesspeople who will share their experiences and give advice and knowledge that cannot be acquired from school lessons. 
They can also participate in a study trip to Japan.