FRIDAY, March 29, 2024
nationthailand

MFEC moves into corporate venture capital

MFEC moves into corporate venture capital

SOFTWARE company MFEC its transforming its business into corporate venture capital (CVC) to boost entrepreneurship and help start-ups organise.

The firm says it is also cooperating with the education, media and entertainment sectors to create a new business model focusing on digital revolution. 
Chief executive officer Siriwat Vonggjarukorn said MFEC planned to transform its business role from system integrator to CVC. It has set aside Bt700 million to invest in start-up businesses through its CVC arm.
“The firm now has a workforce of more than 1,500, and we will spin off some human-resource professionals to support the new business model. We will be a CVC [provider] that … [helps] start-ups reduce risk. 
“Meanwhile, MFEC will provide training and consultation to new entrepreneurs. As a result, entrepreneurs and start-ups will easily survive and maintain their businesses. We will focus on disruptive technology,” Siriwat said.
For now the firm has split off a new start-up named Playtorium Solutions, aiming to provide one-stop software- and crowd-testing services as well as recruitment of information-technology experts to support the project as customers demand. 
The new business’ registered capital is Bt5 million. MFEC will hold a 70-per-cent share in the new business while outside investors hold the rest. 
As part of its new business model, MFEC is cooperating with the computer engineering department of Chulalongkorn University’s engineering faculty and the Industrial Liaison Programme to produce data scientists, which will become an integral cog in various dimensions of future economic development.
The firm and the university have also set up “Data Cafe Thailand” as a learning centre to provide development-knowledge projects and consultation services based on data analysis and knowledge from experts in science. 
“We have made strategic changes in internal management to handle business opportunities as they occur,” Siriwat said.
Meanwhile, the firm also worked together with Love Is records to develop the Fanster application, which allows fans of the label’s artists to follow their movements. 
“The goal of Fanster is to generate income based on the ability to access people in the digital era. In this way, the relationship between [music] fans and artists will become closer with more mutual participation, which will create a win-win situation for everyone.” 
 

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