Support for innovators crucial to success of 'digital economy'

It is good sign that the government is talking about a “digital economy”, but that vision has to be complemented with investment in research, development and innovation, said Apichai Sakulsureeyadej, a member of Software Park Thailand’s board of directors.

“On a broader perspective, Thailand needs an ecosystem that supports technology start-ups that are looking to innovate. The drive for a digital economy should not be just about sitting in meeting rooms to make plans, or thinking about how to get the government to use technology, or hosting seminars where memoranda of understanding between organisations are being signed. Instead, we have to make sure that technological innovations from Thailand are adopted around the world,” he said.

He added that Thailand needed to encourage growth-oriented and innovative start-ups as well as investors that can nurture them. 

There is decent momentum in Thailand with regards to start-ups. There are many events that encourage people to get together and present their ideas. However, very few get funding. It is known that start-ups are at a very early stage of development, and need as much support as possible, including money, in order to survive and progress.

Also, the country needs a programme that is responsible for helping Thailand-based technology enterprises grow. The same programme also has to work on building trust in Thai technology products and services, Apichai said. This programme should work with partners to help enterprises in financing, capability and management development, technology and innovation, and access to markets. 

Meanwhile, the relevant government agencies should work with industry players such as Software Park Thailand to identify and select experienced partners, whether they are venture-capital firms or even incubators, in order to provide matching grants to their investments that have the potential for mass adoption.

This way, experienced and accredited investors will be encouraged to invest in Thai companies. At the same time, innovative people will be encouraged to propose productivity solutions, as there will be better access to funds.

If the start-up is able to obtain a commitment from investors, the government could potentially match the intended amount up to a certain maximum. 

Apichai noted that other Asian economies such as Singapore, Malaysia and Hong Kong had implemented many such programmes successfully, and had witnessed huge growth in their technology industries. As Thailand moves closer to the Asean Economic Community, innovation should be given the focus it deserves, with the right policies and programmes to steer its growth. 

“I believe everyone is equal, whether they are a man or woman, whether they are young or old, whether they are rich or poor. It is time that we give a fair chance to others to be the next set of innovators, so that they can continue to take the country forward,” he said.