True giving start-ups a boost
COMPANY Aims to help thai and other Asean FIRMS branch out regionally
True Incube has revised its strategy and will invest US$30 million (Bt1 billion) in start-ups over the next five years with the aim of building through programmes and initiatives an ecosystem consisting of 1,000 new start-ups.
True Incube has launched the endeavour knowing that only 10 per cent of startups succeed and in a bid to help Thailand become the region’s startup hub.
Teerapon Tanomsakyut, Chief Innovation and Sustainability Officer, True Corporation Plc., said that True Incube would help Thai-based start-ups go regional and would work with start-ups from other countries to do the same.
Doing so will result in the development of products and services to address fundamental issues for countries, replacing the need to develop apps to address specific needs.
“If we can help build 1,000 new start-up that means we will have 100 new service/products and then eventually they might become 10 successful start-ups,” Teerapon said. True Incube’s concept consists of a 4i strategy that includes inspiration, innovation, incubation, and investment.
It provides “Start-up Wednesday” to inspire people to turn their ideas into startups, followed by “Innovation Weekends” where it coaches new start-ups over two weeks. It aims to coach 30 start-ups per batch.
It then welcomes startups that at least have a prototype to join a three-month incubation programme.
“We have already selected 15 start-ups from 100 teams. We will select only five to eight teams to join in our three-month incubation programme,” Teerapon said.
True Incube will grant each selected startup Bt700,000 in exchange for a stake in each company of between 5-8 per cent.
“During the three months, start-ups will be trained and coached by mentors and experts,” Teerapon said.
“Then they will do the pitch to investors on the demo day for further investment.”
Apart from the pitching opportunity, all start-ups must be able to acquire customers as a result of the three-month incubation programme. Under the 4i strategy, True Incube offers a one-stop service for start-ups including incubation, investment, and a co-working space.
True Incube’s co-working space is located on fourth floor of Digital Gateway Siam Square.
Teerapon said corporates and start-ups needed to be partnered to create synergies that led to innovation and strengthened operations.
True Incube offers assets under True Crop for start-ups including cloud computing, a data centre and a consumer and business customer base.
In return, it requires start-ups to display innovation and individuality.
“We welcome start-ups to work with us rather than having them disrupt us,” Teerapon said.
He said the three main criteria for startups were technology innovation or uniqueness, teamwork, and a good business model.
“Main criteria is to select start-ups who can have synergies with us, not only telecom and mobile businesses but across all industry sectors which are disrupted by digital technology. It can be health tech, agriculture tech, food tech, bio-tech, and tourism.
We require only start-ups which we benefit from and they benefit from us,” Teerapon said.
