The government plans to support the establishment of deep technology startups, particularly those related to the bio-circular-green (BCG) economy which aligns with the government’s economic policy.
According to the executive director of the National Innovation Agency (NIA) Pun-arj Chairatana, the agency will support the development of innovative startups in order to strengthen Thailand’s economy. The NIA will prioritize businesses related to deep technology or BCG models in key areas including food, agriculture, and medicine.
Deep tech businesses differ from general startups in that they provide technological or scientific solutions after lengthy research and development. Deep tech startups’ products have a clear potential value to society’s solution and are difficult to replicate.
The Board of Investment (BoI) has said it will provide a subsidy to companies for the cost of hiring talent. Each company will receive approximately 5 million baht in assistance. The financial support is in accordance with the government’s 2017 law on the development of the country’s competitiveness through targeted industries.
The executive director added that the NIA hopes to establish 100 deep tech startups in Thailand by 2025, with at least 65 of these firms being deep tech BCG companies. (NNT)
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