The National Innovation Agency (NIA) of Thailand is ramping up efforts to cultivate unicorn startups in the green technology sector within the next three years. With the global green tech market projected to grow by at least 25% annually, NIA is collaborating with government, private sectors, and educational institutions to elevate Thai startups to unicorn status.
Dr. Kritsapong Bunphoem, Deputy Director of NIA, highlighted the increasing global interest in sustainable innovations. He noted that small and medium enterprises (SMEs), startups, and industries are rapidly adopting technology to drive sustainable business practices. This surge in interest has led to a heightened focus on startups developing environmentally friendly innovations, capturing the attention of both domestic and international investors.
As the green tech market is expected to see exponential growth, NIA aims to support Thai startups in overcoming barriers to international expansion. Currently, while Thai startups possess the capability to innovate, they often lack the structured business management skills necessary to thrive in foreign markets.
To address these challenges, NIA is committed to providing funding, knowledge, and opportunities to strengthen Thai startups and prepare them for global markets. One of the key initiatives is the "Unicorn Factory Thailand" project, designed to enhance the potential of Thai startups and unlock opportunities for them to enter the international arena.
The project includes workshops for Series A-level startups, focusing on sustainable business practices, networking with investors and partners, and strategies for penetrating foreign markets. Dr. Kritsapong noted that last year, NIA facilitated connections for four growing Thai startups and one winning student team from the Startup Thailand League 2024, allowing them to present their business plans at the global TechCrunch Disrupt 2024 event.
Looking ahead to 2025, NIA plans to continue fostering business opportunities for Thai startups, particularly in the climate tech and green tech sectors. Four promising companies have been selected to participate in the upcoming "Web Summit Qatar 2025" in Doha, showcasing their innovations and engaging with international investors.
The selected startups include Altotech.AI, which develops smart energy management systems; ION ENERGY CORPORATION, a leading provider of solar energy solutions for residential properties; VEKIN (Thailand), which offers an AI Carbon Editor to help organizations manage their carbon footprints; and MUI Robotics, which creates automation robots for various industries including manufacturing and agriculture.
These startups will have the opportunity to present their business plans and innovations at the largest technology and startup conference in the Middle East, expected to attract over 25,000 participants, including 1,520 startups and 723 investors.
Dr. Kritsapong emphasized that NIA aims to establish one to two new Thai unicorns within three years, particularly in the food tech and green tech sectors, which have substantial market potential. He explained that the demand for innovative solutions addressing environmental challenges is growing, especially as organizations face new carbon taxes related to greenhouse gas emissions.
Investment in environmental technology and sustainability is on the rise, both domestically and internationally. Thailand's unique resources and challenges create a conducive environment for startups to test and implement their innovations through initiatives like the Green Transformation, which focuses on renewable energy, energy efficiency, and pollution reduction.
Dr. Eakasit Phaophongphan, CTO of VEKIN, expressed optimism about the opportunities presented by NIA's support, noting that showcasing their technology at international events allows them to learn about new trends and connect with potential partners.
Mr. Pemakit Pupatale from Altotech highlighted the industry's growing emphasis on sustainability, suggesting that startups can fill the gap by creating carbon-neutral solutions and tools that support Environmental, Social, and Governance (ESG) initiatives. He believes that participation in events like Web Summit Qatar will help Thai startups gain valuable insights into international market demands.
As NIA continues to push for the growth of Thai startups in the green tech sector, the agency remains dedicated to fostering an ecosystem that encourages collaboration between public and private sectors. This includes building partnerships that can enhance the capabilities of startups and facilitate their entry into global markets.
In summary, Thailand's ambition to cultivate unicorns in the green tech space is set against a backdrop of increasing global demand for sustainable solutions. With the support of NIA and collaborative efforts across sectors, Thai startups are poised to make significant strides on the international stage.
