Bangkok: The government is injecting 2 million baht into startups and has given the green light for NIA to co-invest in startups.
According to Thai News Agency, the government has announced opportunities for Thai startups to apply for grants up to 2 million baht, aimed at expanding markets and developing businesses. New legislation has been introduced to empower the National Innovation Agency (NIA) to co-invest in innovative businesses, enhancing the capabilities to drive Thai research and technology towards commercialization.
Lieutenant Colonel Patthadarasmi Thongslueykorn, Deputy Spokesperson for the Prime Minister's Office, indicated that Thai innovation entrepreneurs and startups with market-ready products or services are invited to apply for the Market Expansion program of the NIA. This program offers funding of up to 2 million baht per project, intended for testing innovations with target customer groups and facilitating market expansion within a year.
The support structure is divided into two categories: 100% support for projects scaling up to government agencies and 50% joint support for those scaling up to the private sector. Proposals are sought from five strategic industries: agriculture, food, medical health and well-being, energy and environment, and tourism, soft power, and society. These initiatives aim to assist entrepreneurs in securing initial customers, broadening business operations, and enhancing competitiveness on both domestic and international fronts.
Captain Patthadarasmi emphasized that this development aligns with the enforcement of the Royal Decree establishing the National Innovation Agency (Public Organization) (No. 3) B.E. 2569 (2026). This legislation marks a pivotal enhancement of NIA's role, equipping it with comprehensive tools to support innovation development. The goal is to foster collaboration between the government, private sector, universities, and research institutions, expediting the commercialization of Thai research, technology, and innovation efficiently.