Deep-tech startups ‘need to engage more’ with government agencies

The remarks were made during a seminar titled "Deep Tech Ecosystem in Thailand and Beyond”, hosted by MCFIVA, a Thai digital marketing and advertising consultancy.

Pongwud Praipaisankij, CEO of Multiverse Expert, Nimit Nipattummaku, project manager at National Innovation Agency (NIA), and Paradorn Kulkliang, director of Samitivej Chonburi Hospital, were among three panellists who discussed the challenges and opportunities in Thailand's deep-tech industry.

One of the most common mistakes Thai deep-tech startups make is they are too afraid to engage with government agencies. According to Pongwud, this is due to their fear of their idea being rejected or prohibited by laws and regulations.

He urged those startups to give it a shot.

"Remember that speaking out can garner you 50% moral and financial support. However, if you do not make your case, you will receive nothing," he said.

Tapping the knowledge of experts
He advised all startups to consider collaborating with researchers and experts rather than trying to innovate their own technologies, as this could be a good strategy to accelerate their business.

Nimit, the NIA project manager, agreed with the assessment, defining deep tech as a business model based on insight research studies that seeks an innovative solution to human pain points.

He noted that Thailand has a large number of excellent researchers and studies, but few of them are applied to the commercial sector in order to reach end users.

It would be fantastic if the private sector participated so that these studies could truly benefit society, he said.

He also pointed out that collaborating with many government agencies as well as leading academies across the country would help startups save time and money.

(from left) Paradorn Kulkliang, Nimit Nipattummakul, Pongwud Praipaisankij and Pireeya Wiriyapan

Thailand on the right track
In terms of Thailand's deep-tech industry, all three panelists said that the nation is on the right track, with an excellent foundation and infrastructure to support all deep-tech technologies, such as 5G networks, blockchain, big data, and artificial intelligence (AI).

Also, Thailand is more competitive when compared to those who lead the industry because deep tech has not only been strongly supported by the government but has also been provided with adequate and clear regulations.

As someone who works in one of the country's most widely used fields of deep tech and healthcare, Paradorn said that deep tech now has evolved from difficult-to-copy innovative technology making money for one business to creating value for social solutions.

Aside from healthcare, finance, food, agriculture, and data management are areas where deep tech can make a significant impact, he said.

He pointed out that there are numerous opportunities for Thai deep-tech startups to begin long-term business operations. Unfortunately, most startups end up with good ideas but not a strong enough business plan.

Pongwud concurred with him. He advised startup founders not to force themselves to handle all aspects of their company.

"If you are not born to be a CEO, then let someone else be," he said.

Global trends
The seminar was part of a press conference held by MCFICA to promote its annual major event, "SEAT 2023: Southeast Asia Technology Conference 2023", which will be held on March 28-29 in Bangkok.

Pireeya Wiriyapan, chief operating officer, MCFIVA (Thailand), said the two-day event aims to provide excellent opportunities to Thailand's innovation technology industry to learn about the latest global trends.

Meanwhile, Thai invited businesses and startups can meet top-tier experts and venture capitalists for an update and business matching.

SEAT Conference 2023's by-invitation-only attendees will have the opportunity to exchange perspectives with around 30 world leaders in various technology industries such as climate tech, entertainment, metaverse, fintech, health tech, agri tech, venture capital, food tech, Internet of Things, and hardware, among others.

Pireeya believed that this conference would help to enhance and improve Thailand's tech ecosystem, as well as provide Thai executives with new perspectives on how to better tackle and handle global technology in the future.