The startup industry of Thailand has seen tremendous growth. It started out to have only three startups with funding in 2012 but in 2017 there are over 90 startups that are currently funded. In fact, more than $280 US has been raised for these companies. There are no signs that the growth in the sector might slow down soon but the startup scene in the country is still quite far from where Singapore is right now. Singapore currently has a ratio of one startup to 2,800 individuals. Thailand, on the other hand, has a ratio of one startup to 113,000 individuals but it is making up to it by allowing company formation in Thailand to be easier compared to before.
The reason why the startup scene in Thailand is low in density compared to Singapore is because the country does not spend a lot for the research and development. In fact, it is only 0.5 per cent of the total GDP recorded in the year 2014 in comparison to 2.2 per cent in Singapore for the same time period.
Now, the country has introduced Thailand 4.0 which is a roadmap that is intended to make the country a global center for digital innovations. Based on this grand scheme, True Corporation which is the leading telecommunication company in the country is planning to launch the True Digital Park in the last quarter of this year.
The park is considered to be the largest in all of Southeast Asia and will span a total land area of 77,000 square meters. The size is roughly the same as the 10 soccer fields. Inside the park are 1,000 workstations and will be known to be the largest co-working hub in Thailand while over 3,000 square meters will be dedicated to laboratories with the state of the art technology and experience facilities.
Many of the startups who have already processed there company formation in Thailand are looking forward to the construction of the digital park because it has the complete support of the government. It is also a venue where all startups are equally housed under one roof without segregation or categorization.