PNP and NIA Teams Up with the South Korean Government to Organize Startup: Lets Explore the ASEAN

Information Technology Press Releases Wednesday July 5, 2017 09:15
Bangkok--5 Jul--PNP Management Group
aiming to increase investment opportunities for Thai-Korean Startup and expecting over 100 MB of investment

PNP Management Group (PNP), a Thai-Korean Technology Business Investment Consultant with good relations with the South Korean Government, has coordinated with National Innovation Agency (NIA) to organize the "Startup by PNP: Let's Explore the ASEAN" in order to increase opportunities for Thai and Korean investors. This innovation offers startup companies networking opportunities to exchange successful business ideas and develop Thai-Korean business relationships for mutual benefits. This program is in line with government policy to expand Thai startup markets in ASEAN-East Asia under the Thailand 4.0 economy model.

Mr. Peerapong Sriintravanich, Managing Director of PNP Management Co., Ltd. revealed that "As one of the company's founder with experience in startup company investment, I foresee remarkable potential for South Korea in supporting startup markets. South Korea is at the forefront of technological development and industrial innovation. R&D investment in South Korea is extremely high at 3.74% of GDP, compared to Thailand's which is only 0.37% of GPD. Further, the amount of new patents developed in South Korea sets it at the forefront of Asia and as one of the most productive in the world. The national government is involved in establishing policy and investment support access for startup businesses. This serves as the driving force behind technological innovation. Additionally, academic research receives government support in the form of the Matching Funds for Tech Innovation Program for Startups (TIPS). Because Thailand has similar technological goals to those of South Korea, the Startup by PNP: Let's Explore the ASEAN promises great opportunities for mutual benefit, particularly in developing the capacity for Thai startups to become competitive at the international level."

This event is a pioneer project between Thai and Korea and PNP receives cooperation from Korea Business Angels Association as well as the participation of 29 accelerators and 250 startup companies funded by Korean government and VC investors from private sector i.e. Coolidge Corner, K2 Venture Capital and Trueincube and over 15 startup teams i.e. Buzzebees, Taxi Beam Fixzy Auto and ZeroWeb. This event enables Business Matching of over 5 matches with over 100 million baht of investment.

Mr. Youngha Ko, Chairman of Korea Business Angles Association (KBAA), a government funded non-profit organization, disclosed that "Despite South Korea's rapid economic growth over the last 60 years, growth has slowed during the past few years. The government sees the potential to develop startup business but the problem is how to select the potential startups. The Tech Incubator Program for Startup (TIPS) was established in order to solve this problem. Korean Business Angels Association was appointed by government to select startups for government investment support and matching funds. Currently, there are 29 accelerators and around 250 startup companies under the TIPS project. Startups under this project receive 100,000 US dollars as an initial investment and 500,000 US dollars as R&D investment support from the government. The additional support for Funding or Angel Matching Fund or overseas market expansion is also provided if needed."

Dr. Pun-Arj Chairatana, Director of National Innovation Association (NIA) commented "For Thai startups, the government continually supports a business for over two years; the success of the recent Startup Thailand 2016 is the result of this support. In 2017, we aim to promote Thai startups with up to one billion baht from the Ministry of Science and Technology as well as to develop action plans in many sectors to encourage the significant growth in the number of startups from 600 last year to 1,200 startups this year. We will focus on startups in key sectors which influencing the country's economic growth such as Agri Tech, Food Tech, Travel Tech, Health Tech, Fin Tech, Property Tech and Government Tech. In addition, we are also seeking for cooperation with large overseas business partners to support Thai potential startups in international markets including opportunities to expand into the South Korea market."

Mr. Youngha concludes that "The cooperation of this event of PNP is a great beginning of potential Thai startup selection for Korean investors under TIPS project and is the opportunity for Korean startup to show their works to Thai investors as well. Today, the Korean startup market needs to expand its business to the ASEAN market by over 80%. Investors are searching for startups with outstanding features in creativity, management's vision, potential business model, hard-to-imitate technology and big market size, etc."


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