Dec 22, 2012

Thailand government plans to fund 5,000 to 10,000 startups in 2013

The Office of the Higer Education Commission (OHEC), Ministry of Education, planned a 5 Billion Baht venture capital fund (VC) for young startups, starting next year (2013), according the a speech of Dr. Olarn Chaipravat, Thailand's Trade Commissioner and advisor to the current Prime Minister.

Eligible applicants seeking funding from this VC must be Thai citizens, who are either students enrolling in vocational colleges or universities or recent graduates within the past 5 years. They must also have good initiatives, with 'support' from their families to become entrepreneurs, and lastly the projects must be deemed feasible.

Currently, there are 9 authorized business incubators in Thailand, developed from university business incubators (UBI). Some banks might be involved in this project, not demanding asset collateral but required only innovative ideas, sound business plans, and financial feasibility.  Former alumi of respective education institutes would be invited to serve advsory roles.

The Thai government would like to see 5,000 - 10,000 entrepreneurs in the first year, perhaps funding 1 million Baht per project.

Ref : - Isranews news piece

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