As the second largest economy in Southeast Asia, Thailand is a land of opportunities acting as a key gateway to the region. It makes sense that startups swamp the country to grab a piece of the action, with almost a ten-fold increase in the number of startups. With the introduction of the SMART Visa, the special work permit allows a highly-skilled workforce and foreign investors to take part in the Thai startup ecosystem. The prominent growth and supportive environment make Thailand an attractive place for startups to develop, especially with the help of accelerators and incubators.
This article is a comprehensive list of Thailand's startup incubators and accelerators. They have been subdivided into applicability for startups in their 'ideation' or 'launch' stages, so you can find a program that is suitable for you!
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WHAT IS THE DIFFERENCE BETWEEN A STARTUP INCUBATOR AND AN ACCELERATOR
Establishing and running a startup is hard, and having the right guidance and support for founders can significantly impact the odds of a startup's survival and success. For many, joining a startup incubator or accelerator is the most ideal environment to get expert help and connections to build and grow their startups. However, it's not always clear the difference between the two, so let's shed a bit of light on them so you can make the right choice for your company.
Accelerator programs are designed for startup companies that have demonstrated potential for rapid growth, typically those that have surpassed the idea stages and are on their way to commercialization. They help founders with expert advice, training, mentoring, networking, and oftentimes financial support to catalyze the growth of startups that might otherwise take years to achieve. As such, the accelerators work with founders within a set timeframe to shorten the learning curve, usually within 3 to 6 months. To get startups scalable and investment-ready, the accelerators may provide an investment that will in turn entitle them to equity in the business.
Incubator programs are designed for startups typically still in the ideation stage. Founders spend time networking, building on their idea, refining their business plans, and determining product-market fit. As such, incubators don't have a set timeframe and startups can achieve their own set milestones throughout their membership in the incubator. Like accelerators, incubators provide startups with mentorship, workshops, and networking opportunities. However, incubators are more focused on creating and fostering an environment for innovation and co-creation, with a co-working space being a common part of their offering.
By becoming part of an incubator or accelerator program, startups can gain access to investors, networking opportunities, skills development, and advice from industry experts. However, both of them serve startups at different stages and for different purposes, so make sure you research the programs thoroughly to maximize your chances of being accepted.
FULL LIST OF STARTUP INCUBATORS AND ACCELERATORS IN THAILAND
Ideation Stage Startup Incubators in Thailand
Full list of ideation stage startup incubators in Thailand:
Who is it for: Early startup with a team
Need to have an idea: No
Focus: FoodTech
Duration: 9 months
If you're a startup innovating in the food paradise of Thailand, then Space-F Incubator would be a good place to start. They are the first global FoodTech startup incubator and accelerator, established through the cooperation of Thai Union Group, the National Innovation Agency, Mahidol University, and supported by industry-leading corporates. Joining their incubator means getting access to a global connection of network, as well as access to their labs and workspace with high-tech machinery and instrumentation. You'll also get a SMART visa service, so you can easily start and grow your business in Thailand. To join, you should have a team consisting of more than 1 member and be based in Bangkok during the program.
Who is it for: Aspiring entrepreneurs with an idea and seeking cofounder, Early startup with a team, Mature startup with a team
Need to have an idea: Yes
Focus: Technology
Duration: -
TusPark WHA is a one-stop incubation service jointly set up by TusHoldings, China's business park and ecosystem builder, and WHA Group, Thailand's logistics, and industrial facilities company. Combining the global innovation network of TusHoldings and the WHA's local expertise, the incubator provides great opportunities for you to build your connections within the industry, government, and financial institutions to grow and expand in Thailand and China. The incubator covers the whole lifecycle of business growth, offering support in all areas of business such as legal, accounting and finance, registration and taxation, intellectual property, human resource, marketing, and technology. The incubation center is located in the Block 28 project, a startup village managed by PMCU, with a total area of 1,408 sq.m. So, you'll be surrounded by the brighest minds and diverse entrepreneurs with who you can meet, partner up, learn and work together.
Launch Stage Startup Incubators and Accelerators in Thailand
Full list of launch stage startup incubators and startup accelerators in Thailand:
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Laundy and Cleaning, Personal Wellness, Consumer Brand Experience
Duration: 2 months
Hubba Accelerator, in collaboration with Investible, an Australian early-stage investment group, will provide the resources, human, and intellectual capital for your startup to scale. The comprehensive program is delivered via a combination of in-person and virtual delivery with 1:1 coaching where you'll identify your unique entrepreneurial talents, understand your business blind spots, and use science and tools to improve you, your team, and your business. Each niche cohort will be combined with its own domain mentors and corporate sponsors, so you'll be able to validate your business model, capitalize on your ideas, and engage potential customers or investors with a proven methodology. Best of all, the accelerator takes no equity and will provide flight and accommodation to the best startups across Southeast Asia.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: FinTech
Duration: 3 months
Bangkok Bank Innohub is an accelerator program jointly conceived by Bangkok Bank, one of the largest commercial banks in Thailand, Bualuang Ventures, the investment arm and a wholly-owned subsidiary of Bangkok Bank, and Nest, an international venture firm and innovation provider. Combining three high-powered entities, startups who join the accelerator will gain the best leverage and access to a global network of mentors, technology specialists, and startup ecosystems.
The accelerator itself is designed to guide startups to secure a Proof-of-concept (POC) with the bank and pitch for investment by the end of the program. You'll gain guidance through a structured process to work towards a potential pilot project, investment advice, and access to customer insights regionally and internationally. Each startup will be provided with a dedicated mentor to assist in their own unique needs.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Smart City
Duration: 3 months
Presented by Digital Startup Institute under depa Thailand and in collaboration with Techsauce Media, the accelerator encourages founders to apply digital technology and innovation to develop the regional Smart City. The program involves teams placed on-site in 5 Smart Cities; Lampang, Khon Kaen, Bangkok, Rayong, and Phuket, where each team can select 2 Smart Cities to identify and provide solutions for the smart city's challenges. As such, teams will be provided with the necessary tools to work on-site, engage with locals, and implement solutions to gain proof of concept. You will gain valuable insight by being directly involved in the city's urban development, with winners receiving 300,000 baht cash. To join, you need a team with 2 or more members, at pre-Series A stage or have developed a Minimum Viable Product (MVP), have been able to show early customer traction or have some proof of the idea/concept is successful, and have been running the business for at least 1 year.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: EdTech
Duration: 10 months
Upholding the three pillars of entrepreneurship, leadership, and innovation, Stormbreaker EdTech Accelerator by Disrupt empowers founders to ignite changes impacting the individual, community, and society. The EdTech accelerator along with venture capital will guide and invest in EdTech startups within Thailand. Since 2018, they have impacted the EdTech ecosystem with 600 million baht of valuation in total and 90 million baht raised by portfolio companies. Some of their portfolio companies are Vonder, Open Durian, Conicle, Edverest, Future Skill, and Vulcan Coalition.
Who is it for: Early startup with a team, Mature startup with a team
Need to have an idea: Yes
Focus: FoodTech
Duration: 5 months
As an extension to the Space-F Incubator, the Space-F Accelerator is designed for more experienced FoodTech startups that are MVP-ready and have gained some traction. The focus of the program is to scale the business, gain market feedback, and build relationships with food industry partners and investors. To join, startups must have already registered their company, have product/technology with demonstrated customer traction and revenue, and are looking to grow their business in Thailand or Southeast Asia.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Smart City, Food and AgTech
Duration: 3 months
Plug and Play is a renowned global innovation platform that connects early-stage investors, startups, and corporations together. In Thailand, they run two programs: the Smart City program, to utilize digital technology and build smarter cities, and Food and AgTech program, to identify breakthrough ideas and tackle challenges within the food and agriculture industry. They work by matching startups with corporations in need of innovative solutions and organize pilot-oriented acceleration programs or proof-of-concept opportunities to solve challenges through mutual collaboration. The program is completely free and takes no equity, so it is highly beneficial for startups to join their global ecosystem.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Sustainability & GreenTech, Industrial IoT & Inspection, Advanced Materials, Healthcare & Medical Device
Duration: 4 months
SPRINT Accelerator Program is a specialized accelerator for science and technology in Thailand. Cofounded by SCG Chemicals, Houston Technology Center Asia, SASIN, KX, and TCELS, the program accelerates deep tech ventures to grow internationally via their expertise and networks. As part of the program, you'll gain free access to a co-working space and laboratory where you can trial your technologies in an industrial environment. No equity is taken from joining the program and to apply you need a team of maximum of 5 people with a technology that has potential IP protection.
Who is it for: Aspiring entrepreneurs with an idea and seeking cofounder, Early startup with a team
Need to have an idea: Yes
Focus: IoT FinTech Deep Tech (AI\ML and Robotics), Digital B2B-B2C, Retail, Health care (Digital Health), E2E logistics & Supply Chain, Agriculture, Food and Beverage, Renewable Energy, Smart City, Health care (BioTech/NanoTech)
Duration: 10 weeks
Backed by CP Group, True Corporation Public Company Limited (TRUE) is one of the largest communications conglomerates in Thailand. As part of TRUE, True Incube runs an incubator program for technologies that have synergies and upgrade the core competencies of True and CP Conglomerate. In particular, they invest in Telco and supportive businesses in areas of Smart Industries, Smart Enterprise, Smart Consumer (Digital B2B/B2C), Smart Technology, and Smart Living & Healthcare. They help high-potential startups to scale and expand across and beyond Southeast Asia.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Tourism
Duration: 6 months
The Mekong Innovative Startup Tourism Accelerator is organized by Destination Mekong, an initiative to promote the Mekong region, comprising Cambodia, PR China (Provinces of Guangxi and Yunnan), Lao PDR, Myanmar, Thailand, and Vietnam. Its purpose is to stimulate responsible and sustainable development within the travel and tourism sector in the region. The program will be brought by Seedstars, a Swiss-based ecosystem builder, involving hackathons, workshops, and expert mentorships to drive innovations. The program is open to anyone, including students, startups, social enterprises, SMEs, corporates to governments.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Technology
Duration: -
Organized by Advanced Info Service Public Company Limited (AIS), Thailand's largest GSM mobile phone operator, AIS The Startup program drives Thai startups with strengthened IT infrastructure from AIS business solutions. Following the program, you'll be able to create a solid go-to-market strategy and commercialize it to a global market, aided by consultants from Singtel Innov8, the venture capital arm of the Singtel Group. They organize monthly pitching, particularly looking for businesses with the ability to expand progressively with AIS and the Singtel Group Alliance, have significant market value, are ready to grow, can generate a stable income, can meet the actual needs of the users, and possess a team that is well prepared and is well integrated.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Smart Energy
Duration: -
With the goal to drive the global clean energy economy, New Energy Nexus organizes multiple programs and initiatives to support the decarbonization of Thailand’s high-emitting industry sectors. Their acceleration program is designed to help startups establish their business successfully while achieving significant, long-term emission reductions in the energy sector. Via mentorship by a global network of experts in climate tech commercialization, a range of free consultation which provides practical strategies, and connections to partners (Venture Capital, Corporate Venture Capital, Philanthropists), the startups will gain access to the resources, knowledge, and funding required to commercialize and become investment-ready.
Closing Thoughts on Startup Incubators and Accelerators in Thailand
In this article, we have introduced you to 13 startup incubators and accelerators available in Thailand. As can be seen, a lot of them operate in diverse and prominent sectors in Thailand. Whilst there are not as many options available yet, the future looks bright for the startup scene in Thailand with the noteworthy rise of Thailand's own born and bred unicorns, Flash Express, Ascend Money, and Bitkub. Moving forward, we can expect more accelerators and incubators to appear, so if you haven't found one that suits you on this list, do keep a lookout for opportunities to come!