Bangkok--14 Apr--Triple Eight Ideas
The Digital Economy Promotion Agency (depa) timely adjusted its budget expenditure in fiscal 2020 and launched stimulus measures to promote and support the development of digital economy. The depa is set to inject 90 million baht to be drawn from the depa Digital Startup Fund to drive the growth and development of digital startups. It aims to support 47 digital startups across the country whose businesses related to developing national core technologies and infrastructures in six areas, comprising agricultural technology, education, finance, government services, tourism and healthcare, as well as the development of smart cities. The support fund is expected to shore up digital startups amid the sluggish economy and the spread of the coronavirus disease (COVID-19) as well as accelerating the digital service transformation to upgrade the quality of life of Thai people. Dr. Nuttapon Nimmanphatcharin, President/CEO of the depa, said the spread of the coronavirus disease (COVID-19) has directly dealt a blow to the Thai economy. The depa realized the advantage of utilizing digital technologies for use in several economic activities.
But the current situation with negative headwinds made it difficult for business development, developing new formats of digital service platforms, and business expansion. As a state agency with a mission to promote the development of digital economy, the depa launched aid measures to promote and support the growth of digital startups with fund sought from the depa Digital Startup Fund. It targets to support 47 digital startups with innovative technology development related to six areas. They are agricultural technology, educational technology, tourism technology, healthcare technology, banking and financial technology and scope of technologies related to government services as well as technologies for developing smart cities.
“The measures to support Thai digital startups are in line with the initiative of Digital Economy and Society (MDES) Minister Buddhipongse Punnakanta that instructed the depa to immediately come up with relief measures for digital startups. It prompted the depa to revise its budget expenditure to give priority to reinvigorating all digital economic growth and development engines, starting with providing support to startups. The depa also has plans to launch aid and relief measures for small and medium-sized enterprises (SMEs) such as restaurants, street food stalls, community business, farmers, digital manpower, new and old-generation people and retire people to combat the COVID-19. The depa will also come up with measures to promote the development of basic infrastructures in order to ensure that no one is left behind. We must join hands together during this difficult situation in order to get through crises with smallest losses,” added depa President/CEO.
The application for receiving promotions from the depa under the depa Digital Startup Fund is divided into two categories as follows; 1: Digital startups with nationwide development projects and 2: Digital startups with development projects in targeted provinces and industries.
Digital startups with nationwide development projects
There are 17 digital startups with technologies and infrastructure development in six mentioned areas as well as the development of smart cities. They comprise 11 digital startups under an initial development stage (S2) and six digital startups that are growing their businesses (S3). The application submission is scheduled for March 23 to April 3, 2020.Digital startups with development projects in targeted provinces and industries
Digital startups with business development projects in targeted provinces such as Khon Kaen, Ubon Ratchathani, Udon Thani, Phuket, Krabi, Mukdahan, Nakhon Phanom, Nong Khai, Nakhon Si Thammarat, Surat Thani, Phang Nga, Yala, Rayong, Chachoengsao and Chonburi. (Each province has different targeted technological developments). There are 30 digital startups, comprising 29 startups under an initial development stage (S2) and one startup in the S3 group. The application submission is scheduled for April 7 – 24, 2020.
Moreover, the depa considered that the digital technology plays a crucial role at this difficult situation as people are engaged in the social distancing behavior, but life and all business operations must go on and move forward. If people are able to adopt and adapt digital technologies appropriately, they will be ultimately useful and provide people with lots of advantages in order to get through crises. Digital startups are invited to submit applications to receive support fund as the depa will gradually roll out other measures. For more information, visit website depa.or.th/thaifightcovid or scan QR code below.