Ms. Sirinya Lim, NXPO Senior Director of Innovation Economic Policy, spoke at the IDEs 1,000 x 1,000 seminar on 15 June 2023. The seminar was part of ProPak Asia 2023, the region’s largest international trade event for food, drink & pharmaceutical processing & packaging technology, taking place at Bangkok International Trade & Exhibition Centre (BITEC) from 14 to 17 June 2023.
During the seminar, Ms. Sirinya introduced NXPO’s mission in driving policy to foster the growth of innovation-driven enterprises (IDEs) in Thailand. IDEs are companies employing technology and innovation in their product and process development or create new business opportunities with innovation. They are growth-mindset firms with 20% or more revenue growth for at least 3 consecutive years. Thailand is pushing to have more IDEs in its economic system as they are the source of employment and income.
“Generally, IDEs are mainly startup companies that have high growth and are innovation-based. However, in Thailand, the scope of IDEs can be extended to include some SMEs that have potential to have higher growth rate than the industry’s average,” said Ms. Sirinya.
Studies conducted by NXPO revealed that there are more than 600 SMEs that fit this criterion, 200 of which has 20% growth potential, and the government can play a key role to transform this group of SMEs to IDEs. NXPO in collaboration with the Program Management Unit for Competitiveness (PMUC) has established an IDEs program. The program provides grants to intermediaries who will help companies identify factors to unleash their growth and work with companies to implement measures that will encourage growth such as engaging in research and innovation and connecting with research institutes.
“To achieve the goal of IDEs program, entrepreneurs must have growth mindset, willingness to take risk and trust in the power of public-private partnership. At the same time, the government needs to take initiative and provide support,” Ms. Sirinya concluded.
