NXPO President Dr. Kitipong Promwong recently attended the Chula Deep Tech Demo Day 2023. This event was organized by Chulalongkorn University on 16 October 2023 at Queen Sirikit National Convention Center and was inaugurated by Ms. Supamas Isarabhakdi, Minister of Higher Education, Science, Research and Innovation.
During the event, Dr. Kitipong was presented with an appreciation plaque in recognition of NXPO’s contribution to the “Thailand Deep Tech Startup Ecosystem.” He also participated as a panelist in a seminar titled “Opportunities and the Ecosystem of Thailand’s Deep Tech Landscape”.
In his presentation, Dr. Kitipong discussed NXPO’s initiative to promote the development of Innovation Driven Enterprises (IDEs). The initiative aims to create 1,000 IDEs with an average revenue of THB 1 billion within 5 years, thereby contributing to Thailand’s effort to break free from the middle-income trap. IDEs encompass a wide range of industries, with deep tech being a key sector.
Thailand possesses multiple competitive advantages, particularly in agricultural and food production. With advanced technology and innovation, significant value can be added to these agricultural commodities and food products. Manufacturing industries can also benefit significantly from autonomous systems. In addition, deep tech has the potential to transform conventional transportation into a modern, energy-efficient and eco-friendly system and empower biopharmaceutical startups. To foster the growth of this important sector, the Board of Investment of Thailand (BOI) now offers ample investment promotion incentives to deep tech startups.
Dr. Kitipong added that NXPO has been actively working to create a dynamic ecosystem that supports startups. Their efforts include establishing a collaborative platform that enables startups to access technologies and infrastructures and form partnerships with local and international academic institutes and companies. Through NXPO’s endeavors, several regulations have been revised to unleash the potential of startups such as, changes made in granting regulations that facilitate funding for the lab-to-market activities. A new law called the Startup Act is expected to be introduced in the near future.
“The successful development of startups requires ambitious goals and continuous support. The Thai government has made considerable investments in infrastructure development, notably in regional science parks and incubators, and startups are encouraged to take advantage of these available facilities. The year 2024 is expected to be a golden year for Thai deep tech startups,” concluded Dr. Kitipong.
