NIA Reform: Thailand supports startups and SMEs market entry

The National Innovation Agency (NIA) reformed its financial assistance measures, shifting focus towards aiding startups and small and medium-sized enterprises (SMEs) in getting their products to market, rather than simply supporting the development of prototypes.

This year, the state agency has allocated 300 million baht to support these businesses, to generate a 3 billion baht economic and social impact, which is expected to rise to 10 billion by 2027.

The NIA’s co-funding initiatives in collaboration with venture capital (VC) firms and corporate venture capital (CVC) firms are anticipated to significantly drive funding growth, particularly in the seed and Series A stages of startups, according to Krithpaka Boonfueng, the executive director of the agency.

Beginning in fiscal 2024, the NIA’s financial support programmes will shift from an…