‘Thailand needs local champions to turn into unicorns’: Q&A with SCB 10X chief venture officer

2020 has been a tough year for many economies across Southeast Asia. Thailand is among the countries hit worst financially by the pandemic, with its gross domestic product (GDP) forecasted to contract as much as 6% this year, according to a Bloomberg report.

The economic downturn has in turn impacted local startups, according to Mukaya “Tai” Panich, chief venture and investment officer at SCB 10X, the venture capital arm of the Siam Commercial Bank PCL (SCB).

“Thai startups have been greatly impacted as the Thai economy is not doing well. The majority of the startups have limited cash runway—less than six months,” she told KrASIA. “The best strategy now will be to cut costs as much as possible to reduce cash burn and extend the runway.”

She predicted that it will be difficult for startups to raise funds until the second half of 2021, as VCs “will take a ‘wait and…