The Startup Ecosystem of Thailand

Thailand has 4 cities in the top 1000 and is one of South East Asia’s best countries for setting up a startup.

COUNTRY RANKING

Thailand’s startup scene saw an increase in 2023 and jumped 1 spot from the previous year, outranking South Africa.

Population

71.7
Million

Regional Ranking

4th
0
In South East Asia

Global Ranking

52nd
+
1
Worldwide

Ecosystem

Startup Ecosystem Overview

aerial photography of cityscape during night time
Over the last forty years, Thailand has taken a leap forward into a more economically developed country through multiple reforms and social innovations. Mainly seen as a tourist destination, the emergence of COVID-19 caused the public sector to prioritize startup ecosystem development as an important step in securing Thailand’s future economic growth. Those efforts are not yet focused or determined enough compared to Thailand’s counterparts in locations like Singapore or Malaysia, but are a good start toward ensuring the Thai ecosystem can fulfill its potential.
Thailand attracts not only tourists, but also flocks of digital nomads residing largely in Chiang Mai and Bangkok. With creative policies, the Thai public sector could tap into this immense knowledge and talent base. The goal should be to connect local and foreign entrepreneurs with the hope that viable projects will follow, increasing linkage to Thailand and its talented people. This is not yet happening at a satisfactory rate.
Though the linkage of foreign and local talent is still lacking, the Thai public sector is innovative in terms of visa programs and the deployment of other vehicles to allow expats to stay in Thailand long term. Examples include the unique Elite visa for business, leisure, and professional travel, as well as a Smart Visa for foreigners who have established tech startups in Thailand. Moreover, the newly launched Long-Term Residents Visa is the first visa with various tax and non-tax benefits for high-potential individuals. A government organization that contributes to the globalization of the startup scene, the National Innovation Agency (NIA), attracts foreign investment by promoting strategic startup ecosystems as centers for innovation in a number of key industries.
Infrastructure is an important element for attracting foreigners; government announced infrastructure investments like U-Tapao Airport City, the high-speed railway, and the MRT Purple Line are likely to create an attractive environment. In addition to these government efforts, founders can benefit from a supportive startup community, affordable living, and low operating costs in Thailand.
As in other Asian countries, Thailand would benefit from a cultural shift toward making the young population less risk averse and more entrepreneurial. Thankfully, the country has had several unicorns in the past years, such as Line Man Wongnai, Flash Express, and Ascend Money, all passing US$1 billion in valuation. Hopefully, this will stimulate the entrepreneurial spirit of the population and draw more capital into the startup scene.
Considering Thailand’s robust economy, the country could produce more unicorns in the coming years. For this to happen, the ecosystem needs to attract more foreign investment. To this end, the Thai government has already passed tax cuts for VCs and incentivized investing in certain industries.

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ECOSYSTEM

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Ecosystem

The Startup Ecosystem in Thailand

Our startup ecosystem map for Thailand includes a sample of 170 tech companies. We have identified as unicorns 4 startups that have passed the USD 1 billion valuations.

Global Rank

Thailand is ranked within the top 100 startup ecosystems globally.

Top Industries

Thailand’s startup scene is best represented in Fintech, Ecommerce & Retail, and in Marketing & and Sales.

Top Cities for Startups in Thailand - Ranked by StartupBlink
StartupBlink ranks the startup ecosystems of 100 countries and 1,000 cities. Download our latest Global Startup Ecosystem Report.
Rows:
2023 National Rank & Change ▲
Access subscores for 1000 cities and 100 countries
2023 National Rank & Change City
search leaderboards icon
Global Rank & ChangeTotal ScoreQuantity ScoreQuality ScoreBusiness Score
1st
0
74th
+
25
8.619
00.00
00.00
00.00
2nd
+
1
591st
-
24
0.362
00.00
00.00
00.00
3rd
-
1
640th
-
93
0.321
00.00
00.00
00.00
4th
0
849th
+
15
0.173
00.00
00.00
00.00
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Startups

Notable Startups in Thailand
2C2P startup icon
2C2P
Pomelo startup icon
Pomelo
aCommerce startup icon
aCommerce

Startups

Successful Fintech startups in Thailand
2C2P startup icon
2C2P
SUNDAY INS CO., LTD startup icon
SUNDAY INS CO., LTD
Sunday startup icon
Sunday

Startups

Startups Ranking by Industry

Fintech icon
Fintech
#42 worldwide

On our map, you can explore a total of 52 startups for Fintech.

Ecommerce & Retail icon
Ecommerce & Retail
#47 worldwide

In South East Asia, Thailand's Ecommerce & Retail is in top 47. Thailand has a concentration of about 32 of the region's total Ecommerce & Retail startups that are represented on our map.

Marketing & Sales icon
Marketing & Sales
#49 worldwide

Thailand's Marketing & Sales is ranked 49th in the world. Our database contains 30 for this industry.

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