True Incube to invest in 100 startups

True Incube, a tech incubator in Thailand managed by True Corporation, will increase investment in seed-level startups to reach 100 companies by this year, almost 10 times the existing 11 startups the company has invested since 2014.

According to True chief innovation and sustainability officer Teerapon Tanomsakyut, the plan is to promote the establishment of new startups that will help develop the national digital economy ecosystem in the future.

True Incube is 100% owned by True Corporation and began investing in seed-level startups since 2014.

“The success rate of the startups is only 5%, according to a Science and Technology Ministry report,” Mr Teerapon said.

“As more startups are established, higher numbers of startups are expected to remain in the digital ecosystem.”

Mr Tee rap on said True In cube has invested almost 20 million baht in 11 startups since 2014. Another 30 seed-level startups are being considered by True Incube for investment.

However, True Incube refused to give the exact investment value for the additional startups slated for this year, saying the value of investment varies according to necessity and the scale of the startup in question.

Mr Teerapon said True’s facilitators could detail a plan to build up new startups for sustainable growth through its two main channels, True Incube’s headquarters at Siam Square and True Digital Park.

True Incube began operations in 2013, while True Digital Park is being built to be a world-class integrated co-working ecosystem, the first phase of which is scheduled to be launched by September 2018.

“True Incube provides hard and soft infrastructure support operations for startups, as well as financial support, in the fields of telecom infrastructure, electricity system, Internet of Things, cloud based system, e-payment and security,” Mr Teerapon said.