Rise seeks to elevate startups
Bangkok-based corporate innovation accelerator Rise says it will boost Thailand’s GDP by 1% in the next two years by collaborating with corporate giants to promote innovation and attract more Asean startups to the country.
“To build a successful startup community in Thailand, we need to connect and collaborate with corporations in order to understand their business challenges and access their customers,” said Supachai Parchariyanon, founder of Rise.
Rise’s activities focus on accelerating innovation by cooperating with the top 10 leading enterprises in Thailand and managing a training and mentoring academy.
Recently, Rise Venture set up a new joint venture with TV Thunder (a leading content producer sponsored by Line TV) to launch Startup Star 4.0, a reality show that invites celebrities to transform their own businesses for the digital era. The show aims to raise awareness and inspire audiences to become entrepreneurs.
The reality show will air exclusively on Line TV starting from Jan 18. Startup Star 4.0 is the first Line TV show to focus on edutainment.
Mr Supachai said Rise last year partnered with Bank of Ayudhaya and its business units to launch Krungsri Rise Fintech Accelerator.
The accelerator also collaborated with the Digital Economy Promotion Agency, under the Digital Economy and Society Ministry, to accelerate 500 startups and 44 universities in the network.
“At least 30% of the entities in our 600-startup network can secure investment in the funding round,” Mr Supachai said. “They are worth a combined 5 billion baht, and 40% can already serve prospective customers and earn revenue.”
Rise is looking for opportunities to invest through one of the 20 venture capital funds in Southeast Asia and Thailand, given its large domestic market.
“Venture capitalists are expecting to invest US$100 million (3.2 billion baht) in startups across Southeast Asia,” Mr Supachai said.
Rise has strong partnerships with giant companies in fintech, construction and energy that can be lodestones for startups in Asean.
To capitalise on this trend, Rise will announce its collaboration with PTT Digital Solution, a subsidiary of PTT Group Plc, to undertake the D-Next by PTT Digital x Rise project, which aims to equip Asean startups to become leaders in the digital space.
The company will reveal more details of the partnership on Jan 18.
The firm’s network includes startups and partners in six countries through private and public partnerships in South Korea, Singapore, Israel, Japan, the US and Britain.
This year, more corporations will actively search for startups to accelerate their innovation processes, Mr Supachai said.
“Big corporate executives need to change their mindset,” he said. “They must learn to prefer risk over safety, because ‘fail fast’ can also mean moving forward at a quicker pace, and this year change will be relentless, making speed crucial.”