The government is studying the feasibility of establishing the Thailand Innovation Space, expected to support and promote local startups and small and medium-sized enterprises (SMEs) accessing higher technology and innovation for the long term.
The Thailand Innovation Space is expected to launch in the next couple of months.
The project is a collaboration between the government and private sector, said Industry Minister Uttama Savanayana.
Three ministries -- industry, science and technology, and digital economy and society -- are to host the facility, with the government inviting companies to join and work together as large corporate firms.
"The government is studying the overall structure of this project and a management model," he said.
"The project should be either an institute or organisation. We need to come up with a new educational framework for startups and SMEs to study how technology and innovation can be applied to their businesses."
As technology has disrupted many businesses, the government hopes the innovation centre can help startups and SMEs adapt to this change and competitiveness challenges both domestic and abroad.
Mr Uttama said the cabinet approved the draft of Thai Bayh–Dole Act, also known as the Patent and Trademark Law Amendments Act, on Tuesday. The draft makes it easier to raise capital to support local startups and SMEs that invent technology or innovate.
"In the long run, startups and SMEs can access funds to support their businesses and the government will prioritise them as an important economic engine for the country," he said.
"The goal is that each startup or SME that has the capability to invent something can find the funding they need, so they will own their copyrights or patents."
Startups and SMEs can contribute up to 80% of the country's economy, said Mr Uttama.
He expects the Thailand Innovation Space can connect startups with fresh capital funds and increase value-added products in the country.
Last year Thailand's startup market attracted total investment of US$105 million (3.45 billion baht), a record high.
Thailand has tried to promote startups and SMEs with venture capital funds for almost a decade as the global market for such entities has tallied investment value of roughly $140 trillion.
"This high investment value for local startups indicates future opportunities. The government believes its endorsement policy will strengthen startups in the long run," said Mr Uttama.
