According to Monk’s Hill Ventures’ managing partner, Peng T Ong, Southeast Asia has a lot of affordable resources, the market is currently in demand and the government is very supportive therefore the region has the potential to become a testing ground for startup businesses that are hoping to enter the international scene later on. Furthermore, the conditions in the region are ideal for startups to make the most in order to reach their maximum potential. Those targeting to start company formation in Thailand will be happy to hear about the loosening of rules in the country.
Ong explained that Thailand is currently going through an expansion phase which resulted to a sudden increase in the number of startups. This fact coupled with the strong support given by the government, active participation from leading companies in the country in terms of developing capital funds for corporate venture and accessible investors who are currently in the seed stage are the main reasons why.
Ong is one of the founders of Monk’s Hill Ventures which is a fund-based technology firm that was established in Southeast Asia. At the same time, Ong is an independent director of Solve Education, YY Inc, IMDA and IE Singapore. He is currently Singapore University of Technology & Design’s trustee and acts as the chairman of the investment committee that is handling the endowment fund of SUTD.
According to him, in order for startups to achieve success they must work hard and smart. It is also important to choose large markets.
The main reason why Thailand is an attractive prospect is the open market which means there are demands from different directions. The market is sophisticated, the mobile internet has a high penetration rate and this is where the big spenders are. The increase in the amount being spent on social commerce indicates that many startups are succeeding in offering solutions that are centred on the need of the consumers.
While it is now easier to do company formation in Thailand, it is important to note that the startup scene in the country is still quite fresh and strong mentorship together with talent is needed in order for the startup to grow.