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Over 100 teams of entrepreneur submitted for Delta’s “Angel Fund for Startup,” a project aimed to support new entrepreneurs and startup companies, and to advance the country’s economy according to the government’s policy. The winner is set to be announced in August and will be granted THB 4 million.
Bangkok, Thailand, 18 July 2018 – Mr. Youngyut Pakduangchan, Director of Human Resources of Delta Electronics (Thailand) PCL., announced that Delta has joined forces with Department of Industrial Promotion (DIP) to continue its “Angel Fund for Startup” for the third consecutive year. This fund is the first fund by a private sector to collaborate with DIP to support new entrepreneurs and startup companies with a granted fund of THB 4 million. To establish a business, the requirement relies on two concepts: Green Solution for Thailand 4.0 and Advancing Thailand’s Industry with AI Solution.
“Delta recognizes the importance of startup companies that have great business plans but are lack of financial support. That is why we collaborate with the DIP to establish the ‘Angel Fund’ project for young entrepreneurs to submit their business plans and compete for a fund of over THB 4 million, along with providing business knowledge for young generations with dreams and passions to make their businesses happen. We want startup companies to grow efficiently during the competition and be able to develop new products and innovations that has positive effects on the economy system, as well as be the country’s foundation in driving the economy in long term according to the government’s policy,” noted Mr. Pakduangchan.
Mr. Pakduangchan also stated that the online admission on February 2018 was very well received, with over 100 teams of entrepreneur around the country applying for the competition. 55 teams were selected by Delta and DIP to pass for the first round, with 29 of them relying on the concept of Green Solution for Thailand 4.0 and 26 of them focusing on the concept of Advancing Thailand’s Industry with AI Solution, and were trained for one week about Strategic Thinking in Business and Business Plan in order to help them develop their plans to be more solid, concise and applicable. In early July, the winner was selected under the consideration of the committee from Delta, specialists from DIP and expert professors from educational institutions, and is set to be announced in August at the Department of Industrial Promotion, Ministry of Industry.
The judgement criteria include: product and service uniqueness, fulfillment of target customers needs, possibility in business aspect, interesting market size, and overall presentation.
“Business plans of this year’s applicants are even more interesting than the past two years. They are more concise and applicable, as well as more similar to Delta business, which is what we’re interested in since we can become their trainer and support them in other areas apart from giving a fund. For example, we can help them find partners, push them to Delta’s supply chain and business partners, or support them in moving forward and grow. This goes along with the Big Brother policy of Ministry of Industry as well,” added Mr. Pakduangchan.
Mr. Vichack Rattanasuwan, Director of Division of New Entrepreneur and Business Promotion, Department of Industrial Promotion, Ministry of Industry, said that this project is the collaboration between Delta Electronics and DIP that has been continued for three years. DIP does not only grant a fund to a great business idea, but also consider the practicality and sustainability of that business to ensure that it will still be running after three months, five months, or a year. And even though DIP’s task as the committee has ended, it will continue to develop and push forward the qualified new entrepreneurs and startup companies by collecting them in the DIP database and connecting them with DIP’s partners in financial institutions and investment funds. Moreover, the Ministry of Industry has its financial measures to support new entrepreneurs with interesting innovations by offering a THB 8,000-million credit for Micro SMEs, with 1% interest and the loan amount not exceeding THB 1 million, as well as 23 Industry Transformation Center (ITC) across the country to help entrepreneurs to stand on their feet and move to success.
