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Thai Startup Founders Survey 2016
August 2016
Thai Startup Founders Survey 2016
Introduction
Thai Venture Capital Association (TVCA) is glad to present our first Thai S...
Thai Startup Founders Survey 2016
Founders’ Profile: Gender
93.3%
6.7%
Male
Female
The majority of the tech company founde...
Thai Startup Founders Survey 2016
Founders’ Profile: Age
3.30%
30%
60%
6.70%
25 or below
26-29
30-39
40 or above
Most of t...
Thai Startup Founders Survey 2016
Founders’ Profile: Education
50%
46.70%
3.30%
Master's (e.g., MSc, Meng, MA)
Bachelor's ...
Thai Startup Founders Survey 2016
Founders’ Profile: Prior Entrepreneurial Experience
76% of the founders have certain lev...
Thai Startup Founders Survey 2016
Company Profile: Incorporation
66.70%
23.30%
6.70%
3.30%
Thailand
Singapore
USA
Other
Ar...
Thai Startup Founders Survey 2016
Company Profile: Funding
70%
23.30%
6.70%
Pre-seed/ Seed/ Pre-series A
Series A/ Pre-ser...
Thai Startup Founders Survey 2016
Company Profile: Sector
0%
0%
3.30%
3.30%
3.30%
3.30%
6.70%
6.70%
6.70%
13.30%
16.70%
17...
Thai Startup Founders Survey 2016
Company Profile: Market Presence
60%
30%
10%
One country - Thailand
Multiple countries -...
Thai Startup Founders Survey 2016
3.30%
3.30%
20%
6.70%
Employee- startup
Employee - SME
Employee -private sector
Employee...
Thai Startup Founders Survey 2016
Survey:
How many founders were there at the beginning of the current company?
Half of th...
Thai Startup Founders Survey 2016
Survey:
Are all founders still with the company today?
73% of all companies still have a...
Thai Startup Founders Survey 2016
Survey:
What is the education background of the company’s CEO?
The majority of education...
Thai Startup Founders Survey 2016
Survey:
What was the major reason to start the company?
Majority of the founders have id...
Thai Startup Founders Survey 2016
Survey:
Do you have any preference towards the types of investors?
While there is still ...
Thai Startup Founders Survey 2016
Survey:
Did you have a technical person in the team since the founding of the company?
8...
Thai Startup Founders Survey 2016
Survey:
Did the company initially participate in any government-support program?
Half of...
Thai Startup Founders Survey 2016
Survey:
How did you find the 1st investment in the company?
Approximately three-fourth o...
Thai Startup Founders Survey 2016
Survey:
What is the current biggest challenges for startups in Thailand?
Among their opi...
Thai Startup Founders Survey 2016
Acknowledgement
Our special thanks go to the 30 founders/co-founders from the following ...
Thai Startup Founders Survey 2016
Disclaimer
The information contained in this document is provided for information purpos...
Thai Startup Founders Survey 2016
Contact
About Thai Venture Capital Association (TVCA)
Founded in 1994, Thai Venture Capi...
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Thai Startup Founders Survey 2016

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TVCA’s Thai Startup Founders Survey 2016 explores the background and opinion of 30 founders/co-founders of technology startup companies based in or focusing on Thailand market on various topics including the founders’ background, company profile and their opinion on the Thailand ecosystem in general.

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Thai Startup Founders Survey 2016

  1. 1. Thai Startup Founders Survey 2016 August 2016
  2. 2. Thai Startup Founders Survey 2016 Introduction Thai Venture Capital Association (TVCA) is glad to present our first Thai Startup Founders Survey report that we have conducted a survey among the founders of startup companies based in or focusing on Thailand market. The primary objective of this report is to identify the common profiles and background of the successful founders and their views on Thailand ecosystem in general. 2016 was marked by some as the major year of the Thailand startup ecosystem. However, many startup founders and Thai people in general still lack an understanding on how tough their journey had been before each company can become what they are today. The data was collected from 30 founders/co- founders of technology startup companies based in or focusing on Thailand market which have closed at least one venture fundraising round. We would like to thank them for sharing their insights and valuable time which made this survey possible. Among a number of interesting findings in this report are that 67% of these founders are at least 30 years old and 76% have certain experience running business by the time they founded/co-founded the current company. Moreover, the lack of technical talents (e.g., engineers) is the biggest challenge for the Thailand ecosystem at the moment in their opinion. We hope you find this survey informative and useful. Thanapong Na Ranong President 2
  3. 3. Thai Startup Founders Survey 2016 Founders’ Profile: Gender 93.3% 6.7% Male Female The majority of the tech company founders in Thailand are male at 93%, with only 7% female. 3
  4. 4. Thai Startup Founders Survey 2016 Founders’ Profile: Age 3.30% 30% 60% 6.70% 25 or below 26-29 30-39 40 or above Most of the founders are experienced professionals, with 33% being below 30 years old at the time of founding the company. 4
  5. 5. Thai Startup Founders Survey 2016 Founders’ Profile: Education 50% 46.70% 3.30% Master's (e.g., MSc, Meng, MA) Bachelor's (e.g., BSc, BEng, BA) College/ Technical Almost all of the founders holds a bachelor’s degree while around half also have a master’s degree. 5
  6. 6. Thai Startup Founders Survey 2016 Founders’ Profile: Prior Entrepreneurial Experience 76% of the founders have certain level of experience in running business before founding the current company. First-time founders contribute only 20%. None (1st time founder), 20% Yes -Failure, 16.70% Yes - Sucessful (e.g., cash cow business, exited), 23.30% Yes - Both failure and successful, 36.70% Other, 3.30% 6
  7. 7. Thai Startup Founders Survey 2016 Company Profile: Incorporation 66.70% 23.30% 6.70% 3.30% Thailand Singapore USA Other Around two-third of the companies are incorporated in Thailand while Singapore is the most popular overseas country for incorporation, followed by USA. 7
  8. 8. Thai Startup Founders Survey 2016 Company Profile: Funding 70% 23.30% 6.70% Pre-seed/ Seed/ Pre-series A Series A/ Pre-series B Series B Most of the companies are still at the before-Series A round at 70% with Series B the highest round achieved so far. 8
  9. 9. Thai Startup Founders Survey 2016 Company Profile: Sector 0% 0% 3.30% 3.30% 3.30% 3.30% 6.70% 6.70% 6.70% 13.30% 16.70% 17% 23.30% 33.30% Headtech Argritech Propertytech IoT Edtech Adtech Traveltech Logtech (incl. Last-mile delivery) Entertainment (incl. Game) Enterprise (incl. B2B SaaS) Other Fintech Commerce Lifestyle (incl. Dinning, Event) The most popular sector of startup companies that have raised at least one funding round are Lifestyle, followed by Commerce and Fintech. Note: Some companies can fall in multiple categories 9
  10. 10. Thai Startup Founders Survey 2016 Company Profile: Market Presence 60% 30% 10% One country - Thailand Multiple countries - Thailand & Southeast Asia Multiple countries - Thailand & beyond Southeast Asia 60% of companies have market presence only in Thailand, while the remaining 30% have expanded to Southeast Asia region. Only 10% have managed to go beyond the region. 10
  11. 11. Thai Startup Founders Survey 2016 3.30% 3.30% 20% 6.70% Employee- startup Employee - SME Employee -private sector Employee -public sector 3.30% 3.30% 13.30% 33.30% 46.70% Fresh graduate Other Family business Employee Founder/Co-founder of a company Survey: Before founding the current company, what was your occupation? Before the current startup, 47% of the founders were the previous founders in other companies, 20% worked as an employee of private sector and 13% worked in a family business. 11
  12. 12. Thai Startup Founders Survey 2016 Survey: How many founders were there at the beginning of the current company? Half of the companies had 2-3 people as the founding team at the beginning with only 13% had a solo founder. 13.30% 50% 36.70% 1 2-3 4 or above 12
  13. 13. Thai Startup Founders Survey 2016 Survey: Are all founders still with the company today? 73% of all companies still have all co-founders staying till date. 73.30% 26.70% Yes No 13
  14. 14. Thai Startup Founders Survey 2016 Survey: What is the education background of the company’s CEO? The majority of education background of the company’s CEO are either from business or engineering degree. Business (e.g., business administration, finance), 30% Science (e.g., computer science, math, food science), 16.70% Engineering (e.g., industrial engineering, computer engineering), 30% Economics, 10% Arts, 3.30% Other, 10% 11 4
  15. 15. Thai Startup Founders Survey 2016 Survey: What was the major reason to start the company? Majority of the founders have identified the problem to solved, either from their own problem or observation of the market, rather than founding the company out of curiosity or following their friends. 3.30% 10% 10% 56.70% 60% Just seeking new hands-on experience Bored of previous occupation Other Passion to solve own problem Seeking for business opportunity 15
  16. 16. Thai Startup Founders Survey 2016 Survey: Do you have any preference towards the types of investors? While there is still no clear investor preference from the founders, corporate VCs made the top of the list and local VC funds came in the last. 20% 30% 33.30% 40% 43.30% Local VC funds International VC funds Angel investors No preference Corporate VCs (e.g., telcos, banks) 16
  17. 17. Thai Startup Founders Survey 2016 Survey: Did you have a technical person in the team since the founding of the company? 83% of the founders have secured the technical resources in the team since the founding of the company. 83.30% 16.70% Yes No 17
  18. 18. Thai Startup Founders Survey 2016 Survey: Did the company initially participate in any government-support program? Half of the startup’s companies had participate in government-related support programs, e.g., programs by SIPA or NIA. 50%50% Yes No 18
  19. 19. Thai Startup Founders Survey 2016 Survey: How did you find the 1st investment in the company? Approximately three-fourth of the startups relied on the founders for their first money, i.e., F&F money and through personal network. Only 3% received support through their mentor/advisor’s network. Personal network, 26.70% Mentor/ Advisor's network, 3.30% Events (e.g., conference, meetup, club), 16.70% Bootstrapped with personal and F&F money, 50% Other, 3.30% 19
  20. 20. Thai Startup Founders Survey 2016 Survey: What is the current biggest challenges for startups in Thailand? Among their opinion regarding the biggest challenges for startups in Thailand, lack of technical talents/engineers was the clear consensus, voted by more than 75%, while collaboration with private sector was the least concerned at less than 10%. 16.70% 6.70% 40% 40% 33.30% 20% 20% 10% 76.70% Other Lack of understanding from private sector Lack of understanding from public sector Infrastructure Lack of capital Keeping talents Lack of talents -Business Lack of talents -Designers Lack of talents -Engineers 20
  21. 21. Thai Startup Founders Survey 2016 Acknowledgement Our special thanks go to the 30 founders/co-founders from the following companies who have contributed their time participating in the survey. 21
  22. 22. Thai Startup Founders Survey 2016 Disclaimer The information contained in this document is provided for information purposes only. Whilst reasonable efforts have been made to ensure the most accurate information, TVCA shall not be liable for any errors, omissions, misrepresentations or other inaccuracies in the information or for any loss or damage suffered by persons who use or rely on such information. 22
  23. 23. Thai Startup Founders Survey 2016 Contact About Thai Venture Capital Association (TVCA) Founded in 1994, Thai Venture Capital Association members consist of leading Thai and international venture capital (VC) and private equity (PE) firms to diverse companies operating relating business such as financial advisory firms, accounting firms and law firms. In addition to facilitating closer working relationship among members, TVCA has been working closely with the Thai government, public and private sectors, providing advice and support to promote VC leading practices and supporting policies in Thailand. For more information about this survey report, please email contact@tvca.or.th. © 2016 Thai Venture Capital Association

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