The Technology and Innovation-Based Enterprise Development Fund (TED Fund) plans to provide financial support and knowledge, as well as networking incubation, to 270 enterprises and startups next year through its annual budget of 290 million baht.
The fund will also launch the TED matching fund project next year to promote startups through its collaboration with venture capitalists, with the aim of providing matching funds to 20 startups in 2024.
This will be the TED Fund's first matching fund, with the aim of helping startups scale through the financial support. Each startup might be able to access 20 million baht in funding offered by the venture capitalists. The TED Fund will provide financial support to each startup of no more than 5 million baht under the matching project.
According to TED Fund's director- general Charnwit Tridech, the TED Fund has operated under the Ministry of Higher Education, Science, Research and Innovation (MHESI) over the past seven years. The fund has provided financial and knowledge support as well as networking and incubation to small and medium-sized enterprises (SMEs) and startups, covering a total of 800 projects through its budget of 770 million baht. This support has added value to the economy and society worth over 2 billion baht.
Mr Charnwit said that in the past the fund had focused on providing support to SMEs when it operated under the Ministry of Science, before shifting its focus to startups from 2020 since it started operating under the MHESI.
The fund has extended support for tech- and innovation-based enterprises to more categories, including what it calls tech youth startups. The fund will provide them with support of between 100,000 baht to one million baht.
Another new category is for those in the scaling up technology market, for startups to expand their business potential in the market. The fund will offer support of 2 million baht for each startup.
In a related development, the TED Fund is holding a TED Fund Open House 2023 on the ground floor of Samyan Mitrtown, Rama IV Road, between Aug 4-5. The event gathers tech and innovative masterpieces from over 30 enterprises which used to receive support from the TED Fund.
This third edition of the event will focus on the theme "Spark Your Creativity, Ignite Your Potential". The highlights include seminars on the TED stage, where 25 speakers will provide knowledge about doing business in the field of tech and innovation. The TED Fund exhibition will present its achievements and how it has supported entrepreneurs, alongside a business matching event between tech entrepreneurs and investors.
