Thailand could become a "pinktech" hub, capitalising on untapped business opportunities stemming from the LGBTQ community, says Canvas Ventures Co Ltd, a multi-family venture capital office.
"Thailand has one of the largest LGBTQIA2S+ populations in Southeast Asia at around 7 million," Tanachai Kulsomboonsin, co-founder of Canvas Ventures, told the Bangkok Post.
LGBTQIA2S+ stands for lesbian, gay, bisexual, transgender and trans, queer and questioning, intersex, asexual or agender, and two-spirit.
Pinktech refers to technology and products tailored to address the specific needs and interests of members of the LGBTQIA2S+ community. It extends beyond businesses solely founded or led by LGBTQIA2S+ individuals to include those established by heterosexual entrepreneurs that cater to this growing community.
By embracing pinktech and its diverse opportunities, Thailand can not only empower its LGBTQIA2S+ community, but also drive economic growth and establish the country as a regional leader in this innovative and inclusive field, said Mr Tanachai.
He said there are several untapped opportunities for pinktech ventures, including festivals and tourism-related events such as Pride Bangkok and Songkran Rainbow Festival that attract tourists seeking inclusive and welcoming experiences.
Several countries have emerged as frontrunners in the pinktech landscape, including the US, which pioneered pinktech innovation. Successful pinktech companies such as Grindr, HER and Hornet originated in the US.
Brazil boasts a sizeable LGBTQIA2S+ population and a burgeoning pinktech industry. Brazilian startups are developing creative solutions in healthcare, finance and other sectors to support the this community.
Israel is renowned for its progressive stance on LGBTQIA2S+ rights, and it serves as a hub for pinktech startups, bolstered by government support for these businesses.
Mr Tanachai said to position Thailand as a pinktech hub, a comprehensive strategy is essential to foster a pinktech business ecosystem that encourages collaboration and knowledge sharing among entrepreneurs, investors and stakeholders.
He said Canvas Ventures wants to invest in pinktech startups to capitalise on this trend.
The company has organised "Pink Power Up Business Forum: Igniting Thailand's Pink Economy Revolution", a two-day conference that will be held on June 27-28 at Glowfish Sathorn.
