Thai startups eye South Korean market – ambassador
Thailand is stepping up cooperation with South Korea in startups and innovation, helping Thai companies enter the Korean market, according to Thai Ambassador Tanee Sangrat.
Tanee added that he has also encouraged Korean startups to test their technologies and expand in Thailand.
The initiative brings together the Thai Embassy in Seoul, universities and startup organisations to connect entrepreneurs with potential partners, investors and markets in both countries.
“We serve as a bridge,” Tanee said at the recent Seoul-Thailand Startup and Innovation Space event at his residence in Seoul.
The envoy told the Korea Herald that startups are becoming an increasingly important part of bilateral economic cooperation and that the embassy wants to support companies moving in both directions.
“We also support Korean startups,” he said, encouraging Korean entrepreneurs to explore opportunities in Thailand and work with Thai universities and young innovators.
The embassy is renovating the first floor of its building to provide a base for the Seoul-Thailand Startup and Innovation Space, or STSiS, an initiative aimed at connecting the startup ecosystems of the two countries.
For Thai startups, however, entering South Korea can be difficult.
Perada Suponpun, vice president for strategy and planning at STSiS and CEO and co-founder of Taste Vision Korea, said intense competition and high consumer expectations make South Korea a demanding market for foreign companies.
“Korea is a very serious market,” Perada said. “A serious market doesn’t reward a good idea or just a translated pitch deck.”
Foreign startups must show that their products can “solve a Korean problem better than the option that already exists in Korea,” she reiterated.
She urged Thai founders to focus on evidence that can persuade Korean customers rather than relying on the appeal of their technology.
“What fact can I create in the next 90 days that makes a Korean buyer more confident to say yes?” she said.
Ronnakorn “Ronnie” Vaiyavuth, deputy executive director for innovation and commercialisation at Chulalongkorn School of Integrated Innovation, said similarities between the Thai and Korean markets could create opportunities for startups from both countries.
“We often identify similar gaps in the market,” Ronnakorn said.
Many Thai startups remain at an early stage and need further development before entering the Korean market, he said.
“If we have time to incubate them until the maturity stage … to match with the Korean needs, then I think it will be a perfect match,” he said.
The initiative also aims to bring more mature Korean startups to Thailand for proof-of-concept testing and potential expansion.
Some Thai entrepreneurs, however, see South Korea more as a source of potential partners than as a market for direct expansion.
“I don’t want to expand my business in Korea, but I want to partner with Korean startups to expand in Thailand,” said Chanin Traitrongsat, CEO of Thai startup GMS.
GMS operates a booking and guest-management system integrated with Line, a messaging platform widely used in Thailand. Customers can reserve and pay for sports facilities and access them through the app, reducing the need for on-site staff.
Users can “book, pay for a slot, get in, play the sport and get out,” Chanin said.
He identified Korean companies involved in golf simulators, sports facilities and co-working spaces as potential partners, particularly those seeking to enter Thailand with services adapted to local consumer behaviour.
The initiative reflects a two-way strategy: preparing Thai startups for the competitive Korean market while giving Korean companies opportunities to test products, find partners and expand in Thailand.
Main photo: Thai Ambassador to South Korea Tanee Sangrat