NIA Accelerates Thai FoodTech Startups to Steer Bangkok to FoodTech Silicon Valley Through SPACE-F Project

BANGKOK, September 22, 2022 /PRNewswire/ — The National Innovation Agency (public body), Thailand gold NIA continues its support in the scaling up of FoodTech startups through the 2022 edition of the “SPACE-F” project. With the aim of encouraging investment opportunities for Thailand’s food sector and tackling the global food security crisis, the agency aims to boost the use of deep technology as a primary driver to drive bangkok with a view to becoming FoodTech Silicon Valley – an innovative food hub of South East Asia and the world.

NIA Accelerates Thai FoodTech Startups to Steer Bangkok to FoodTech Silicon Valley Through SPACE-F Project

Dr. Pun-Arj Chairatana, Executive Director of NIA said: “According to the UN report on the state of food security and nutrition in the world 2022, more than 800 million of the world’s population, or about 10%, are now suffering from hunger because of the COVID-19 pandemic, the economic crisis, the shortage of raw materials and the decline in food security If we focus on food security in Thailand and around the world during the COVID-19 outbreak, all countries are facing the same harrowing situations where travel restrictions have caused food supply shortages. And as the world’s population grows rapidly, coupled with climate change, declining agricultural labor and food waste resulting from mass consumption; global food security is now a serious issue that needs to be addressed. »

“Not only that Thailand has enough raw materials to meet growing demands, the country also has a top-notch logistics service. These attributes make the Thai food industry outstanding and its position Thailand like world cuisine. Nevertheless, the use of innovation and technology in the food industry is not diversified and still lacks research and development. Most players in the sector are stuck at the SME level where they mainly focus on domestic consumption. The NIA therefore stepped in to encourage the use of innovation in this particular industry. Wanting to feed the world through innovation, the ‘SPACE-F’ project was initiated in 2019 to incubate and accelerate the growth of FoodTech startups in Thailand. The project brings together FoodTech startups and businesses through innovative mentorship, business connections and a co-working program. SPACE-F provides a leading platform to encourage entrepreneurial startups to embrace deep technology and innovation to advance their business and the food industry. Selected startups will then be mentored to tackle Southeast Asian and global markets, explained the executive director of the NIA.

He added that high-tech activity in food and agriculture continues to see growth equal to that of e-commerce and fintech around the world, food companies from Thailand also value strong supply chains. Therefore, incubating and accelerating FoodTech startups is key to achieving global food security goals, as well as helping to drive bangkok become “FoodTech Silicon Valley” or “Food Innovation Hub of South East Asia and the world”. Dr. Pun-Arj is convinced that Thailand capital will contribute as an important meeting place for startups and investors in advanced food technologies from around the world. bangkok will also serve significantly as a center for the development of local raw materials.

During the first and second years of the project, NIA facilitated a suitable and conducive ecosystem for the development of deep technology for the food industry. NIA helps support the emerging innovation models of a group of startups with impressive solutions through the following key guidelines:

  1. Encourage the creation of innovative products or services to support consumer and large business demand. Innovative service helps attract joint venture investment and improve competitiveness, as most competitors often only focus on innovative manufacturing. It is also an important guideline to help manage the restaurant and manufacturing to steer in the right direction.

  2. Provide mentorship to startups through various programs ranging from Incubator mentorship where new face startups participating in the program will be advised on how to create an effective business model from the start, Accelerator mentorship packages to accelerate startup growth adding value to the existing business. These two approaches will allow Thai startups to achieve rapid growth in the food sector.

  3. Attract foreign FoodTech startups to receive funding from Thai food companies, start a business in bangkok, and to register as a Thai company. This will allow Thai entrepreneurs and startups to make greater use of cutting-edge technology, learn from international business models and exchange innovative knowledge that is crucial for the sustainable growth of their food businesses.

  4. Cooperate with the private sector to drive bangkok becoming “FoodTech Silicon Valley“, which is a way to create a brand image for Thai food innovations in addition to street food and attract long-term investment in terms of space utilization.

The SPACE-F program supports innovative food companies covering 9 key FoodTech trends, namely health and wellness, alternative proteins, smart manufacturing, packaging solutions, new foods and ingredients, biomaterials and chemicals, food service technology, food safety and quality, and smart food services. .

“By the end of 2025, the FoodTech industry is expected to be worth 7.76 trillion baht. And with our vision and commitment to supporting the startup ecosystem, NIA will continue to drive bangkok become Food Silicon Valley using SPACE-F as the primary mechanism. SPACE-F, initiated 3 years ago, has supported more than 50 FoodTech startups to adopt innovation and technology for their growth. Project graduates are now thriving and have received continued investment from the private sector, especially the alternative proteins. These new economic warriors will play a central role in shaping the sustainable future of global food security,” concluded Dr Pun-Arj.

For more information on SPACE-F, visit https://www.space-f.co/

SOURCE The National Innovation Agency (NIA), Thailand

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