It has been reported that business incubation program can increase the success rate of new businesses by 30%. Business incubators, therefore, play a pivotal role in transitioning Thailand into an innovation-driven economy. As most universities in Thailand have established business incubators, they have substantial capacity to support innovators and tech entrepreneurs throughout the country. To strengthen Thailand’s innovation ecosystem, Technology Management Center (NSTDA-TMC) has been actively implementing a project to develop capability of business incubators in Thai universities in the past three years.
This year, the project launched a pilot assessment study of business incubators in five universities (Suan Dusit University, Mahasarakham University, Nakhon Ratchasima Rajabhat University, Yala Rajabhat University and Rajamangala University of Technology Krungthep). TMC-NSTDA worked in collaboration with the Office of the Higher Education Commission and a consulting firm Creeda performing analysis, benchmarking their performance against international standards, as well as developing recommendations and providing best practice/ suitable model for each business incubator for performance improvement.