On June 21, 2024, I had the privilege of attending the GCEC New Frontier Bangkok Summit, specifically the panel discussion titled “Comparing Thailand, Hong Kong, Singapore, and Silicon Valley: Entrepreneurial Ecosystems.” Held at the CSII Digital Auditorium, the event featured an impressive lineup of experts who shared their insights into the unique characteristics and challenges of various entrepreneurial ecosystems around the globe.

Moderated by Dr. Pietro Borsano, Deputy Executive Director for Industrial and Global Alliances at CSII, the panel included:

• Prof. Joon Nak Choi, Adjunct Associate Professor at HKUST, who offered insights into Hong Kong’s evolving startup landscape.
• David Law, Director of Global Academic Programs at UC Berkeley SCET, who brought perspectives from Silicon Valley.
• Shannon Kalayanamitr, Adjunct Lecturer at CSII, who focused on the unique challenges faced by the Thai ecosystem.
• Panakorn Dejthumrongwat, Head of Business and Talent Attraction at Invest Hong Kong/HKETO, who highlighted Hong Kong’s strategic advantages.
• Lum Yi-Chyi, CEO of Origgin Ventures Co. Ltd., who discussed Singapore’s vibrant ecosystem and government initiatives.

The discussion began with a focus on whether the world needs more than one Silicon Valley. The panelists agreed that rather than duplicating Silicon Valley, regions should develop specialized centers that cater to localized niches and customer bases. The idea of having multiple innovation hubs tailored to specific industries and cultural contexts was particularly compelling. The consensus was that localization and being closer to customers are crucial for the success of these specialized centers.

Challenges in Thailand’s Ecosystem

Shannon Kalayanamitr highlighted the critical issues faced by Thailand’s ecosystem, such as the lack of funding, regulatory hurdles, and minimal government support. She noted that Thai startups often need to incorporate in Hong Kong or Singapore to circumvent these challenges, given the absence of supportive frameworks like SAFE or KISS in Thailand. Shannon emphasized that the regulatory environment in Thailand needs significant improvement to foster a more supportive startup ecosystem.

Government Role in Early-Stage Funding

The role of government in early-stage funding across the Asia Pacific was another key topic. Prof. Joon Nak Choi pointed out that Hong Kong allocates $1.2 billion annually to startup and university research funding, while the best venture capitalists have relocated to Singapore. He emphasized that governments should create environments conducive to attracting private investors and then step back to avoid the stifling effects of bureaucracy. Bureaucracy, as he put it, is a startup killer.

Commercializing University Research

Lum Yi-Chyi addressed the challenge of commercializing university research. She remarked that intellectual property often remains stuck within academic institutions. She advocated for co-creating deep tech ventures and providing researchers with not only funding but also the necessary business and execution support to bring their innovations to market. Lum’s insights underscored the need for a robust ecosystem that supports the transition from academic research to commercial viability.

Attracting and Nurturing Talent

David Law discussed strategies for attracting both domestic and international talent. He highlighted that while startups can’t compete with big tech salaries, they can attract talent through meaningful contributions, compelling storytelling, and work-life balance. Lum added that Singapore has numerous government initiatives to groom local talent and attract overseas professionals, including sending local talent abroad to gain business acumen. Panakorn emphasized the importance of talent screening and attracting top talent through schemes like the Top Talent Scheme, which approved 40,000 applicants.

Defining Ecosystems in One Word

The panelists provided one-word definitions of their ecosystems:
– Prof. Joon Nak Choi described Hong Kong as “rapidly evolving.”
– Panakorn chose “international, free market.”
– Lum called Singapore “vibrant.”
– Shannon described Thailand as “aspiring to be Singapore.”
– David characterized Silicon Valley as “obsessed with AI.”

Key Takeaways

The session concluded with a discussion on the strengths of each region in scaling startups. Prof. Joon Nak Choi noted that Silicon Valley, Hong Kong, and Singapore excel in scaling due to their supportive infrastructures and market dynamics. Shannon pointed out that successful Thai startups often have foreign co-founders or multicultural Thai teams, which help bridge cultural and language gaps.

Overall, the panel offered deep insights into how different regions are fostering innovation and entrepreneurship. It was a valuable experience that underscored the importance of tailored approaches to building thriving entrepreneurial ecosystems. The diverse perspectives shared by the panelists highlighted the unique strengths and challenges of each ecosystem, providing a comprehensive understanding of the global entrepreneurial landscape.

— –

Useful Links:

– GCEC New Frontier Bangkok Summit
– CSII
– HKUST
– UC Berkeley SCET
– Invest Hong Kong
– Origgin Ventures