Total early-stage entrepreneurial activity (TEA) has reached an all-time high of 23.4% in Thailand, a 20% increase from pre-pandemic levels. This trend highlights Thailand’s strong entrepreneurial spirit and a growing shift toward more collaborative and high-potential ventures. More than one-third (33.7%) of Thailand’s adult population is involved in start-ups, young businesses, or established enterprises. These and other findings were highlighted in Global Entrepreneurship Monitor (GEM) 2023/2024 Thailand National Report.
A Thriving Start-Up Landscape
Several key findings from the GEM report underscore the strength of Thailand’s entrepreneurial ecosystem:
- Optimism and opportunity - Nearly 80% of Thai adults see good business opportunities, ranking Thailand third globally in perceived entrepreneurial potential.
- Female leadership - Women are playing a vital role in this growth, with 24.5% of women engaged in TEA, slightly outpacing men (22.8%). This seldom occurs around the world.
- Shift from sole founders to co-founders - Post-pandemic, 80% of start-ups now begin with at least one co-founder, marking a major shift away from solo entrepreneurship.
- Rising educational levels - 35% of new entrepreneurs hold graduate degrees, signaling a movement toward more sophisticated, innovation-driven businesses.
- Growth ambitions - 7.6% of TEA entrepreneurs expect to employ six or more people within five years, ranking Thailand sixth out of 45 economies surveyed.
Overcoming Barriers to Quality Entrepreneurship
While Thailand’s entrepreneurial activity is booming, the GEM study highlights key areas for improvement:
1. Enhancing innovation and R&D
Thai start-ups still lag behind in innovation and international competitiveness. Strengthening knowledge transfer between research institutions and businesses is essential.
2. Expanding entrepreneurship education
While business creation is widespread, there is a need to improve entrepreneurship education at all levels, particularly in schools, to instill a mindset of innovation and sustainability.
3. Strengthening government support around Environmental, Social, and Governance (ESG) adoption
While financial assistance exists, entrepreneurs need more tailored policies to facilitate scaling, digital transformation, and ESG adoption. Despite the government’s push for ESG, 58.1% of Thai entrepreneurs cite a lack of knowledge as a major barrier. High implementation costs and limited resources further slow ESG adoption, calling for clearer policies and better access to information.
The Future of Entrepreneurship in Thailand
According to Dr. Ulrike Guelich, GEM Thailand Team Leader: “Thailand’s high TEA rate, strong female participation, and co-founder model are positive indicators of a dynamic entrepreneurial environment. However, to transition from high entrepreneurial activity to high-quality, innovative businesses, the country must focus on education, innovation, government support, and ESG integration. By addressing these challenges, Thailand can solidify its position as a leading hub for entrepreneurship in Southeast Asia, ensuring that start-ups not only survive but thrive on a global scale.”
Since 2011, the GEM Thailand Team has been playing a role in supporting the implementation of policies and programs to support entrepreneurs in the country. Housed at Bangkok University, GEM Thailand works closely with the Office of Small Medium Enterprise Promotion (OSMEP) to address challenges faced by Thai entrepreneurs. Their collaboration has raised awareness and led to various support programs. In 2023 and 2024, OSMEP launched initiatives such as the Entrepreneur Development Program (training in business management, finance, and marketing), the SME Promotion Fund (financial support for business growth), Digital Transformation Training (helping SMEs adopt technology), and Mentorship Programs (connecting new entrepreneurs with experienced business leaders).