Event Recap: Challenges Faced by Startups and Investors

On January 23rd, the India-Thai Chamber of Commerce (ITCC) and WOWS Global hosted a captivating panel discussion titled “Challenges Faced by Startups and Investors.” Held at the ITCC Hall of Excellence in Bangkok, the event brought together startup founders, investors, and ecosystem leaders to dive deep into Thailand’s burgeoning entrepreneurial landscape.

Moderated by Gagan Singh, Founder and CEO of WOWS Global, the panel featured insights from:

• Proud Limpongpan, President of Ennovie

• Kush Sodhia, CEO and Co-Founder of Papaya

• Richard Armstrong, Partner at TA Ventures

The event also included a special session by Amit Bhalla, Principal at HLB Thailand, on Thai Transfer Pricing: Do Taxpayers Need to Worry?

From market opportunities to strategic challenges, here’s what we learned:

1. Thailand’s Market: Fertile but Fragmented

Thailand’s digitally connected population offers immense opportunities for startups, particularly in fintech, healthtech, and e-commerce. However, the ecosystem’s fragmented nature and limited big-ticket success stories make it difficult for foreign venture capitalists to confidently invest.

Key Insight from the Panel:
“Thailand isn’t lacking in opportunity; it’s lacking in investor familiarity,” explained Kush Sodhia. Bridging the knowledge gap between international investors and local startups could unlock the region’s potential.

2. The Talent Tug-of-War

Thailand’s talent pool is rich, but many top graduates pursue secure, high-paying careers in consulting, banking, or big tech, leaving startups struggling to attract the best talent.

The Bright Side? Purpose-driven startups offering creative autonomy and meaningful work are beginning to win over a new generation of professionals seeking more than just a paycheck.

3. A Leading Example in Women’s Leadership

Thailand is setting the standard for women’s leadership in startups and venture capital. With a growing number of women-led startups and VCs, diversity is proving to be an innovation driver in the ecosystem.

Proud Limpongpan highlighted, “Diversity in leadership isn’t just about equity—it’s a competitive advantage that makes companies stronger.”

4. Transparency and Exit Strategies Are Essential

For startups, keeping investors informed through regular updates and clear financial reporting isn’t optional—it’s critical. Additionally, founders must consider exit strategies early to align with investors' goals, particularly given Thailand’s limited IPO and M&A activity.

Richard Armstrong’s Advice:
“Don’t wing your exit strategy. It’s about planning from Day 1 and staying focused on long-term outcomes.”

5. Localized Fundraising Strategies Are Key

The cost of scaling in Thailand differs significantly from other regional hubs. While $5 million can go a long way in Singapore, it might not stretch as far in Thailand. Founders need localized strategies to align with investor expectations while maximizing their impact.

6. Navigating Thai Transfer Pricing

In a bonus session, Amit Bhalla of HLB Thailand provided clarity on Thailand’s transfer pricing tax regulations. With increasing scrutiny on intercompany transactions, Bhalla emphasized the importance of proactive compliance to mitigate risks.

The Road Ahead for Thailand’s Startups

Thailand’s startup ecosystem is evolving, and while challenges persist, the opportunities are undeniable. A tech-savvy population, government support, and an expanding focus on innovation provide fertile ground for growth.

Proud Limpongpan summed it up perfectly: “Success in Thailand isn’t just about capital or talent—it’s about strategy.”

The event concluded with a lively networking dinner featuring a delicious Indian buffet. Attendees shared ideas, forged connections, and left inspired to tackle the challenges ahead.