ASEAN universities can look forward to more cross-border collaborations to foster a dynamic and international startup ecosystem in the region  

Bangkok, 17 July 2024 (Wednesday) – Singapore Management University (SMU) has launched a white paper titled ‘Catalysing Growth: State of ASEAN University Innovation and Entrepreneurship Report 2024’ today.  

A pioneering publication highlighting efforts by ASEAN universities, it is the first to showcase the achievements and best practices across ASEAN universities in innovation and entrepreneurship, including notable initiatives from Thai and other ASEAN universities. 

According to the 2023 Global Innovation Index, Thailand's performance in leadership and innovation in the region exceeded expectations among the countries surveyed – including Singapore, Malaysia, Thailand, Vietnam, the Philippines, and Indonesia.  
 

Chulalongkorn University’s role in fostering innovation 

A key engine driving Thailand’s innovativeness is its higher education institutions, among which Chulalongkorn University is exemplary. It has a clearly articulated system for developing startups, commercialising research, fundraising and overseeing intellectual property rights matters. This has led to a significant impact in fostering an entrepreneurial system, namely the incubation of 367 startups.  

Also playing an important role is Chulalongkorn University’s Innovation Hub (CU iHub), which offers a robust incubation programme in the key industries of Life Sciences & Biotech, MedTech and HealthTech. It also hosts the CHULA Deep Tech Demo Day to spotlight promising DeepTech startups and foster investor connections. The Chula Medical Innovation Center is also a significant contributor to the health and tech ecosystem, in particular, as it supports the commercialisation of medical research through product development and access to funding.  

Said Dr Ronnakorn Vaiyavuth from Chulalongkorn School of Integrated Innovation: “The structured support system yielded an increase in publications, research impact, funding, internships, and industry partnerships. Impressively, the university has incubated 367 startups, with 28% being spinoffs comprising 103 startups, demonstrating CU’s substantial impact on fostering an entrepreneurial ecosystem.” 

Key growth sectors across Southeast Asia 

Apart from Thailand’s vibrant innovation and entrepreneurship ecosystem, the white paper also provides a comprehensive overview of Southeast Asia’s startup landscape, highlighting key sectors where startups are making significant impacts, as well as the macroeconomic drivers, and future trajectories.  

Common pillars of growth across Southeast Asia’s startup ecosystems are E-commerce, FinTech, and ClimateTech, which are expected to expand and have a growing influence on the regional economy. Other pillars which ASEAN countries specialise in include BioTech and HealthTech, AgriTech, Digital Solutions, Gaming and e-Sports and Manufacturing and Supply Chain Optimisation  

Role of universities to further shape the startup ecosystem 

Going forward, universities have a vital role in fostering the growth of the startup ecosystem, by encouraging innovation and entrepreneurship through industry collaborations, providing launchpads for student founders, as well as research and connectors of resources to support them.  

SMU’s Vice-President for Partnerships and Engagement Professor Sun Sun Lim who is also Lee Kong Chian Professor of Communication and Technology, said, “Southeast Asia’s startup ecosystem holds immense potential and universities are crucial in realising this. However, addressing the resource limitations and varying levels of I&E maturity across universities would require tapping into the synergies within the AUN-UIE. By working collaboratively, we can support each other to advance growth of I&E in the region for collective gains.” 

SMU and Chulalongkorn University are co-leading the ASEAN University Network - University Innovation and Enterprise (AUN-UIE) network, combining their expertise and resources to enhance the startup ecosystem in Thailand. This collaboration aims to drive innovation and entrepreneurship, leveraging the strengths of both universities to support and grow local startups.  

Going forward, insights from the whitepaper will serve as a compass for coordinating the initiatives and agenda for the AUN-UIE Annual General Meetings. They will guide the Network in promoting collaboration among ASEAN universities, enhancing resource sharing, and setting actionable goals. The universities can leverage the distinct strengths of one another collectively to create a greater impact. 

The recommendations include a centralised ASEAN repository of startup data, setting up a regional knowledge platform for technology commercialisation, a regional funding platform, and a regional mentorship platform. Such structures will help to foster a globally oriented entrepreneurial system in the AUN.  

This outlook will be vital for Southeast Asia, the world’s third most populous region, now witnessing significant economic growth and a burgeoning middle class. The region’s youth and their entrepreneurial energy should be actively supported to boost the region’s sustained growth in innovation and entrepreneurship.   


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Media Contacts  
 
TAN Lay Khim (Gabrielle)  
Assistant Director,  
Institute of Innovation & Entrepreneurship (IIE) 
Singapore Management University 
lktan@smu.edu.sg | (+65) 87186686 
 
KUOK Celine  
Centre Director,  
Overseas Centre Bangkok  
Office of Overseas Centres 
Singapore Management University 
celinekuok@smu.edu.sg | +66645486247