Thailand: New Prime Minister Paetongtarn Shinawatra, Founder Failure Stigma & Electric Vehicle (EV) Manufacturing with Wing Vasiksiri - E482

Wing Vasiksiri, General Partner & Founder of WV Fund, and Jeremy Au discussed:

1. Founder Failure Stigma: They compared how failure is perceived by founders and society in Southeast Asia versus the US, focusing on Thailand and Singapore. In Thailand, failure carries a strong stigma, making it harder for failed founders to reintegrate into the ecosystem, while in the US, failure is seen as part of the entrepreneurial journey, with founders often wearing it as a badge of honor. They noted that the lack of a talent recycling system in Southeast Asia makes it riskier for founders to fail, as there are fewer opportunities for them to be absorbed back into other startups, VC firms, or incubators. In contrast, Silicon Valley provides a more robust safety net for failed founders, who are quickly reabsorbed into the ecosystem.

2. New Prime Minister Paetongtarn Shinawatra: They discussed the recent political shift in Thailand with the appointment of Paetongtarn Shinawatra as Prime Minister, replacing Srettha Thavisin. Srettha, a former business executive, was removed from office after appointing a convicted cabinet member, which violated the Thai constitution. Paetongtarn, the daughter of former pro-business Prime Minister Thaksin Shinawatra, is expected to maintain many of the previous administration’s policies, including the digital wallet program, which offers financial handouts of 10,000 baht (USD 300) to 50 million citizens to stimulate economic growth. While the stock exchange of Thailand reacted positively, with a sharp rise of over 11%, the long-term fiscal impact of such handouts remains a concern, particularly with potential inflationary pressures.

3. Electric Vehicle (EV) Manufacturing: They explored Thailand’s rapid adoption of electric vehicles, supported by strong government subsidies ranging from 20,000 to 100,000 baht per vehicle. In 2023, EVs accounted for nearly 10% of new car sales, and the government aims for 30% of vehicle production to be electric by 2030. This shift is largely driven by partnerships with Chinese manufacturers, positioning Thailand as a key player in the regional EV market. They contrasted this with Singapore, where the government’s reliance on gas tax revenues limits its incentive to push for EV adoption, despite favorable infrastructure conditions. Indonesia was also mentioned as a key player in the EV sector, particularly due to its rich nickel reserves essential for battery production.

Jeremy and Wing also discussed the rise of the cannabis industry in Thailand, the minimum wage increase, and the lack of B2B SaaS success stories in the region.

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