Why the Most Overlooked Startup Ecosystem in Asia is the World’s 2nd Best City for Digital Nomads?
Visiting Bangkok for the 1st time or returning for a few major conferences this year? This is the ultimate crash course into the Thai startup ecosystem and why it is (still) a beautiful chaos
Warning: Ecosystem Spoiler Alert!
Don’t read if you want to discover the charms and quirks of Thailand on your own.Not a guide on amazing our food and bar scene, how impeccable our hotels and resorts are, or how to reenact a “Hangover” experience in Bangkok. Not a long list of ecosystem reports on our internet speeds and number of mobile devices:
You’re here to discover what makes this city buzzing, and what are the emerging opportunities that awaits you in the fastest growing region in the world after the pandemic and why Thailand is the “right” place for you. Without boring you with too much details, I want to show you the good, the bad and the ugly side of our city, why we’re compared to as “Seattle” when in comes to our startup ecosystem development by our angel investor-VC-ecosystem builder Paul Ark:
Bangkok ranks 2nd best city for Digital Nomads
Recently, Bangkok has been ranked the second best city in the world and the best city in Asia for digital nomads, in a new study by UK-based flexible working solutions provider The Instant Group. Bangkok was also one of only two Asian cities to make it into the survey’s top 10 cities from around the world, the other being Seoul in 7th place.
Research has shown there are already 35 million digital nomads worldwide, and with advances in technology, remote working and workplace culture it is thought that by 2035, this number could be one billion workers world wide. Predictions say the global nomadic workforce will account for one in every three employees. This means that despite being compared as unsexy Indonesia, Vietnam or hyper efficient as Singapore, we are actually the preferred destination compared to everywhere in the world from a work and lifestyle perspective!
(Alongside Bangkok, Thailand also offers other popular destinations ideal for digital nomads, such as Phuket, Samui, and Chiang Mai. Usually in other digital nomad rankings, we usually dominate 3 out of the top 10 cities in almost every global ranking).
So next time when you come to Bangkok, keep in mind what made Bangkok so appealing to digital nomads: affordability, weather, broadband speed, scenery, and transport. Did you enjoy the wide variety of excellent local cuisine and street food, was our 5G as strong and 15,000 high-speed Wi-Fi hotspots easily available, and with the expanded train lines and exhilarating motorcycle taxis, did you find traveling in Bangkok a breeze (yes the traffic is still the same)? We you able to book a super affordable accommodation ?
Why this matters? With travel accounting for almost 20% of our economy, and close to 40 million tourists visiting Thailand annually pre-pandemic, travel tech, hospitality and other tourism related services is resurgent with many flights resuming and bars and restaurants overflowing once again. And with many of those tourists choosing to stay longer term, many up-and-coming startups that support founders to rent longer term rentals or buy properties such as Property Scout have seen their business booming, having recently closed $2.5M funding round in January this year.
Read more: https://www.bangkokpost.com/business/2331198/bangkok-ranked-second-best-city-for-digital-nomads
Thailand is the best country in the world for wellness retreats
So what is so special about living in Thailand? Well if you love to pamper yourself, there is no better place in the world than here to get a massage $10 USD, so much so that sometime I take my Zoom meetings while getting a foot massage, take my clients to the spa or onsen for meetings, or even offer in-office massage perks to my staff in my companies.
So it comes as no surprise that according to Slingo expert’s researched which countries have the best resort hotels, wellness and spa activities via Trip Advisor as well as the keywords in the reviews for each country, the results aren’t very shocking:
The top 10 best countries for a wellness retreat:
Of course, the 1st place has to go to the “Spa Capital of Asia”, Thailand! With a total wellness retreat score of 9.5/10 it’s no secret that we have always been the ideal destination for anyone in search of a wellness retreat, whether it be most therapeutic and luxurious retreats in the world as well as wellness retreats and resorts.
Why this matters? Beside feeling so well taken cared of and spoilt to the point that living in another city feels like a punishment, medical tourism, wellness and spa related businesses and startups have seen record bookings for both in-home experiences and corporate bookings. One of the biggest go-to destinations for bookings is GoWabi, a one-stop destination for all things wellbeing related. And wellness goes beyond just massages and spa; a retreat that I most fondly remember and cannot recommend enough is iRETREAT Pak Thong Chai which offers an immersive experience designed by Theravada Buddhist monks with the support of life coaches and wellness experts. The focus is on promoting mindfulness, psychological fitness, and well-being by being immersed in guided meditation with expert, English speaking monks, a beautifully equipped wellness resort that caters the most amazing yet simple comfort foods and healthy beverages all day round, and offers a stunning view for you to exercise at the gym, run around the resort or take a plunge in the multiple pools and spa treatments on offer. For folks looking for something off the beaten track, check out www.iretreat.co for their upcoming meditation retreats!
Find out more: https://www.traveldailynews.asia/thailand-is-the-best-country-in-the-world-for-wellness-retr2.
City of stress: Bangkok work-life balance 96th out of a 100 on Work-Life Balance
While tourists and digital nomads may find a Bangkok a paradise, it might come as a surprise that Bangkokians are in general pretty stressed out with our city ranked 96th out of 100 countries in this year’s Work-Life Balance Index, published by software firm Kisi.
Bangkok scored badly for remote working, overworked population, minimum vacation offered, affordability, happiness, culture & leisure, city safety, outdoor spaces, and air-quality sub-categories. Bangkok’s work-life balance also showed no improvement from last year’s ranking, when it came 49th out of 50 cities.
The stress of city living in Thailand’s capital was reinforced by its ranking of 7th in the overworked population index.
In a different survey by Gallup’s “State of the Global Workplace: 2022 Report,” stress among the world’s workers reached an all-time high and Thailand once again almost tops the ranking, with 41 per cent of workers saying they experienced a lot of stress the previous day. Perhaps that is why we’re smiling a lot less these days in the Land of Smiles and mental health is a big issue in Thailand.
Why this matters? Mental welling being and health related startups are booming in Thailand, including AI Health diagnosis Agnos Health or social enterprises such as Sati which provides listening services to Thais experiencing stress and depression online. While these services have grown very quickly during the pandemic, demand continues to outstrip supply available due to accessibility issues for many rural and underserved community. So next time if you meet a tired Thai staff that may not have given perfect service or lost a bit of that beautiful smile, please give them a high five and lots of love because they’re probably facing a lot of battles in their lives at the moment.
Read more: https://www.nationmultimedia.com/in-focus/40016255, https://www.nationthailand.com/international/ann/40017383
Full report: https://www.getkisi.com/work-life-balance-2022
Slowest Economy to Recover from Covid-19 in the ASEAN 6
So what’s driving Thais to become so stressed out and despondent in their outlook? Like every country, it’s about putting food on the table, of putting our kids to good schools and making sure. While the ASEAN’s biggest economy countries will grow in average at 5.0% in 2022, according to the latest survey by JCER and Nikkei, Thailand is barely getting things going in Q1 and Q2 results have yet to be announced. With almost 20% of the economy reliant on tourism that hasn’t rebounded back to our 2019 levels, one can only wonder what our government is doing.
One thing that definitely affected Thais during Covid: we lost our libido! With the death rate of the Thai population exceeding the birthrate for the 1st time ever. By 2050, we’re expected to shrink by 6% and is already considered an aging society, and worse off than Singapore which has many migrants and permanent residences filling the void left by declining local birth rates. (Not much action has been considered yet but hopefully our digital nomads can help bring the good vibes and a bit of romance back to Thailand!)
Side note: May be part of the reason that parents are having less kids is the cost of good education has skyrocketed in Thailand… with the most of the best international school fees ranging from $15,000 USD / a year to — $25,000 USD a year!!!
Why this matters? With interest rates set to rise in the second half of the year, increased household debt could deal a heavy blow to the Thai economy, weakening consumer purchasing power and slowing economic growth, according according to KKP Research. Thailand’s household debt now exceeds 90% of Thai gross domestic product (GDP), ranked 11th-highest in the world, as households struggle to make ends meet (Source: Bangkok Post). This means that in order to make ends meet, Thais are very eager to find ways to make more money, whether it is to become nano-influencers by using platforms like Instants.ai to monetize their followers, ditch expensive leases inside shopping malls and office buildings to start food truck businesses with the help of WeChef Thailand or find part time work as a delivery driver or cleaner on Seekster. Buy now, pay later, Early Wage Access, nano and micro-loan startups, and other fintech enabling Thais to make ends meet continue to gain interest but are often dominated by our larger banks which have been quickly innovating.
So how are Thais coping with their stress and money woes?
Read more: https://www.facebook.com/ItsAseanSkylines/photos/a.1538443799785879/2857492304547682/?type=3
Cannabis Capital of Asia!
There usually a saying when Thais speak about how we usually solve problems the Thai way: “Thailand Only”.
As the 1st country in Asia to decriminalize marijuana, this definitely qualifies as a great way to get Thai people to alleviate our sore backs and office syndrome while creating a new cash crop. Riding on this green rush, according to Bangkok Post, Thailand’s cannabis market is expected to grow by about 15% a year between 2023 and 2025, with the market value forecast to reach up to 43 billion baht (~$1.2B USD) in 2025, according to the latest study by the University of the Thai Chamber of Commerce (UTCC). An impressive stats and opportunity for investors given that many countries in Asia are looking to us as an example should we become successful, a wave of decriminalization may happen across the region.
While touted for the medicinal purposes and economic benefits for Thai farmers, we’ve definitely could have done a better job with our decriminalization process (an understatement) and not let the cat out of the bag for recreational consumption so early. Now with weed trucks and every other corner shop turning into dispensaries overnight while still trying to figure out how to regulate responsible usage of medical cannabis, there’s been a push back on whether we are ready to become the Amsterdam of Asia. Nevertheless, as far as fulfilling election promises go, this is a big political win with over 785,000 people registering to grow up to 15 cannabis plants at home in June 2022. Whether this will make Thai people less stressed and more chill that has yet to be seen, but given how much weed is now in edibles, boat noodles and curries, it seems most likely that a lot of us will be gaining weight :)
Why this matters? If you believe in the benefits of medical marijuana and the wave of decriminalization of medical psychedelics that is already sweeping Europe, Thailand is ground zero in Asia to setup and grow this business in Asia. In fact, I cannot imaging a more liberal country in the region that will actually lead in these sort of things. Once again, Thailand lives up to our brand and in fact, we may have a chance to become another capital of Asia for a new economic system:
Side note: For visitors to Thailand, please note the following protocol:
Source: :https://www.bangkokpost.com/business/2351196/cannabis-valued-at-b43bn-by-2025
More information: medcannabis.go.th
Crypto Hub of Southeast Asia? Depends who you ask.
While Singapore & Hong Kong tops per capita search interest in NFTs. India has the highest number of people owning crypto currency. It is astonishing to note that 20.1% of Thais ages 16–64 owns some form of cryptocurrencies and that approximately 5.65M Thais and own some form of NFTs, the highest percentage in the world. While it is too early to tell which country will become the Crypto Hub of Southeast Asia, Thailand is one of the most exciting geos for global crypto companies to build cheaply and test their product in a market that is eager to adopt blockchain to gain consumer insights before scaling across the region. That is why besides the usual suspects of crypto exchanges, many exciting blockchain companies like the three below have foreign founding teams but have decided to be based in Thailand:
- Fraction, a Hong Kong based fraction real estate tokenization and exchange platform that has raised over $3M USD from the likes of East Ventures, Emtek Group (Grab, Bukalapak), Thakral Limited, V Ventures and a group of regional investors.
- Atato, a licensed digital asset custodian offering MPC custodial solution aimed at corporates and institutions, has closed a $6M USD Series A round led by AlphaLab Capital and FEBE Ventures. Founded by French cofounders.
- NFT1, a Web 3.0 Blockchain technology company founded by French, Singaporean and Eastern European cofounders that enables brands, games, sports/esports, music, event, and art companies to enter Web 3.0 and create true solutions with real-world utility using our state-of-the-art crypto/NFT engines.
Why this matters? As a highly attractive destination to bring in global talent according to our rankings above, our open and tolerant society to new ideas (including the 1st country in Southeast Asia to legalize same-sex unions), and an incredible infrastructure, we now have a reason why a company should start in Thailand first: Blockchain and Web 3.0 Adoption is highest in the Global South especially in Asia and Thailand is the best place to start lean without paying crazy Silicon Valley salaries (Web 3.0 candidates already earn an median base salary of $160,000 in the United States, according to Hired while in Thailand, with the same recruit you can probably double if not triple your runway).
So why Thailand first, and why now?
One of my best friend once said, with emerging markets, it is really about “You picking your poison”. Everyone lands somewhere and somehow just falls in love with that place (figuratively but more often literally). Wherever your heart takes you in Southeast Asia, just pick a city and embrace all the countries, cultures and cuisine. But there is something unique brewing in Bangkok, one that makes most founder stay and never leave.
So some with an open mind, a big smile, be generous and embrace all the quirks and all that our beautiful cities and people have to offer. Learn a few naughty words and sample the street food not on Netflix with real local entrepreneurs. Get lost in a bar in some dark alley and make a bunch of new next-table-new-friends. We Thais may be stressed out and tired, but at the end of the day, we always know how to chill and call random strangers brothers and sister by the end of a night!
I hope I haven’t spoiled your upcoming trip to Bangkok, so just come visa-on-arrival and I promise you that we will beat your expectations!
