Analysis of critical success factors of startups in Thailand

Abstract

Thailand set up Thailand 4.0 Policy as a guideline on country development in the aspects of economic and social strength. It also focuses on the participation of civil state. Startups are significant tools that the government sector promotes and reinforces as economic weapons for driving Thailand's economic system. Collaborations from all sectors such as government sector, private sector, and educational institution are required in order to encourage startup growth and sustainability. This study, therefore, applied the concept of startup ecosystem creation to search for the critical success factors (CSFs)(i.e., criteria/sub-criteria) affecting the startup in Thailand according to experts’ viewpoints. Fuzzy Delphi Method (FDM) was used for data analysis based on experts’ consensus. The findings indicated that “Human Capital” was the first priority among the criteria influencing startup success. “Entrepreneur Capability, ”“Innovation Capability, ”and“Startup Team”were the top three important sub-criteria influencing startup success and growth, respectively. The results can be provided as reference for planning and determining startup strategies in the future.