The Government Savings Bank (GSB) opens imaginary door to real innovations with GSB SMEs Startup Contest to create a new business idea to participate in driving the government’s Thailand 4.0 Policy.
Chatchai Payuhanaveechai, GSB president and CEO, discloses that the Government Savings Bank holds GSB SMEs Startup Contest under the concept, “Get started. Move fast. Be practical” which is held for the 5th consecutive years to be a stage of opportunities for new generation entrepreneurs aged between 16 to 30 years old to create and present a business plan to win prizes of more than 3 million baht; and to promote SMEs Startup entrepreneurs, according to the government’s policy. Application is open until August 11. The committee will select 100 teams and screen for only 10 best businesses to be qualified to the final round.”
For this project, the bank aims to promote, support and improve the potential in business development for youth and general people to have their own business and grow for competition in the country and overseas markets. GSB is ready to promote business incubation and to provide a joint venture opportunity through the bank’s venture capital (VC) where SMEs Startups can access the bank’s loan services; improve skills of business planning, financial management, investment, marketing, creative idea; and build financial discipline. The project will also encourage a participation network between the bank, customers, society, community and environment to create entrepreneurship opportunities as well as develop and extend existing business. This will increase potential in creating businesses which can enhance, develop and resume Thai economy, promoting the government’s Thailand 4.0 Policy based on sufficiency-driven business to have sufficiency in the business world and in the global dimension aligned with the King Rama IX’s philosophy of sufficiency economy.
The fund for the GSB SMEs Startup Contest are worth a combined 3 million baht which comprises an initial fund worth 1 million baht for first prize; 500,000 baht for first runner-up; 200,000 baht each for two second runners-up; and 50,000 baht each for seven honorable mention prizes. All the 100 business plans which are qualified will get an initial fund of 5,000 baht each.
In addition to the fund for business startup, knowledge will be given throughout the contest. The 100 qualified contestants will receive a business guideline session in the “GSB Real Startup – Boot Camp” round. The 10 finalists will receive one-on-one intensive coaching in the “Guru Coaching” round which will enhance skills in every dimension including funding, marketing and inspiration motivation. The finalists can learn how to do business from new generation business people who will share their experiences and give advice and knowledge which they cannot find from school lessons. They will also have experiences participating in the project to be ready for Startup Thailand by GSB with a study trip to Japan.
Those interested in the contest can visit or download applications at www.gsb100tomillion.com or www.facebook.com/gsb100tomillion.