Ankit Upadhyay, founder and General Partner at A2D Ventures
While Thailand’s startup ecosystem has made progress in the last several years, it still lags behind its neighbouring countries in the region, including gaps in funding access, corporate engagement, and global readiness. A2D Ventures is looking to fill these gaps with Venture Spark, a programme that empowers startups across Thailand with the funding, mentorship, and resources they need to scale locally and globally (applications for Cohort 1 are now open).
e27 spoke with Ankit Upadhyay, founder and General Partner at A2D Ventures, to learn about the Venture Spark programme and Thailand’s startup ecosystem.
Edited excerpts:
What inspired A2D Ventures and InnoSpace Thailand to launch Venture Spark, and why is now the right time for this initiative?
The last sector-agnostic accelerator in Thailand was run by mobile services provider DTAC in 2019. Since then, founders have lacked access to participate in an accelerator programme with a local focus.
We believe that Thailand’s startup ecosystem is at a turning point. It has incredible potential due to factors like the highest internet penetration, second highest GDP, highest volume of annual tourists, and a substantial population baseline of circa 70 million people. However, there are gaps in scaling venture opportunities and exposure to global mentors.
A2D Ventures and InnoSpace Thailand recognised that startups needed more than just funding—they needed a platform to access deep industry networks, a global mindset, and curated mentorship.
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With Southeast Asia poised for rapid economic growth, now is the perfect time to empower Thai startups to lead this revolution and make Thailand a hub for innovation by creating the new S-curve.
What sets Venture Spark apart from other startup accelerators in Thailand?
Venture Spark doesn’t just focus on traditional mentorship and funding; we build deep, strategic partnerships with corporate giants, Thai and expat founder match-making, access to government agency grants, and global VC networks.
Our programme integrates global resources with a local focus, offering startups access to matching funds, corporate collaborations, and a pathway to scale internationally. It also fosters inclusivity for founders of every background—Thais, expats, and digital nomads alike.
What is Venture Spark’s ultimate vision for transforming Thailand’s startup ecosystem?
We aim to position Thailand as a hub for innovation in Southeast Asia. By fostering a culture of global thinking and inclusivity, we aim to produce world-class startups that solve local problems and compete on the global stage. Over time, we aspire to establish Thailand as a key player in Southeast Asia’s innovation economy.
I learned that Venture Spark has collaborated with government agencies like DEPA and NIA to provide matching funds. Can you share more about these collaborations?
Our partnership with Innospace extends its collaboration with the DEPA (Digital Economy Promotion Agency) and NIA (National Innovation Agency) to bridge the financial gaps that many startups face. These matching funds in the form of grants amplify the impact of private investments, allowing startups to access the additional capital they need to scale.
Additionally, these collaborations help foster a supportive policy environment and open doors to resources critical for growth, such as DEPA’s “Digital Startup Technology and Innovation Market,” which enables startups to access corporate and government tenders.
Venture Spark promises strong corporate collaborations with companies like ThaiBev and PTTOR. How do these partnerships help startups scale their business?
These collaborations connect startups with invaluable industry expertise, resources, and distribution networks. Companies like ThaiBev and PTTOR bring decades of operational knowledge and established ecosystems, which help startups test, refine, and scale their solutions rapidly. These partnerships also create opportunities for pilot projects and market validation at a scale most startups can only dream of.
Venture Spark emphasises inclusivity, welcoming local founders, expats, and digital nomads. How do you ensure your programme caters to such a diverse audience?
We design our programme to be highly flexible and universally accessible. From workshops conducted in English to support networks tailored for cultural nuances, we prioritise creating an environment where every founder feels supported.
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Additionally, our mentor and advisor network includes experts from Thailand and overseas with experience across various markets and industries, ensuring diverse perspectives are integrated into our guidance.
What strategies does Venture Spark use to help Thai startups build a global mindset and scale internationally?
We focus on exposing startups to global markets early in their journey. This includes bringing in international mentors, facilitating cross-border partnerships, and organising immersion programs in key startup ecosystems worldwide.
We also emphasise the importance of building scalable business models and encourage founders to think beyond Thailand’s borders from day one.
Thailand’s startup ecosystem has grown significantly over the years. How does Venture Spark plan to address the remaining critical gaps?
While progress has been made, gaps remain in funding access, corporate engagement, and global readiness. Venture Spark addresses these by offering not just funding but also strong corporate collaborations and international market entry pathways.
Our tailored programme will help startups overcome these challenges and position them for long-term success, starting with a mindset change amongst founders.
How do you measure Venture Spark’s success, both in terms of individual startups and the broader impact on Thailand’s innovation landscape?
At the individual level, success is measured by a startup’s ability to scale sustainably, secure partnerships, secure funding, and enter new markets. On a broader scale, we look at our contribution to job creation, foreign investment inflows, and Thailand’s ranking in global innovation indices. Ultimately, we aim to create a ripple effect that benefits the entire ecosystem by building strong role models.
What are your expectations for Cohort 1, and what kind of startups are you hoping to attract?
For Cohort 1, we seek innovative startups with high-growth potential, especially those in sectors like food innovation, AI, healthtech, consumer goods, wellness, agritech, robotics, e-commerce, mobility/EV, tourism and biotech. We’re excited to work with founders who are passionate about solving significant problems and powered by a big vision to scale their businesses locally and internationally. We anticipate this first cohort will set a new benchmark for what Thai startups can achieve.
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