WRITER: THANANPORN SETHJINDA
Financial challenges can pose significant obstacles for student-led startups. Despite the increasing focus on nurturing youth entrepreneurship through programs like incubators, boot camps, and workshops, many students have limited access to the capital needed to bring their business concepts to life.
Despite these challenges, there are practical steps you can take:
1. **Explore Grants and Scholarships:** Look for funding opportunities designed for student entrepreneurs. Many organizations and universities offer grants and scholarships to support student startups. Applying for these programs can provide much-needed financial assistance.
2. **Utilize Youth Startup Programs:** In Thailand, Government agencies like the National Innovation Agency (NIA) and Technology and Innovation Based Enterprise Development Fund offer support for young entrepreneurs. These programs provide funding to assist student startups in executing their ideas.
3. **Focus on market validation of your business model:** Use available funding to create a Minimum Viable Product (MVP) that proves your business idea. This step helps refine your concept and gain market validation, crucial for a young start-up.
With these tips in mind, student-led startups can better navigate their entrepreneurial journey. It’s crucial to recognize that financial challenges are common among early-stage companies. Understanding these obstacles and leveraging on the lessons learned are essential for growth and skill development that will benefit them in their entrepreneurial journey and beyond.
About Author
Asst. Pro. Dr. Thananporn Sethjinda Instructor, Graduate School of Business and Advanced Technology Management |
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