Office of the Vocational Education Commission initiates program to support Thai students to become successful entrepreneurs

The Office of the Vocational Education Commission (OVEC) has continually made strong efforts over the years to guarantee that its graduates obtain the necessary skills and competency to start their own businesses after graduation.

According to the announcement made by the Bangkok Post, OVEC launched a project that aims to incubate its students in order for them to become successful entrepreneurs someday.

“Entrepreneurship Incubator” starts with a weeklong event, running from 16 to 21 July 2018, wherein 500 young entrepreneurs from OVEC incubators across the country are being trained so that their business minds will be sharpened. The set of skills that they possess will also be enhanced, thereby equipping them with what the need for their startup initiatives.

Almost 300 business plans were submitted this year, which ranged from online platform services, agricultural products, homemade meals, handcrafts and tour companies. Students and their advisors relied on local wisdom and valuable local materials for their product development, making their businesses unique and innovative.

Out of the 300 business plans submitted, 100 made the final cut. The business plans were selected based on their potential, business model, product innovation and marketing plans.

Each chosen team is made up of 5 students and 1 advisor. They are given intensive trainings and workshops on marketing strategy, financial literacy, and creating effective business plans. They also learned the best practices from successful business entrepreneurs. 

Vocational Education Standards (Business & Hospitality) Advisor, Mrs Jerdruedee Chinvaroj, explained that they are trying their best to fill the missing gaps needed by the startup initiatives. Furthermore, they wish to prepare the teams of young minds with sufficient set of skills for the real business world.

Each of the teams will have the opportunity to present their modified business plans to a committee made up of experts, academics, entrepreneurs, and bankers on the last day. 20 teams will then be chosen to proceed to the final round and be given the chance to be trained in an incubating camp in August.

The 20 teams are expected to showcase their businesses in December 2018. 3 winning teams will be awarded with trophies and a study visit to Singapore so they can explore and learn from success stories.

OVEC consistently provides support to every incubator to ensure that sustainable growth exists and accelerates. The current number of entrepreneurship incubators nationwide is 416, which are operating under public vocational colleges and institutes. Each year, over 12,000 students are being trained and nearly 1,000 new SMEs emerge from these incubators.

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