Phuket startup ecosystem posts 85.9% growth in global rankings

Phuket recorded 85.9% growth in the latest global startup rankings, marking strong momentum for the island as an emerging innovation cluster outside Bangkok.

The ranking, compiled by global startup research and analytics platform StartupBlink, covered 120 countries and more than 1,500 cities worldwide, according to the Bangkok Post. The report said Phuket and Chiang Mai emerged as key magnets for startups, investors and digital nomads, with Chiang Mai posting 91.6% growth and Phuket 85.9%.

The figures were highlighted as part of Thailand’s rise to 49th globally, its highest position in six years. Yodchanan Wongsawat, the minister of higher education, science, research and innovation, said Thailand recorded one of the fastest growth rates among the world’s top 50 countries, expanding by 62.6%.

The report said the growth of Phuket and Chiang Mai reflected rising momentum in regional innovation clusters beyond the capital. Bangkok climbed five places to 76th globally and fourth in Southeast Asia.

Thailand also ranked first in Southeast Asia for medtech startups and eighth globally in that sector, underlining what officials described as the country’s growing appeal as a regional innovation and technology hub.

Yodchanan said the government sees startups as a new growth engine for the digital economy, targeted industries, skilled employment and competitiveness. He said the Ministry of Higher Education and the National Innovation Agency are pushing measures including matching fund schemes, university holding companies and the expansion of Startup Thailand League.

Despite the improvement, the report and officials said startups in Thailand still face obstacles including limited access to funding, insufficient testing opportunities for innovations and fragmented support networks.

StartupBlink chief executive and co-founder Eli David Rokah said Thailand’s gains reflected gradual stabilisation after years of sluggish momentum, but structural weaknesses still limit its competitiveness. He said many Thai startups remain focused on the domestic market and that taxation, investment incentives, banking systems and regulatory clarity continue to compare poorly with some regional rivals.