Thai start-up application firm, targets to develop a globally popular Thai application

Asia Inter Law Reports: Tech start-up Innovation Plus has launched MotoCiety, a mobile application for motorcyclists. MotoCiety is designed to allow motorcyclists to monitor their favourite activities including route records, speed, and details during a trip as well as mark and share locations to their bike community. “We are happy that our applications are used by many people. Our goal is to have at least one app that people around the world love as an application from Thailand,” Nakrin Lerdnamwong, managing director of Innovation Plus, said.

Currently, Innovation Plus has eight programmers. This year, it aims for revenue four or five times last year’s. Midyear, it acquired a strategic partner, NVK. That company will blend Innovation Plus into its wireless system to market it throughout the country. Innovation Plus was set up in 2011, where its most famous product is Mayar, an augmented-reality app that has been using by many companies including Major Cineplex. It also offers iTim Signage, an app on the Android platform that turns a TV monitor into a public relations channel. Nakrin  said that after working as a developer for four years and freelancing for two years, he decided he wanted to have his own software company. He and a friend co-founded Innovation Plus with Bt1 million of registered capital. Since then, the company has increased its registered capital to Bt3 million. “We saw huge business potential for mobile applications and software. We decided to set up a company. Initially, we did not have our own products. We did the software development for customers. One day, we thought if we would be [more] sustainable if we had our own software,” Nakrin said. As a start-up, the company was incubated by Software Park Thailand.

In the company’s first days, Nakrin developed mobile applications for customers such as Central Department Store and Loxley, as well as advertising agencies. Then the company began coming up with its own mobile applications, launching a couple of apps per year. Mayar was used as tool in the latest election campaign for Bangkok governor. The app received an Excellent Creative Award and Gold Prize from the Seoul International Invention Fair and was the winner of a Bt1-million prize from “Thai IT Tycoon 2012″ hosted by the Software Industry Promotion Agency (Sipa).

Another Mayar customer is Major Cineplex. “Its MajorMayar app allows people to catch up with the movie showtimes as well as trailers via their mobile phones. Now we are developing a back-end system to allow end-users to create their own Mayar applications,” Nakrin said. Meanwhile, iTim Signage is a system for digital signage management. It works via cloud computing. Users just plug iTim Signage into their digital signage system and they can run, operate, and manage content through their digital screen easily. Its customers now are department stores, hotels and restaurants.

“We are happy that our applications are used by many people. Our goal is to have at least one app that people around the world love as an application from Thailand,” Nakrin said. He remarked that the start-up fever in Thailand and elsewhere in Asia was a good sign for the software industry. The important factor to make a tech start-up successful, he said, is the business model. A good product needs to go along with a good business model, which means it must be practical, fit into the market, and be scalable.

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