As a leading university in innovation, Chiang Mai University is set to elevate a spin-off mechanism, further boosting research commercialization alongside traditional technology transfer. Angkaew Holding will be instrumental in transforming intellectual property into viable capital, empowering faculty, staff, and students to establish businesses rooted in their research. This strategic move unlocks significant opportunities for graduate students to become CEOs/CTOs, navigate the fundraising landscape, and ultimately contribute to the expansion of tech companies and the local high-skilled workforce.
Professor Dr. Pongruk Sribanditmongkol, CMU President, stated that Angkaew Holding is one of Thailand's first university-owned holding companies, established in 2018 with an authorized capital of one million baht. Its purpose is to support the creation of research-based businesses as a new avenue for promoting research commercialization, particularly in deep tech. This has provided staff and students with practical business experience by building ventures that generate sustainable socio-economic benefits and returns for the university. Currently, Angkaew Holding operates under five investment policies: 1) investing in businesses leveraging the university’s knowledge and expertise, 2) joint ventures with professional private companies, 3) capitalizing on intellectual property, 4) investing in high-potential, high-growth startups, and 5) collaborating with other funds and holdings. In 2025, Angkaew Holding boasts 22 subsidiaries with market-ready products, attracting significant domestic and international investor interest.
To exhibit Angkaew Holding’s outcomes, products from its nine spin-off companies were exhibited to entrepreneurs and investors during IMO Day, themed CMU x Raisewell: Bridging Thai Innovation and Startups to the Global Ecosystem. The event was held on April 25, 2025 at the Northern Science Park.
Assistant Professor Dr. Tanyanuparb Anantana added that CMU provides a comprehensive internal framework to support the creation of companies stemming from thorough research. This framework encompasses programs such as selection and incubation for deep tech ventures, intellectual property analysis and management, promotion of market testing both domestically and internationally, student business establishment initiatives, and dedicated support for graduate students aspiring to CEO/CTO roles in research-driven companies. Notably, in the last six years, these subsidiaries have generated revenues exceeding 530 million baht and translated over 20 research projects into commercial applications, providing invaluable hands-on experience in the business sector for over 340 researchers and 150 students.
Professor Pongruk summarised by emphasizing Angkaew Holding's successful trajectory, marked by an increased authorised capital of 10 million baht and the distribution of dividends to shareholders and stakeholders since 2023. This success has cultivated strong trust among faculty, researchers, and investors, fostering a collaborative environment. To support the continued expansion of its subsidiaries and strategic investments in high-growth startups, Angkaew Holding's authorised capital is planned for future growth. Importantly, new policies will be implemented to enhance collaboration between research and support staff, students, and Angkaew Holding. Furthermore, the strategic alliance with Raisewell Ventures will connect CMU's technological advancements with the global innovation and investment ecosystem, with a clear vision for long-term, positive socio-economic impact.