Keys success factors of life sciences entrepreneurs in Thailand

Abstract

Currently, medical and health innovation businesses are on the rise, especially after the outbreak of COVID-19. More corporations have been established and prospered all over the world. However, at the end of 2022, there was a report of a decrease in the total number of medical and health entrepreneurs whose businesses were still operating in Thailand compared to the end of 2021. Therefore, this research aimed to examine the key success factors of life sciences entrepreneurs in Thailand to survive. Data were collected from 120 active entrepreneurs and analyzed using factor analysis and Structural Equation Modeling (SEM). The findings revealed that Human Capital (Personal motivation, Management skills, Teamwork, Industry knowledge), Financial Capital (Money and Infrastructure), Social Capital (Environment, Networking, and Culture), and Business Opportunities and Strategies significantly affected the success of life sciences entrepreneurs. To develop entrepreneurs to be able to grow sustainably, it is, therefore, very necessary to promote human capital activities, such as organizing business matching forums, training for new knowledge and technology, building effective teamwork, and creating a platform to meet experts in various fields to improve the company’s competitiveness.