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Bangchak Initiative and Innovation Center at AIT (BIIC@AIT)

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Asian Institute of Technology (AIT) is an international institute of higher learning. It is Asia’s pioneer institution established in 1959 to help the region’s growing needs for advanced learning in engineering, science, technology and management, research and capacity building. AIT’s mission is to develop highly qualified and committed professionals who will play a leading role in the sustainable development of the region and its integration into the global economy. AIT is based in Thailand and has affiliated centers in other parts of the world.

Bangchak Corporation Public Company Limited (BCP) is a Thai energy company engaging in business alongside social and environmental stewardship. Its core business - petroleum refining - spans procurement of crude oil from domestic and overseas sources and refining it into various standard products. With a current production capacity of 120,000 barrels per day, BCP distributes its refined products to over 1,000 retail stations around the country. It has also spread its wings to other businesses, including power production from solar energy (solar farm) a clean source of energy from nature, biomass energy, petroleum exploration and production and innovation-oriented businesses. BCP’s mission is to enhance national energy security, while investing in new businesses to keep the organization moving forward and ensure sustainability.

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OBJECTIVES 
The purpose of this agreement is to establish Bangchak Initiative and Innovation Center at AIT (BIIC@AIT) to inculcate entrepreneurship and creation of enterprises on knowledge based innovation, specially focused on green sustainable technology. 

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ACTIVITIES

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RESPONSIBILITIES 

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FINANCIAL MANAGEMENT

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The purpose of Bangchak Initiative and Innovation Center at AIT (BIIC@AIT) is to stimulate the establishment and growth of Green technology-based start-up companies and other compatible businesses. By fulfilling this mission, the incubator would contribute to job creation, and provide for enhanced economic health to the region. The structure of this center is comprised of a living laboratory and technological business incubator. The technology business incubator would provide new and emerging technology and compatible businesses with an environment that would support their start-up phase and increase their likelihood of success. Living laboratory will showcases real time project and prototype of sustainable green technologies which can adapt by different stakeholders in their organization. The proposed lab will host in AIT which includes facility space, flexible leases, shared use of common office equipment, direct business assistance and guidance, mentoring, networking to capital, and other technical resources. A network of existing resources in the community would be developed to support incubator client needs. Approximately six to ten clients at a time would be served within the incubator. The facility, proposed at 200 square meters, would include a co-working space and living laboratory. The incubator would be governed by a board of approximately 7-11 members comprised of individuals with a mixture of entrepreneurial and technology experience, representatives of key economic development organizations, and representatives of area higher education institutions. As proposed, the incubator involves development of a new facility estimated at 50,000,000 THB; which includes the capital expenditure, start up support and scholarships of master, doctoral and post-doctoral students. To make the project viable, funding must be sought. Evaluation Factors of this center as an important tool in the economic development toolkit of the area that would be a means to create new job opportunities for area residents, create higher wage jobs, better leverage intellectual property to the University and other research institutes, contribute to the growth and success of emerging technology businesses, and as a source to generate new revenue. These factors would provide the long-term metrics against which to measure the success of the incubator.
The Technological Business Incubator is facilitating technological and economic development by improving the survival and growth of new entrepreneurial groups. They accelerate the development of young entrepreneurial start-ups and companies from early to mid-stage entrepreneurial development. TBI provide work space with shared office facilities and business and professional services necessary for nurturing and supporting early stage growth of technology and technology based enterprises. It is designed to assist companies in the early stages of development and to the greatest extent possible, lighten the burdens of running a business for the entrepreneur, thereby letting him/her focus on developing the technology and finding new customers. The TBIs usually provide following types of services:


  1. Market survey/marketing assistance
  2. Business planning and training
  3. Organising management/technical assistance
  4. Assistance in obtaining statutory approvals
  5. Information dissemination on product ideas/technologies
  6. Syndicating finances
  7. Arranging legal and IPR services
  8. Using facilities of the Host Institute (HI) at nominal charges
  9. Work space for a limited period
  10. Common facilities of TBI such as communication, conference, computers
A living lab is an ecosystem that helps foster open, user-centric innovations. The Public-Private partnership or PPP seamlessly integrates the territorial ecosystem into innovations. Existing living labs in the world are depicted in Fig - Very few are there in Asia. 
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Living Lab

It is modelled along a systematic user co-creation approach encourages exploration, experimentation and evaluation of innovative ideas, scenarios, concepts and related technological artefacts. This approach allows all involved stakeholders to concurrently consider both the global performance of a product or service and its potential adoption by users. The commercial viability and success of the product/service is continually monitored right through the conception, designing stage to development stage and finally to its commercialization. The convergence of globalization, changing demographics, and urbanization is transforming every aspect of our lives. We face new choices about where and how we work, live, travel, communicate, and maintain health. Ultimately, our societies are being transformed. Hence, collaboration and forming a consortium with other premium institutes is imminent. Currently existing Living Labs like the one in MIT, bring together interdisciplinary experts to develop, deploy, and test – in actual living environments – new technologies and strategies for design that respond to the changing world. Our work spans in scale from the personal to the urban and addresses challenges related to health, energy and creativity. The robust adaptation and growth of electric vehicles led by the spurt in research, development and implementation of electric vehicles charging stations offers for a future where electrical grid, mainly at residential levels will be widely used. Also, combined heat and power systems can ensure utilization of maximum amount of energy, thereby reducing wastage of energy. AIT, as a leading organization, is completely aware and understanding the importance of the Key Experts team and the right selection of the candidates.

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