In this episode, Michael Waitze speaks to Prasit Boondoungprasert, Chief Executive Officer at CP Foods. Previously hailing from a consulting company, Mr. Prasit has now been at CP Foods for over 14 years. In the beginning, he was hired as an Assistant Chief Executive Officer, to build and lead a joint venture with Meiji Japan. With annual revenue of 17 Billion US Dollars, CP Foods is a sizeable company. For continued growth, Mr. Prasit shares how investments are directed, with over 70% direct investment in overseas processes.
Mr. Prasit also shares how CP Foods manages growth through statistics, targeting 3 Billion US Dollar revenue within 5 years for new businesses. Given the sheer size of CP Foods, it is no wonder that they are able to greatly support start-ups. To better provide guidance and funding to start-ups, CP Foods has specifically set up a team to oversee these investments. Mr. Prasit believes in investing in smaller companies, even if they are only starting out and have little resources, simply because they have the vision to grow bigger and bolder.
Giving a snippet into how they guide fresh graduates through their entrepreneurship programme, Mr. Prasit shows how they are put into groups of 6-8, and given an actual shop and company to manage. Without much hand-holding, the teams are expected to explore solutions and report back bi-weekly on what they had been able to achieve. In addition to this, the top management of CP Foods is present at every presentation, as they believe that the new entrepreneurs have new and fresh ideas that themselves may have never thought about before. Recently, CP Foods has become even more open to accepting failures and helping the entrepreneurs learn, thanks to the significant resources that CP Foods has allocated for this programme.
Stepping back into the general start-up scene in Thailand, Mr. Prasit believes that Thailand’s strategic location in the middle of Southeast Asia, coupled with its well-developed relationship with international neighbours, will bring Thailand even further as a epicentre for start-up growth.
Listen to this episode of the Thailand GameChanger to learn more about CP Foods and its journey in building a better society and environment to nurture and grow start-ups.
This episode’s audio was expertly edited and this episode’s summary was written by Yong Yun Jing.