Business groups in Cambodia are uniting to provide training for promising start-ups in the country in a bid to help new entrepreneurs prepare themselves for the market. The incubation program will run for three months.
According to the Phnom Penh Post, the incubation program for Cambodian startups will kick off in May under the collaboration of Seedstars World, USAID's Development Innovation, Smart Axiata, and Mekong Strategic Partners (MSP).
Around 15 new players based in Cambodia will be handpicked by partnering trainers. The chosen startups will then undergo on-site training that will be based largely on Seedstars' training structure. The program seeks to help new businesses develop products that will cater to the Cambodian market's needs.
"Mentorship and technical support are crucial for a start-up's long-term success. With SmartScale, we will provide start-ups with experienced local mentors while partnering with Seedstars to deliver a world-class incubation programme," MSP partner, Bora Kem, said.
To further assist start-ups in their entrepreneurial journey, the program will allow for trainees to take part in weekly meetings spearheaded by business experts in the corporate sector. Work spaces will be available for free and participation in some company activities will be encouraged.
If participating new business players show enough potential during the incubation program, they may get a chance to receive investments from the Smart Axiata Digital Innovation Fund. Financial assistance can reach up to $100,000 for extra-promising startups.
Meanwhile, the Cambodian government has also started showing support for emerging businesses as part of its plan to promote digitalization in local industries. According to Khmer Times, the Techo Startup Centre was launched on Monday to support government plans that target digital economy transitions.
Full article available at: https://en.businesstimes.cn/articles/110517/20190410/cambodia-calls-on-promising-business-start-ups-for-incubation-program.htm