For 2023, Startup Cambodia has compiled an insightful report sourced from the Startup Cambodia Digital Platform and surveys conducted with key actors. This report aims to provide a more in-depth look into Cambodia’s startup ecosystem.
The Startup Cambodia Insight 2023 report provides an extensive overview of the startup ecosystem in Cambodia, highlighting key aspects such as national programs, ecosystem status, stakeholder involvement and sector-specific startup profiles.
Startup Cambodia National Program
Overview:
- Inception: Initiated by the Royal Government of Cambodia in late 2019 and integrated into the Cambodia Digital Economy and Society Policy Framework 2021-2035.
- Leadership: Led by the Ministry of Economy and Finance (MEF) and coordinated by Techo Startup Center (TSC) and Khmer Enterprise (KE).
- Mission: To support local startups and create a vibrant entrepreneurship ecosystem.
Digital Platform:
- Purpose: The Startup Cambodia Digital Platform serves as a comprehensive hub for startup information and data collection, facilitating interaction among ecosystem participants.
- Functionality: Provides real-time data on the startup ecosystem, supports government policy-making, and encourages collaboration among startups, investors and other stakeholders.
Startup Ecosystem in Cambodia
Current Status:
- Mentorship: There are 65 mentors in the ecosystem, with 20% being female. Mentors cover various areas such as entrepreneurship, technical skills, financial management, strategic analysis and more.
- Startups: The ecosystem comprises 177 startups, with a focus on technology, agriculture, e-commerce, health tech, and clean tech, among others. A significant portion of these startups is active, contributing to the ecosystem’s vibrancy.
- Funding: The ecosystem has seen significant investment, with approximately 22.6 billion riels invested in various startups.
Sector-Specific Insights
Technology Startups:
- Dominant Sectors: SaaS (Software as a Service) and e-commerce are the leading sectors, making up nearly one-third of tech startups.
- Innovative Solutions: Startups are focusing on areas like blockchain, fintech, health tech, edtech, clean tech, and more, driving innovation and growth in these sectors.
Agriculture and AgriTech:
- Examples: Startups like Angkor SALAD and DamDoh App are leveraging technology to improve agricultural practices and sustainability.
- Impact: These startups aim to enhance productivity, ensure sustainable farming practices, and support local farmers.
CleanTech:
- Focus Areas: Renewable energy, waste management, and sustainable agriculture are key areas for clean tech startups.
- Notable Startups: Khmer Solar, EcoBatt Energy Cambodia, and Pteah Baitong are working towards reducing environmental impact and promoting clean energy solutions.
E-Commerce:
- Growth: The e-commerce sector is thriving, with platforms like VTENH, Khmer24.com, and BLOC Mall providing comprehensive solutions for online shopping and business transactions.
- Support for Local Products: Initiatives like Kokopon emphasize promoting local products and fair trade practices.
HealthTech:
- Innovation: Health tech startups are focusing on early diagnosis, telemedicine, and digital health solutions. Examples include CancerCo., MeetDoctor, and Pethyoeung.
- Objective: These startups aim to improve healthcare accessibility and quality in Cambodia through technology-driven solutions.
Mentorship and Investment
Mentorship Programs:
- Diverse Expertise: Mentors bring expertise in various fields, including software development, business management, financial planning and strategic analysis.
- Support: Mentorship programs aim to provide startups with the necessary guidance, skills, and networks to succeed.
Investment Landscape:
- Sources of Funding: Funding comes from various sources, including government grants, private investments, and international development partners.
- Encouragement: The Cambodian government and associated organizations actively encourage investment in the startup ecosystem to drive economic growth and innovation.
Stakeholders and Collaboration
Key Stakeholders:
- Government and Academic Institutions: These play a crucial role in supporting and fostering the startup ecosystem through policy-making, research, and education.
- Private Sector and NGOs: Collaboration between the private sector, non-governmental organizations, and startups is vital for resource sharing and ecosystem development.
Collaborative Efforts:
- Partnerships: The ecosystem promotes partnerships among startups, investors, mentors, and other stakeholders to enhance innovation and growth.
- Events and Programs: Regular events, workshops, and programs are organized to facilitate networking, knowledge exchange, and collaboration.
Conclusion
The Startup Cambodia Insight 2023 report underscores the significant progress and potential of Cambodia’s startup ecosystem. With robust support from the government, active participation from various stakeholders, and a focus on innovation and sustainability, the ecosystem is poised for continued growth and success. The digital platform, mentorship programs, and collaborative efforts play crucial roles in fostering a vibrant and dynamic environment for startups in Cambodia.
